How to Apply for an SBA Disaster Loan After Hurricane Helene: A Step-by-Step Guide for Small Business Owners

Biltmore Village Asheville NC Credit Stephan Pruitt
Biltmore Village Asheville NC Credit Stephan Pruitt

If you’re a small business owner affected by Hurricane Helene, you’re not alone. In fact, many business owners have gone through similar experiences after devastating hurricanes like Hurricane Katrina and come out stronger. SBA disaster loans offer a lifeline to businesses that need to recover, whether the loss is minor (like damaged technology equipment) or major (like a full rebuilding of your facility).

In this guide, we’ll show you how to apply for an SBA disaster loan after a natural disaster, explain the timeline and process, and share how companies like ours, Trinity Solutions Inc., can help you get you back up and running quicker.

So the first question we often get when talking to businesses needing disaster assistance is:

Can SBA Disaster Loans Be Used to Rebuild Businesses?

Yes! The SBA disaster loan program is designed to help businesses affected by hurricanes and other natural disasters rebuild. Whether you need to replace equipment, repair damage, or cover economic losses, the loan can be used to restore your business operations.

Here’s what SBA disaster loans for small businesses cover:

– **Business Physical Disaster Loans**: Repair or replace damaged property, equipment, or inventory.

– **Economic Injury Disaster Loans (EIDL)**: Provide working capital to keep your business afloat if your income has been affected.

For more information, visit the [SBA Disaster Loan Portal].

Now, a lot of people confuse FEMA with this.  FEMA is basically the RESIDENTIAL side of support after a natural disaster.  If you contact FEMA for assistance to help rebuild your business, they are going to point you to the Small Business Administration (SBA) and advise you to apply for their SBA DISASTER LOANS.  So, the SBA Disaster Loan Portal is the place to start the process.

How to Apply for an SBA Disaster Loan: Step-by-Step Process

Applying for an SBA disaster loan can seem overwhelming, especially if you’ve never done it before. But rest assured, many business owners in hurricane-affected areas have successfully navigated this process. Here’s the best way to get started:

1. **Determine Your Loan Type**:

– Was the damage to your property or equipment?

– Review which loan type fits your needs best on the [SBA website].

2. **Prepare Your Documents**:

– Gather proof of ownership, financial records, and any estimates of damage.

– If documents are inaccessible due to damage, explain this in your application.

3. **Apply Online**:

The SBA allows online applications, making the process simple even if you’ve lost access to printers or office supplies. Access the online forms here.

4. **Work with SBA Representatives**:

If you need help, SBA representatives can be reached at 1-800-659-2955 (TTY: 711) or by email. You can also seek help from the following:

FEMA Disaster Assistance: 1-800-621-3362

Local SBA Offices in North Carolina:

  • Charlotte Office: 704-344-6563

How Long Does It Take to Get an SBA Disaster Loan?

The timeline for receiving an SBA disaster loan varies, but here’s a general breakdown:

– **Application review**: Can take several weeks depending on the volume of applications.

– **Approval**: Once approved, funds are typically disbursed within 5-10 business days.

– **Repayment**: SBA loans offer flexible terms (up to 30 years), but repayments typically start a few months after disbursement. The SBA will work with you to determine a manageable payment plan.

FAQ for Small Business Owners Applying for SBA Loans

Q: What if I can’t get to my financial records?
A: The SBA understands that disaster situations can make accessing records difficult. Explain your situation on the application, and they will provide assistance.

Q: Can SBA loans be used to pay off existing loans?
A: SBA disaster loans are intended to cover uninsured losses and cannot typically be used to pay off existing debts.

Q: How much can I borrow with an SBA disaster loan?
A: For businesses, the loan limit is $2 million. This cap includes all loan types (physical damage, economic injury, and mitigation loans).

Q: How do I get help with my SBA disaster loan application?
A: Contact the SBA Customer Service Center at 1-800-659-2955, FEMA at 1-800-621-3362, or visit your local SBA office for personalized assistance.

Q: What if I don’t get approved?
A:  There are other options.  Talk with your vendors to see if they have financing options.  Contact your local bank / credit union to see if they special loans available.  Also, make sure you reach out to your existing creditors and let them know your situation.  Often they will adjust your repayment schedule to give you time to get back on your feet. 

Best Way to Recover Your Business After a Hurricane: Replacing Damaged Equipment

For many businesses, technology equipment is essential to daily operations. If your computers, servers, or other tech were damaged due to Hurricane Helene, Trinity Solutions Inc. can help you recover quickly by:

Replacing computers, servers, or essential tech devices.  We have a LOT of vendors and we can get equipment from HP, Dell, and Lenovo.  But, when it comes to servers, the Big 3 don’t have pre-built units ready to go.  You have to go through all the steps to have it “configured and built” so to say “Ship me something in 72 hrs” isn’t going to happen.  Realistically it’s a couple 7 – 10 days at best and that’s if the equipment / parts are in stock.

Purchasing new hardware for remote or hybrid work setups.  Using laptops remotely is probably going to be the easiest way to get basic company operations up an going.  We can help get this equipment pretty quick.  Just remember that what you get at BestBuy or Sam’s Club is NOT going to be the same as business / enterprise equipment.  It will not last nearly as long and will not have the same warranty.  If you go this route, expect to be replacing that equipment in 6 months to a year.

Offering cloud-based data solutions for future protection.  This also can be the FASTEST way to get your business office back up in running.  You can run a server in the cloud that you can have people remote directly into or just pull data from.  Depending on how your company uses data and what programs you use, we can get this going back for you in a way that isn’t too different from what you had before.

Reach out to **Trinity Solutions Inc.** today to discuss how we can support your business recovery.

Getting Help with Replacing Damaged Equipment

As you rebuild your business, we recommend exploring options for replacing damaged technology with modern, resilient solutions. Trinity Solutions Inc. is here to help by offering:

– Reliable hardware replacements.

– Cloud-based solutions to keep your business operational during future disruptions.

– Custom setups for hybrid and remote work.

For more information or to schedule a consultation, visit our website at [Trinity Solutions Inc.] or call us at 336-303-1730.