Asheville Launches New Loan Program to Aid Small Businesses Affected by Tropical Storm Helene

Asheville, NC Begins Rebuilding: New Loan Program Launched for Small Businesses Affected by Tropical Storm Helene

ASHEVILLE, NC — In the wake of Tropical Storm Helene, local leaders and organizations are stepping up to assist the small businesses that make Western North Carolina such a vibrant community. The newly announced WNC Strong: Helene Business Recovery Fund has been established to provide much-needed support to entrepreneurs struggling in the aftermath of the storm. With an initial backing of $7.5 million from the Golden LEAF Foundation, this program aims to help businesses get back on their feet and continue their vital operations.

What is the WNC Strong: Helene Business Recovery Fund?

This fund allows impacted small businesses in the region to apply for loans of up to $100,000. These loans are designed to cover immediate expenses and act as a bridge to longer-term aid options such as Small Business Administration (SBA) disaster loans, FEMA assistance, insurance payouts, and other relief resources. With a remarkably low interest rate of just 1% and a generous 12-month interest-only payment period, the fund aims to alleviate financial stress for business owners as they navigate through these challenging times.

Why This Fund Matters

Governor Roy Cooper expressed his thoughts on this initiative, stating, “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.” His sentiment was echoed by other officials, including North Carolina Speaker of the House, Tim Moore, who underlined the crucial role small businesses play in the state’s economy.

Senate Leader Phil Berger also weighed in, highlighting the resilience of local businesses. “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,” he said. The general consensus among community leaders is that the implementation of this fund will not only support immediate recovery but will also foster a path towards future growth for these essential businesses.

A Path Toward Recovery

The WNC Strong: Helene Business Recovery Fund is designed to provide a timely financial lifeline to small businesses facing urgent needs. Mountain BizWorks, which is facilitating the distribution of these funds, echoes the spirit of unity during this recovery phase. “Together, we can rebuild our community,” said Mountain BizWorks Board Chair, Zane Adams.

Many business owners in counties affected by Helene may be feeling overwhelmed right now, but this support is structured to meet immediate capital needs while enabling them to apply for longer-term relief options available through the SBA and other programs. According to Ralph Strayhorn, Board Chair for the Golden LEAF Foundation, “This program is designed to assist businesses that will be working to apply for an SBA loan but that have more immediate needs for capital.”

How to Apply

For those in disaster-declared areas looking for help, applying for these loans is straightforward. Interested small business owners can find all the necessary details and access the application at mountainbizworks.org/helene. For further questions, they can reach out to the support team at wncstrong@mountainbizworks.org or give them a call at 828-701-1525.

Conclusion

The launch of the WNC Strong: Helene Business Recovery Fund brings a ray of hope to small businesses reeling from the impacts of Tropical Storm Helene. Supported by community leaders and organizations, this initiative not only aims to provide immediate financial assistance but also empowers local entrepreneurs to reclaim their places in the economy. It’s a reminder that even in tough times, with a little help and determination, brighter days are ahead.