Mountain BizWorks and a coalition of partners launched WNC Strong in the early days following Hurricane Helene as a way to create meaningful support for small business owners impacted by the storm. Formed with the support of key business resource partners, funders, and community leaders, WNC Strong is committed to rebuilding Western North Carolina thoughtfully and collaboratively. The coalition is focused on raising capital and providing essential resources to meet the immediate needs of affected small business owners while engaging in discussions about the long-term infrastructure and support required for resilient recovery.
A Note from Executive Director Matt Raker
Through collaboration, the WNC Strong partners are helping our cherished local economy overcome the immense challenges posed by Hurricane Helene. While there is still a long recovery road ahead, we are immensely grateful and inspired by all of the creative resilience demonstrated by WNC’s small business owners and supporters. As we look to the spring, we wanted to give you an update on the state of capital & small business resources four months after the storm.
Bridge Loan Capital: WNC Strong Helene Business Recovery Fund
Total Capital Raised: $58,000,000
Total Capital Disbursed: $36,000,226
The WNC Strong Helene Business Recovery Fund was the first capital tool launched, just 10 days after the storm, on October 7, 2025. With initial funding from the Golden LEAF Foundation, the fund provides bridge recovery loans of up to $100,000 at 1% interest for the first year.
This fund now sits at $58M with the additional funding support that came in following days from the Appalachian Regional Commission, Abundance Capital, and the North Carolina General Assembly. As of the time of this report, over $36M in direct small business recovery loans have been made to impacted small businesses in 24 counties within the 39 county Hurricane Helene disaster footprint.
These loans represent 621 small businesses, an average loan size of $58,159, and a total of 5,041 jobs retained. As a CDFI and organization committed to equity in every part of our work, we have worked with partner organizations to provide technical assistance in both Spanish & English, providing one-on-one support to current clients and new clients to help them access the tools and support required to understand and utilize this recovery capital.
Small Business Recovery Grants
Estimated Capital Need: $100,000,000
Total Capital Raised: $65,000,000
*These figures reflect grant programs implemented throughout the region in collaboration with various funding partners and administrators.
In the immediate aftermath of the storm, we recognized the immense need for grant funding, especially as many businesses were already burdened with disaster loans from the COVID-19 pandemic. Business owners faced severe physical devastation, prolonged water outages, loss of critical tourism, and the daunting challenges of rebuilding.
We initially estimated a regional need of $100M in grant funding, and as of now, 65% of that need has been met through various programs. We are encouraged by the establishment of numerous grant initiatives across our communities and remain committed to this non-repayable capital as a vital complement to loans, insurance payouts, and the fundraising efforts of business owners within their networks.
The Western North Carolina Small Business Initiative (WNCSBI) grant fund, supported by Dogwood Health Trust, the State of North Carolina, and the Duke Endowment recently infused an additional $35 million into the region, bringing the total for this fund to $55M. Administered by Appalachian Community Capital and the Community Reinvestment Fund, this major grant program represents a critical investment in Western North Carolina’s recovery. Mountain BizWorks serves as an integral on-the-ground partner for this fund by providing virtual and in person technical assistance along with grant application support. This work is done in collaboration with the Western Women’s Business Center, offering services in both English and Spanish to help small business owners access these vital funds.
There have been several other critical grant programs supporting the region, including $1M in funding through the Lowe’s Western North Carolina Small Business Recovery Fund which provided $20,000 for 100 entrepreneurs across the region. Several downtown districts, main streets and chambers of commerce have been able to raise funds within their own communities to support resilience and recovery. We are grateful for their dedication to support their small businesses at the various stages of post-Helene recovery.
WNC Strong Rebuilding Together Grants
We have had the privilege of partnering with Buncombe County, the City of Asheville and the Asheville Chamber of Commerce to launch the Asheville-Buncombe Rebuilding Together Grant Fund in November 2024. This grant fund has raised and distributed $4.1M to small business owners so far. These grants of $5,000 – $25,000 were awarded to 342 businesses as they sustained 52 days without water, the loss of tourism season, and the loss of jobs for 75% of hospitality workers (Asheville Food and Beverage United Union).
Although this grant has been critical to supporting small business recovery for businesses, there remains an unmet need of $11.5M in qualified requests from 383 businesses in Asheville & Buncombe County, showing the need for additional grant funding.
The Launch of WNC Strong Rebuilding Together Rural Grants
We recently launched the next iteration of the WNC Strong Rebuilding Together Grant Funds in partnership with the Community Foundation of Western North Carolina (CFWNC).
“Mountain BizWorks has an established track record of helping rural businesses and entrepreneurs develop and thrive. Support for businesses in places most affected by Hurricane Helene can retain jobs and stabilize communities in the coming months,” said Elizabeth Brazas, President of The Community Foundation of Western North Carolina. “CFWNC is pleased to help support this timely and critical phase of recovery for WNC.”
The CFWNC has committed $1,000,000 to support the recovery of rural downtown businesses and their communities. Combined with $650,000 raised by community partners, local banks, regional foundations, and individuals, a total of $1.65M will be deployed to these communities. This rural funding effort is guided by a community development framework, as we are working closely with local leaders and governments to ensure the grants are applied where they are most impactful.
The first fund, launched February 7, 2025, is the Marshall & Hot Springs Rebuilding Together Fund. With additional contributions on their way from local partners, this fund is expected to total at least $575,000 to support downtown business revitalization in these two communities, which experienced devastating flooding and loss.
Over the next two months, this model will be implemented across 4–5 other heavily-impacted rural main streets and small business districts, fostering collaborative pathways to recovery as summer approaches.
The Need for Grant Capital
The combination of loan and grant capital is essential to the survival of small businesses in Western North Carolina that are committed to rebuilding after Hurricane Helene. The region thrives on innovation and entrepreneurship, with small businesses making up 99% of the local economy. Without additional capital, many of these businesses cannot sustain their recovery efforts.
To meet these critical needs, funding from outside the region is vital. Small businesses have persevered through the holidays and are now looking toward summer 2025 as a potential turning point. However, a significant grant capital gap of $35M still remains, underscoring the urgency for continued support. We will continue to tell the stories of the makers, restaurant owners, manufacturers and service based businesses that we love in pursuit of this additional capital need.
Our Commitment to Equitable & Sustainable Recovery
Looking ahead, we see many opportunities for sustainable recovery. Our core programs, including lifecycle business courses, tailored one-on-one coaching, and access to affordable capital, remain essential. Our 13th ScaleUp Cohort launches this spring, providing growth support to businesses who are finding ways to pivot and innovate as they recover. We continue to see a high level of engagement with our Foundations Business Planning course, our peer-based learning program focused on starting a business. These are just a few of the sustaining activities that we believe are vital to our work and the commitment we have to the aspiring and existing small business owners across WNC. Learn more about upcoming classes and events here.
We are also preparing to launch the Electrify Fund, dedicated to providing affordable and flexible financing for clean energy, electric vehicle, and efficiency projects to help small businesses and nonprofits reduce energy costs, rebuild with resilience, grow the local economy, increase energy independence, and support healthier communities.
As we collaborate with long-term recovery specialists from past disasters like Hurricanes Katrina, Rita, and Sandy, we are reminded of the unique role CDFIs play in recovery. Mountain BizWorks remains committed to equity, sustainability, and local decision-making, driven by community members who understand the value of Western North Carolina and its resilience.
Visit WNC Strong to Learn More
Thank you to our generous funders who made this work possible.
