TOGETHER WE ARE WNC STRONG
WNC Strong: Helene Business Recovery Fund
Providing vital and rapid relief loans to Western North Carolina small businesses impacted by Tropical Storm Helene.
Helene Business Recovery Loans
The WNC Strong: Helene Business Recovery Fund was created to provide rapid recovery loans to small businesses suffering economic losses related to the impacts of Tropical Storm Helene. The fund is administered by Mountain BizWorks and made possible with support from The Golden LEAF Foundation, and an expanding list of other partners.
The WNC Strong: Helene Business Recovery Fund helps small businesses close the gap between when the disaster strikes and when federal loans, insurance payouts, and other disaster relief funds are approved, or businesses have time to recover and get back to business.
Loan Details Include:
- Rapid loan decisions & funding
- Designed to bridge to SBA, FEMA, insurance, or other long term recovery funding
- Streamlined online application process
- No credit score minimum*
- No closing costs or fees
- No prepayment penalty
- Defaulted loans are subject to commercial collection processes
*Credit history is considered
Meeting Immediate Needs
We have designed this loan process to be as streamlined as possible. Once the online application is complete, we anticipate that Mountain BizWorks disaster funding specialist will provide a decision within one week and funds will be scheduled shortly after. *note: loan demand may impact this timeline
What to Prepare Before You Apply
- Profit and Loss Statement – Current YTD
- Balance Sheet – Current YTD
- Most recent business tax returns (1 year)
- Most recent personal tax returns (1 year; if no 2023 business tax returns – please provide the 2022 business tax return, and your 2023 P&L + 2024 P&L and Balance Sheet)
- Business checking account statements (3 months)
- Copy of unexpired photo ID (ex. Driver’s License)
- Proof of business address (if applicable)
- Note: Co-applicants also have to provide a photo ID and personal tax return
FAQ
The following NC Counties as covered by the SBA Tropical Storm Helene Disaster Declaration NC-20007: Only Primary counties are eligible. Primary Counties: Alexander, Alleghany, Ashe, Avery, Buncombe, Burke, Cabarrus, Caldwell, Catawba, Cherokee, Clay, Cleveland, Forsyth, Gaston, Graham, Haywood, Henderson, Iredell, Jackson, Lee, Lincoln, Macon, Madison, McDowell, Mecklenburg, Mitchell, Nash, Polk, Rowan, Rutherford, Stanly, Surry, Swain, Transylvania, Union, Watauga, Wilkes, Yadkin, Yancey.
- Proceeds from the bridge loan may only be used for maintaining or restarting a business.
- The use of loan funds to pay off debts already incurred for qualifying business maintenance or restart purposes may be authorized on a case-by-case basis.
- Borrowers shall assign proceeds of any anticipated claims, outside loans, or financial assistance grants to the repayment of their WNC Strong: Helene Business Recovery Loan.
- Defaulted loans are subject to commercial collection processes.
Other Federal, state, and locally based financial resources may be more appropriate or may complement the resources available through this Fund. For more information, visit the SBA Disaster Declaration Page and the FEMA Disaster Assistance Page.
Visit our Helene Disaster Relief: Business Recovery Resources Page for additional resources.
Questions or Need Assistance?
Get in touch with our team. Email wncstrong@mountainbizworks.org or call 828-701-1525.
Eligibility
- For-profit established businesses
- At least 6 months of operating history
- Based in SBA-declared NC Helene disaster area
- Fewer than 100 employees
- Impacted by Tropical Storm Helene
Use of Funds
- Working capital
- Bridge to federal aid
- Any business use to support recovery
Loan Terms
- Up to $100k
- Up to 6 year term
- 1% rate and interest-only payments for the first 12 months
- 6% rate with regular payments after year 1
- Personal guarantee
- Secured by business assets
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