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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

Hendersonville branch to host UNC Health Pardee’s Mammo on the Go bus The most important thing we do is good. See how our Hendersonville branch is helping to support local organizations like Women Helping Women. 2 min read

Power of Good Spotlight: Diaper Drive for Dare County The most important thing we do is good. See how our Kill Devil Hills branch is helping to support local diaper banks in Dare County. 3 min read

The Durable Skills Project Once Again a Success The Durable Skills Project helps students develop their interpersonal soft skills so they can unlock their true potential. Learn more about the impact it had for the 2022-2023 school year. 3 min read

Join Us: the 12 Days of Giving This holiday season, First Bank team members across the Carolinas are participating in the 12 Days of Giving. Small acts of kindness can make a big difference, and we’d love to invite you to join us. This handy list has some ideas to get you started. 1 min read

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First Bank Recognized For Innovative Financial Wellness Program Recently, First Bank was recognized by CardRates.com with their Editor’s Choice award for the bank’s innovative approach to providing financial wellness and community support. Specifically highlighting the bank’s First@Work Program, the CardRates.com team writes, “First Bank’s efforts to deliver meaningful financial education resources to the communities it serves help fulfill its mission as a community bank. It also makes it stand out as an institution that is going the extra mile for its customers.” Check out the full article on the CardRates.com site. 1 min read

First Bank and Northern Moore Family Resource Center – “Dream It. Do It.” First Bank has partnered with Northern Moore Family Resource Center (NMFRC) for the final quarter of its “Dream It. Do It.” contest. 1 min read

First Bank and Community Housing Solutions – “Dream It. Do It.” First Bank has partnered with Community Housing Solutions for the third quarter of its “Dream It. Do It.” contest. 1 min read

First Bank and Kids Making It – “Dream It. Do It.” First Bank has partnered with Kids Making It for the second quarter of its “Dream It. Do It.” contest. 1 min read

Dream It, Do It Q1 Winner: Herrera Family One of the first “Dream It. Do It.” winners is Silverio Herrera who was nominated by his wife Jeni. 1 min read

First Bank and Mountain BizWorks – “Dream It. Do It.” First Bank has partnered with Mountain BizWorks for the first quarter of its “Dream It. Do It.” contest. 2 min read

Community Partners: Relay for Life and the Montgomery Square Branch More than a decade ago, the staff at First Bank’s Montgomery Square branch in Troy, NC, began partnering with the local Montgomery County Relay for Life organization. 2 min read

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