Funding for Your Future

Recovery Loans

Disaster loans are an essential tool for small business recovery.

There are two primary programs available:

WNC Strong: Helene Business Recovery Fund: Bridge loans up to $100K administered by Mountain BizWorks
SBA Disaster Loans: Up to $2 million administer by US Small Business Administration (SBA)

*Note: While we await Congress to refund this program, we encourage all interested businesses to go ahead apply and get approved for when funds are available again. The WNC Strong bridge loans can also help provide emergency working capital until the SBA program is available.

WNC Strong: Helene Business Recovery Fund SBA Disaster Loans

Understanding The WNC Strong: Helene Business Recovery Fund

Learn what to prepare before you apply, eligibility, and what to expect if you are offered a loan.

Loan Details & Terms

Loan Details Include:

Rapid loan decisions & funding
Designed to bridge to SBA, FEMA, insurance, or other long term recovery funding
Streamlined online application process
No credit score minimum*
No closing costs or fees
No prepayment penalty
Defaulted loans are subject to commercial collection processes

Loan Terms:

Up to $100k
Up to 6 year term
1% rate and interest-only payments for the first 12 months
6% rate with regular payments after year 1
Personal guarantee
Secured by business assets

Eligibility

For-profit established businesses
At least 6 months of operating history
Based in SBA-declared NC Helene disaster area
Fewer than 100 employees
Impacted by Tropical Storm Helene

Required Documents

Profit and Loss Statement – Current YTD
Balance Sheet – Current YTD
Most recent business tax returns (1 year)
Most recent personal tax returns (1 year; if no 2023 business tax returns – please provide the 2022 business tax return, and your 2023 P&L + 2024 P&L and Balance Sheet)
Business checking account statements (3 months)
Copy of unexpired photo ID (ex. Driver’s License)
Proof of business address (if applicable)
Note: Co-applicants also have to provide a photo ID and personal tax return

Apply for a Helene Business Recovery Loan Aplicar en Español

FAQs: Helene Business Recovery Fund

Which counties are eligible for the loan?

The following NC Counties as covered by the SBA Tropical Storm Helene Disaster Declaration NC-20007: Only Primary counties are eligible. Primary Counties: Alexander, Alleghany, Ashe, Avery, Buncombe, Burke, Cabarrus, Caldwell, Catawba, Cherokee, Clay, Cleveland, Forsyth, Gaston, Graham, Haywood, Henderson, Iredell, Jackson, Lee, Lincoln, Macon, Madison, McDowell, Mecklenburg, Mitchell, Nash, Polk, Rowan, Rutherford, Stanly, Surry, Swain, Transylvania, Union, Watauga, Wilkes, Yadkin, Yancey.

How can loan funds be used?

Proceeds from the bridge loan may only be used for maintaining or restarting a business.
The use of loan funds to pay off debts already incurred for qualifying business maintenance or restart purposes may be authorized on a case-by-case basis.
Borrowers shall assign proceeds of any anticipated claims, outside loans, or financial assistance grants to the repayment of their WNC Strong: Helene Business Recovery Loan.
Defaulted loans are subject to commercial collection processes.

Where can I find information on the SBA & FEMA disaster programs?

Other Federal, state, and locally based financial resources may be more appropriate or may complement the resources available through this Fund. For more information, visit the SBA Disaster Declaration Page and the FEMA Disaster Assistance Page. Note that these are separate applications and not programs of Mountain BizWorks.

Visit our Helene Disaster Relief: Business Recovery Resources Page for additional resources.

Available SBA Disaster Loans

Learn about SBA Disaster Loans for businesses with physical and/or economic injury.

Business Physical Disaster Loans

Business Physical Disaster Loans: Loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible. Private, non-profit organizations such as charities, churches, private universities, etc., are also eligible.

The deadline to apply is: 1/7/25

Apply Now

Economic Injury Disaster Loans

Economic Injury Disaster Loans (EIDL): Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.

The deadline to apply is: 6/30/2025

Apply Now

You may need a bridge loan, a long-term recovery loan, and grant funding. Talk with a business counselor to explore possibilities. Connect with a Recovery Specialist.