Recovery Loans

WNC Strong: Helene Business Recovery Fund

Providing vital and rapid relief loans to Western North Carolina small businesses impacted by Tropical Storm Helene.

About the Business Recovery Fund

The WNC Strong: Helene Business Recovery Fund helps small businesses close the gap between when the disaster strikes and when federal loans, insurance payouts, and other disaster relief funds are approved, or businesses have time to recover and get back to business.

Understanding The Loan Details

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

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

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

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

Empower Your Business Recovery Today

Apply now to access vital funding that can help your business thrive after the storm.

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FAQs

Which counties are eligible for this 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.

Is technical assistance available for this loan process?

Yes.

Can I apply with only an ITIN?

Yes.

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.

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