Hurricane Helene Recovery: Financial Assistance Options

Across The Carolinas 5 min read

Hurricane Helene has left a trail of destruction across the Carolinas, affecting thousands of families, businesses, and communities. The recovery process can be overwhelming, with many individuals facing the daunting task of rebuilding homes, restoring businesses, and managing immediate financial needs. Fortunately, there are numerous financial resources and support programs available to assist those impacted.

From disaster loans and unemployment benefits to grants and mortgage assistance, these programs are designed to help individuals and businesses recover and get back on their feet. Whether you’re dealing with personal property damage, business losses, or financial hardships, it’s crucial to know the options available so you can make informed decisions about your recovery journey.

Additional Articles Related to Hurricane Helene Recovery

How can we help?

Find A Location Get In Touch

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.

How can we help?

Find A Location Get In Touch

First Bank may use this email address to contact you about products, services, and promotions.

You may be interested in...

Business Spotlight: Pine Knot Farms Pine Knot Farms has been in Stanley Hughes' family for over 100 years. He tells us his story and how organic agriculture has never been more important. 4 min read

First Bank Celebrates Elizabeth Bostian During Women’s History Month Beginning her career in a male-dominated industry, Elizabeth Bostian, First Bank’s Chief Financial Officer (CFO), has risen above gender stereotypes to pave a way for generations to come through her perseverance and high-standing achievements. With a major in English Studies and unable to define the purpose of an invoice, Bostian had much to learn about the industry she would soon enter. During college, Elizabeth worked alongside a business manager, where she quickly developed a passion for law. Following her obtainment of a law degree, Bostian spent 5 years at a law firm in Greensboro before she began working for First Bank. During her tenure at the bank, she has worked to develop her capabilities to the fullest by embracing unfamiliar territory in a safe space. “First Bank has allowed me to feel safe enough to say ‘I don’t know’ or to ask questions” stated Bostian. With a determined mindset and secure environment, Elizabeth’s ability to safely fail at times granted her the ability to grow in the most unexpected ways. As the third generation Elizabeth, Bostian always admired her mother and grandmother as they encouraged her to have a growth mindset and embrace the challenges ahead. Elizabeth noted the role her late grandmother played in her life by being a well-educated and traveled woman for her age as well as demonstrating the confidence and courage it takes to shape the life you aspire to have. Being raised by a single mother, Bostian was also aware of the obstacles faced by women and the deterrent effects of unconscious bias against those who wished to obtain a higher degree. Along with the equal expectations set in place for Elizabeth and her siblings, Bostian’s mother and grandmother built the foundation that drives her to advocate for gender equality. Throughout her professional life, Bostian emphasized the importance of every woman that has come before her. Influenced by the women around her, she gained the knowledge of how to navigate male-dominated industries and developed strong relationships with those who valued her abilities and provided wisdom on how to elevate them to make a difference. As a result of her mentorship and self-discovery in the banking industry, she aspires to encourage women of the younger generation 4 min read

First Bank is one of Fortune’s Top 100 Fastest-Growing Companies for 2019. Shot of Times Square billboard.

First Bank is One of the Top 100 Fastest-Growing Companies in the World First Bank is one of Fortune’s Top 100 Fastest-Growing Companies for 2019! 2 min read

Your Community Bank If you live in North Carolina or South Carolina, you have a ton of banking options right outside your door. Large financial institutions may seem like your best option for banking services at first, but community banks typically offer more consumer-friendly services and fewer fees. Choose the Right Community Bank First Bank is your community bank that cares about local roots. Since 1935, we have been providing our customers with community-centric banking services, including: Personal banking options, such as checking accounts, savings accounts, debit and credit cards, personal loans, and more. Business banking options, like checking and savings accounts, business loans, merchant services, and treasury services. Wealth management services, like asset managements, mutual funds, and estate services. Insurance products, such as life and health insurance for individuals and commercial insurance for businesses. Mortgage loan options, including conventional, government, jumbo, first-time home buyer, and more. The Benefits of a Community Bank According to Bankrate.com there are many other advantages to choosing a community bank over a big bank. For example: Community banks are relationship-based, and the employees typically know you and your whole family on a personal level. Community banks are also smaller and can therefore offer personalized service. Community banks also typically offer lower fees and lower balance requirements than big banks. Being smaller allows community banks to have more lending flexibility than bigger banks Community banks tend to stick to their local roots, which means they strive to offer great services with low fees and give back to the community. First Bank is small enough to know you like a neighbor, large enough to handle all of your banking needs, and dedicated to supporting our local communities. To learn more about us and our banking services, visit your local First Bank branch today. ——— Sources: Bankrate: http://www.bankrate.com/banking/community-banks-vs-big-banks/ 2 min read