Mountain Bizworks, a regional nonprofit that provides loans and training to small businesses, is launching a rapid recovery loan program to assist Western North Carolina small businesses in recovering from the devastating impacts of Helene.
On Monday, The WNC Strong: Helene Business Recovery Fund launched with an initial $7.5 million in support from the Golden LEAF Foundation.
“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,” Mountain BizWorks Board Chair, Zane Adams said in a press release.
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, according to Mountain Bizworks.
“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,” Governor Roy Cooper said in a press release.
Mountain BizWorks and program partners hope to secure additional funding capacity in the coming days and weeks.
“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,” North Carolina Speaker of the House, Tim Moore said in a press release.
The nonprofit’s website also has information about how to apply for state and federal support.
“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,” North Carolina Senate Leader, Phil Berger said in a press release.
Here are more details on the program, as well as FAQs in English and Spanish.