Asheville Launches $7.5 Million Recovery Fund to Support Small Businesses After Tropical Storm Helene

Asheville Comes Together to Recover from Tropical Storm Helene

The vibrant community of Asheville is standing strong in the face of adversity following the devastating impacts of Tropical Storm Helene. Many small businesses, which are the heart and soul of this area, have faced significant challenges as they work to recover. Thankfully, a new assistance program is on the horizon to provide much-needed support.

Introducing the WNC Strong: Helene Business Recovery Fund

The WNC Strong: Helene Business Recovery Fund is being established with an impressive initial investment of $7.5 million from the Golden LEAF Foundation. This fund is specifically designed to help small businesses within the region bridge the financial gap caused by the recent storm. Besides, Mountain BizWorks and its partners are actively seeking additional funding to ensure the program can support even more businesses in the coming days and weeks.

Loans Designed to Meet Immediate Needs

Through this fund, eligible small businesses will be able to apply for loans of up to $100,000. These loans will help meet immediate needs and serve as a bridge to longer-term relief options, such as SBA disaster loans, FEMA assistance, insurance payouts, and other resources. One attractive feature of these loans is the low 1% interest rate and the option for interest-only payments for the first 12 months. If businesses are unable to repay the loan within the first year, it will automatically switch to a term loan, allowing them some time to regroup.

How to Apply

Support from Local Leaders

Local leaders have expressed unwavering support for the new recovery fund. Governor Roy Cooper noted, “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.” He emphasized that small businesses are the backbone of the state’s economy and commended the Golden LEAF Foundation for their commitment to helping local entrepreneurs recover during this challenging time.

North Carolina Speaker of the House Tim Moore echoed these sentiments, stating “this funding ensures that entrepreneurs can continue their operations during this challenging time.” Meanwhile, Senate Leader Phil Berger reassured the community, saying, “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.”

Community Unity: The Path Forward

Mountain BizWorks Board Chair Zane Adams emphasizes the importance of community unity during this hard time. He shared his thoughts on the challenges by saying, “Even in this darkest hour, we believe the path forward lies in unity and our common good.” Together, he believes, “we can rebuild our community.”

A Focus on Immediate Needs

The Golden LEAF Foundation’s efforts aim to address immediate needs for critical capital quickly. Board Chair Ralph Strayhorn mentioned that this program is modeled after similar initiatives that were effective post-Hurricanes Matthew, Florence, and Dorian.

Conclusion: A Future of Resilience

As Asheville navigates through these trying times, it is important for small-business owners, especially those located in disaster-declared counties, to take advantage of the assistance available through the WNC Strong: Helene Business Recovery Fund. To learn more or apply for assistance, take a step towards recovery by visiting the Mountain BizWorks website. Should you have any questions, feel free to reach out for further guidance. The road ahead may be challenging, but with the support and resources available, the community is poised for a brighter future.