Mountain BizWorks announces a rapid recovery loan program to assist Western North Carolina small businesses in recovering from the devastating impacts of Tropical Storm Helene. The WNC Strong: Helene Business Recovery Fund is being established with an initial $7.5 million in support from the Golden LEAF Foundation. Mountain BizWorks and program partners hope to secure additional funding capacity in the coming days and weeks.
Through the Fund, 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. For terms and application information, visit mountainbizworks.org/helene/fund. For additional business relief resources, visit mountainbizworks.org/helene.