The Fund will provide rapid recovery loans to help Western North Carolina small businesses impacted by Tropical Storm Helene
October 7, 2024 – Mountain BizWorks announces a rapid recovery loan program to assist Western North Carolina small businesses in recovering from the devastating impacts of Tropical Storm Helene. The WNC Strong: Helene Business Recovery Fund is being established with an initial $7.5 million in support from the Golden LEAF Foundation. Mountain BizWorks and program partners hope to secure additional funding capacity in the coming days and weeks.
Through the Fund, impacted small businesses will be able to apply for loans up to $100,000 to help meet immediate needs and bridge to longer term relief resources from SBA disaster loans, FEMA assistance, insurance, and other sources. The loans will have a one-percent (1%) interest rate and interest-only payments for twelve months. If not repaid in the first year, the loans will automatically convert to a term loan. For terms and application information, visit mountainbizworks.org/helene/fund. For additional business relief resources, visit mountainbizworks.org/helene.
“Small businesses in Western North Carolina are essential to their communities and this help from Golden LEAF can give them a start to building back,” said Governor Roy Cooper.
“The Golden LEAF Foundation’s $7.5 million in bridge loans through Mountain BizWorks will provide critical relief to small businesses impacted by Hurricane Helene. Small businesses are the backbone of North Carolina’s economy, and this funding ensures that entrepreneurs can continue their operations during this challenging time. We commend Golden LEAF for their commitment to helping our local businesses recover and rebuild. This support is vital to ensuring the resilience and prosperity of our communities across the state,” said North Carolina Speaker of the House, Tim Moore.
“Recovering from Hurricane Helene will be a difficult journey, but if there’s anyone that can come back stronger than before it’s the people of Western North Carolina. The Golden LEAF Foundation’s small business loans will be a good step in helping Hurricane victims get their shops up and running. Small businesses are invaluable to the communities they serve and I’m confident this program will be effective in assisting with recovery,” said North Carolina State Senate Leader, Phil Berger.
“Even in this darkest hour, we believe the path forward lies in unity and our common good. Together, we can rebuild our community. We’re honored to contribute our resources to this initial wave of emergency funds, a crucial step towards a more resilient future for our region,” said Mountain BizWorks Board Chair, Zane Adams.
“The Golden LEAF Board of Directors is making funds available to help meet the immediate needs of businesses in Western North Carolina affected by the devastation of Tropical Storm Helene by building upon a model used following Hurricanes Matthew, Florence, and Dorian,” said Golden LEAF Foundation Board Chair, Ralph Strayhorn. “This program is designed to assist businesses that will be working to apply for a Small Business Administration (SBA) loan or other commercial loan but that have more immediate needs for capital.”
The federal government has additionally made loans available through the Small Business Administration (SBA). The WNC Strong: Helene Business Recovery Fund will complement the SBA by providing a bridge until businesses can access funding from the SBA or other longer term relief programs.
“The Golden LEAF Foundation recognizes the critical role small-business owners play in our state’s economy,” said Golden LEAF Foundation President and Chief Executive Officer, Scott T. Hamilton. “The ‘LEAF’ in Golden LEAF stands for Long-term Economic Advancement Foundation. Golden LEAF cannot let this devastating storm cause irreparable economic damage to our state’s small businesses.”
Small-business owners in disaster-declared counties can learn more about the WNC Strong: Helene Business Recovery Fund and apply for a loan at mountainbizworks.org/helene. Contact wncstrong@mountainbizworks.org or call 828-701-1525 with any questions.
