The fund provides flexible loans to small businesses for both immediate economic needs and long-term rebuilding efforts in the Tar Heel State.
Washington, D.C., November 8, 2024 – Today, the Appalachian Regional Commission (ARC) awarded $3.5 million to Mountain BizWorks to bolster its new fund supporting Hurricane Helene recovery efforts throughout 28 counties in North Carolina. The fund, WNC Strong: Helene Business Recovery Fund, is providing rapid, flexible loans of up to $100,000 to small businesses suffering unprecedented economic losses related to Hurricane Helene.
This award resulted from ongoing conversations with state partners to determine how ARC can best support recovery efforts in Appalachia’s most impacted states, including North Carolina. Mountain BizWorks launched the fund on October 7, 2024, with $7.5 million provided by the Golden LEAF Foundation, and has already received applications requesting nearly $14 million in support. The award—funded through President Biden’s Bipartisan Infrastructure Law and ARC’s Area Development Program—will help the WNC Strong fund deploy more recovery loans to hurricane-impacted small businesses in Appalachian North Carolina, including those in economically distressed areas
“Appalachians are resilient, and I know that, in time, the communities impacted by Hurricane Helene will build back stronger than before,” said ARC Federal Co-Chair Gayle Manchin. “I’m proud that ARC can be a partner to Mountain BizWorks’ efforts to provide support to businesses impacted by this devastating storm and see the WNC Strong initiative as a model of the way Appalachians have always stepped up to help their neighbors.”
The initial phase of the fund will provide hurricane-impacted small businesses with loans up to $100,000 to address critical, immediate recovery efforts. A subsequent phase will provide loans up to $250,000 for larger, long-term projects. All activities funded through the WNC Strong fund must meet eligibility requirements under the Small Business Administration (SBA) disaster loan assistance program.
“Hurricane Helene brought unprecedented destruction and challenges to Western North Carolina, including for many small businesses and hardworking families,” said North Carolina Governor Roy Cooper. “This funding will help local business owners get back on their feet as we continue to rebuild and recover in Western North Carolina.”
Mountain BizWorks anticipates that the fund will support at least 500 businesses, leverage an additional $25 million in disaster recovery and other investments, and help retain roughly 5,000 jobs.
The WNC Strong fund is one of many resources developed in the wake of Hurricane Helene to support impacted communities and businesses. Additional resources and ways to help can be found at www.arc.gov/hurricane-helene-resources.