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Hurricane Helene Recovery: Financial Assistance Options 1. U.S. Small Business Administration (SBA) Disaster Loans The SBA offers a range of disaster loans to individuals, businesses, and nonprofit organizations to cover losses not covered by insurance or FEMA. These loans help cover both personal and business expenses that could have been met had the disaster not occurred. October 15, 2024 Update: The SBA announced that it has exhausted funds for its disaster loan program. Until Congress appropriates additional funds, the SBA is pausing new loan offers. The SBA is encouraging individuals and small businesses to continue to apply for loans given assurances from congressional leaders that additional funding will be provided upon Congress’s return in November. Click here to read the press release. Home Disaster Loans: Available to homeowners and renters to repair or replace damaged real estate and personal property, including vehicles. Business Physical Disaster Loans: These loans are designed for businesses of all sizes to repair or replace damaged property owned by the business, such as real estate, machinery, equipment, and supplies. Private non-profit organizations like charities and churches are also eligible. Economic Injury Disaster Loans (EIDL): These are working capital loans designed to help small businesses, agricultural cooperatives, aquaculture businesses, and private nonprofits meet financial obligations they can’t cover due to the disaster. These loans are meant to support recovery during the disaster recovery period. For more information, visit the SBA Disaster Assistance website or contact them directly. 2. FEMA Disaster Assistance FEMA offers a wide range of financial assistance programs for those impacted by natural disasters. If you have insurance, file a claim immediately, as FEMA cannot cover losses that are already insured. FEMA provides grants for: Temporary housing Home repairs Other disaster-related expenses not covered by insurance You can apply for FEMA assistance online or by calling 800-621-3362. 3. Disaster Unemployment Assistance (DUA) Individuals who have lost their jobs or had their employment interrupted due to Hurricane Helene may be eligible for Disaster Unemployment Assistance (DUA). This program extends unemployment benefits to those who may not be eligible for state unemployment, such as the self-employed or small business owners. To qualify, you must: Live, work, or were scheduled to work in a federally declared disaster area. Have lost employment or had employment interrupted due to the disaster. Have exhausted regular state unemployment benefits. Eligibility is determined weekly, so you must continue to be out of work as a direct result of the disaster to maintain benefits. Visit the Disaster Unemployment Assistance page of the NC Department of Commerce website for more information about this program. 4. Freddie Mac, HUD, and FHA Mortgage Assistance If your home has been affected by Hurricane Helene and you are struggling to make mortgage payments, Freddie Mac, HUD, and the FHA offer mortgage relief options. These include: Forbearance plans to temporarily suspend or reduce your mortgage payments. Loan modifications to make your mortgage more affordable over the long term. Mortgage assistance programs designed specifically for disaster recovery. Contact your mortgage provider to inquire about disaster relief programs available through these organizations. 5. NC Bankers Association Disaster Relief The NC Bankers Association provides resources and guidance for individuals and businesses impacted by disasters. Through their network, they can help you access financial institutions offering relief, including special loan programs and deferral options for existing debts. It’s worth reaching out to your local bank or lender to inquire about specific programs that may be available to you. Visit the Hurricane Helene page of the NC Bankers Association website for a comprehensive list of resources. 6. WNC Strong: Helene Business Recovery Fund – Mountain BizWorks In response to Hurricane Helene, the WNC Strong: Helene Business Recovery Fund, led by Mountain BizWorks, is providing financial relief for businesses across Western North Carolina. This fund is designed to support local businesses that were impacted by the hurricane, offering critical recovery resources, including: Low-interest loans to help businesses rebuild. Emergency financial support to address urgent needs like working capital, repairs, and more. Mountain BizWorks is a community-focused lender that helps small businesses in the region thrive, even in the face of disaster. They are committed to supporting business owners through the recovery process with accessible financing options. Visit their website for more details on how to apply. 7. SBA Microlenders for Business Recovery The SBA also partners with microlenders across the country to provide small loans, typically up to $50,000, to businesses in need of capital. These loans can help cover immediate business needs such as payroll, inventory, and repairs. In the wake of Hurricane Helene, these microlenders are valuable resources for small businesses that may not qualify for traditional financing options. To find an SBA microlender in your area, visit the SBA Microlender List. 8. Western North Carolina Small Business Initiative Appalachian Community Capital has partnered with Community Development Financial Institutions (CDFIs) to provide relief grants to small businesses harmed by Hurricane Helene. The grant program is called the Western North Carolina Small Business Initiative. Small businesses can apply for grants up to $25,000 to cover expenses related to recovery and reopening including repair and replacement of physical damage, environmental cleanup, payment of business-related rents or mortgages, employee retention and hiring, and more. The application window for this grant is from October 30 through November 27, 2024. For more information and to apply, visit their website here. First Bank is Here to Help If you have any questions about these resources, our bankers are more than happy to help you navigate the questions you may have. Recovering from Hurricane Helene is a challenging process, but these resources are designed to provide financial relief when it’s needed most. If you’ve been affected, be proactive in exploring the options available to you, from disaster loans to mortgage forbearance. While the road to recovery may be long, these programs can ease some of the financial burdens and help you rebuild your life or business. 5 min read

Am I Eligible for FEMA Relief? Here’s What You Need to Know Who Qualifies for Assistance? Federal disaster aid is available for residents and business owners in the following counties: Alexander, Alleghany, Ashe, Avery, Buncombe, Burke, Caldwell, Catawba, Clay, Cleveland, Gaston, Haywood, Henderson, Jackson, Lincoln, Macon, Madison, McDowell, Mitchell, Polk, Rutherford, Transylvania, Watauga, Wilkes, and Yancey. Not sure if you’re eligible? You can verify your eligibility and apply directly on FEMA’s website: DisasterAssistance.gov. What Assistance Does FEMA Offer? FEMA provides a range of relief programs aimed at helping individuals and businesses recover from disasters. Here’s a closer look at what you may be eligible to receive: 1. Housing Assistance This aid helps you secure safe shelter while your home is being repaired or rebuilt. FEMA can provide funds for: Rental Assistance: Financial support to rent a temporary residence if your home is uninhabitable due to disaster-related damage. Lodging Expense Reimbursement: If you had to stay in a hotel or motel, FEMA can reimburse you for these expenses. This is especially helpful if you were unable to find immediate rental options. Home Repair or Replacement: Grants are available to help repair or replace your home and address disaster-specific damages, such as water damage or mold. FEMA may also cover hazard mitigation measures that reduce the risk of future damage. Accessibility Needs: If you or someone in your household has a disability, FEMA can provide funds to make your home accessible. This might include ramps, grab bars, and other necessary modifications, even if these were not originally present before the disaster. Privately-Owned Roads, Bridges, and Docks: If the only access to your home has been damaged, FEMA can help cover repair costs for private infrastructure like roads and bridges. 2. Other Needs Assistance This program helps with essential expenses and serious needs beyond housing. Covered expenses include: Serious Needs: Grants to cover immediate necessities like food, water, first aid, prescriptions, and personal hygiene items, ensuring you have access to essentials during recovery. Displacement: If your home is uninhabitable, FEMA can help cover the cost of staying with family, friends, or in a hotel while you search for a more permanent solution. Personal Property: Financial assistance to repair or replace items essential to daily life, such as appliances, furniture, and work or school-related items like computers and tools. This can also include uniforms, books, and equipment needed for self-employment. Medical and Dental Expenses: If the disaster caused injury or damaged medical or dental equipment, FEMA can help cover the costs for treatment, equipment replacement, and prescribed medications. Funeral Costs: In the unfortunate event that the disaster resulted in a loss of life, FEMA offers support to cover funeral or reburial expenses. Child Care: For families facing increased child care costs due to the disaster, FEMA can provide funds to help cover these additional expenses. Assistance for Miscellaneous Items: Reimbursement for items like generators, dehumidifiers, and chainsaws that were purchased or rented to aid in the recovery process. Transportation: If your vehicle was damaged and you don’t have an alternative mode of transportation, FEMA may help cover the repair or replacement costs to ensure you have a way to get to work, school, or other essential places. Moving and Storage Expenses: FEMA can help with costs associated with moving and storing personal property, especially if it needs to be relocated temporarily during home repairs or if you need to move to a new residence. Each of these programs is designed to provide immediate and practical support, so you can focus on the well-being of your family and community as you rebuild after the disaster. How Do I Apply for FEMA Assistance? Applying for FEMA relief is straightforward. Here are the steps to get started: Apply Online: Visit DisasterAssistance.gov to apply for assistance. You can also download the FEMA App or call FEMA’s toll-free number at 1-800-621-3362. Register for an Account: If you’re applying online, you’ll need to create an account on Login.gov. This will allow you to save your application, upload documents, and check your status. Prepare Your Information: You’ll need details like your home and mailing address, Social Security number, insurance info, and bank details for direct deposit. Submit Your Application: Once you’ve completed the application, review it, make any necessary changes, and submit it. Be sure to save your application ID as you’ll need it for future communication with FEMA. What Happens After You Apply? After applying, FEMA will review your application and may contact you for additional information or to schedule an inspection. You can always log into your account on DisasterAssistance.gov to check your application status and receive updates. If approved, FEMA will disburse funds via direct deposit or a mailed check, based on your preference. For more information or to begin the application process, visit DisasterAssistance.gov, call FEMA at 1-800-621-3362, or use the FEMA App. Recovering from Disaster with FEMA’s Support If you’re affected by Hurricane Helene, you don’t have to face it alone. FEMA offers a range of programs designed to help you get back on your feet. Take advantage of these resources to help ease the journey to recovery. 5 min read

What Are 20-Year Mortgage Rates? There are various factors to consider when purchasing a home, including how to finance it. Some consumers may opt for a mortgage with a shorter term while others find it beneficial to extend the mortgage. It may be best to look for a 20-year mortgage for a lower price without putting yourself in debt until retirement. First, let us help you answer the question, “What are 20-year mortgage rates?” What are 20-year Mortgage Rates? 20-year mortgage rates are an alternative to 15 and 30-year mortgage rates, the most common types of mortgage loans. 15, 20, and 30-year mortgages are usually offered as fixed-rate mortgages, meaning the interest rate you pay never changes. A 20-year fixed mortgage rate typically allows you to build equity faster and pay off your home in less time than other longer-term mortgage loans. They also typically have lower interest rates than other mortgage options because the term of the loan is shorter. Benefits of a Fixed-Rate Mortgage First Bank offers conventional fixed-rate mortgages, available in terms of 15, 20, and 30 years. There are many benefits to a First Bank fixed-rate mortgage, including: Predictable monthly P&I payments Protection from rising interest rates for the life of the loan Sound investment for long-term home owners What is an Adjustable Rate Mortgage? First Bank also offers adjustable rate mortgages, or ARMs. ARMs have interest rates that change periodically. When the rate changes, your monthly payment will either increase or decrease depending on whether the rates rise or fall. First Bank’s ARMs are available for 30-year amortization schedules, with initial periods of 3, 5, or 7 years. Contact First Bank Today Whether you’re buying a home or interested in refinancing, First Bank has a loan option for you. If you are still have questions about mortgage rates or conventional loans, contact the First Bank Mortgage Help Center, or visit a First Bank branch near you. 2 min read

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