SBA Extends Zero-Interest Relief for Tropical Storm Helene Businesses in North Carolina

WASHINGTON - The U.S. Small Business Administration (SBA) announced today businesses and nonprofit organizations recovering from Tropical Storm Helene in North Carolina will now have more time to rebuild before interest begins to accrue on their SBA disaster loans. This provides additional financial relief. The SBA is extending the interest-free period from 12 months to 18 months following the initial loan disbursement date.

The extended zero-interest period applies to:

• Business Physical Disaster Loans
• Economic Injury Disaster Loans (EIDL)
• Loans issued to private nonprofit organizations

This ensures survivors have additional time to stabilize operations, rebuild and recover without the immediate burden of accruing interest.

"SBA is committed to supporting disaster survivors as they rebuild and recover," said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience "By providing an additional six months of zero interest, we are helping businesses and nonprofits focus on recovery and long-term resilience."

The 18-month interest- free period begins on the date of the initial loan disbursement for eligible disaster loans associated with declarations NC-20007 and NC-20009. After this period ends, interest will begin to accrue in accordance with the terms of each loan agreement.

Borrowers are expected to begin regular scheduled payments 12 months following the initial disbursement. Interest will begin to accrue after 18 months, enabling any payments made during the preceding period to be applied directly to the principal.

To apply online visit sba.gov/disaster. Applicants may also call SBA's Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

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