SBA Funding for Henderson County Businesses

Hendersonville -- November 2, 2024: Hendersonville Government: Representatives from the City of Hendersonville, Downtown Hendersonville, NC, Henderson County, NC Government, Henderson County Chamber of Commerce, NC:  

and business support organizations met today with Isabel Guzman, administrator of the Small Business Administration. Local representatives advocated for the financial needs for our small businesses in Henderson County and learned more about the programs the SBA is currently providing. Key items to note for businesses in Henderson County:

You may have heard that the Small Business Administration is experiencing a lag in funding. This is correct, however, Administrator Guzman informed that there is full confidence it will be funded when congress goes into session later this month. There has never been a period where the Small Business Administration did not receive the funding they need. SBA Representatives are processing loans up until disbursement, which will be disbursed when funds are released, and loan processing typically takes at least 30 days.

SUBMIT YOUR LOAN APPLICATION! We have heard loud and clear from businesses that they are hesitant to take on debt. The

Economic Injury Disaster Loans (EIDL) are 0% interest for 12 months, and 4% interest after, and up to $50,000 can be borrowed unsecured by collateral. It's recommended you apply and will have those funds accessible should you need it for cash flow necessities in the near future and pay back after 12 months or at a 4% interest after 12 months, which is significantly lower than market rate.

Grant funds are LIMITED and not through the SBA. Currently, the only grant funds for businesses are through local and regional initiatives. Henderson County has just launched the LoveHendo Fund welovehendo.com Applications are due November 8 and the

Western North Carolina Small Business Initiative was just announced  appalachiancommunitycapitalcdfi.org with applications due November 27. More may be opening up over the next several weeks. Because the funding for grants is limited, it is recommended to apply for these below-market rate loans if you are unable to receive a grant. Please apply for these funds. Even if you do not receive funding, your information will be tremendously helpful for advocating for more business resources.

DO apply for funds even if you did not experience physical losses of property or inventory. We know many of you see yourself as lucky or grateful to not have experienced some of the losses of others, however, your application does not prevent another business from getting their needs met.

Help is available! The Henderson County Disaster Recovery Center (DRC) includes representatives from the SBA to assist with loan applications. The DRC is in the Blue Ridge Commons complex at 2111 Asheville Highway, Hendersonville NC 28791 and is open from 8 am to 7 pm daily. FREE business advisory services are also available at the following in addition to many other resources in the region.

Small Business Center at Blue Ridge Community College
https://www.blueridge.edu/.../busi.../small-business-center/   

SCORE  https://www.score.org/westernnc           

SBTDC  sbtdc.org  

If you would like to support Henderson County businesses, there are many ways you can do that! First and foremost, spend your dollars locally with your favorite businesses. Buy a gift card and tip well! You can also support business recovery in Henderson County by donating to the LoveHendo recovery fund at lovehendo.com