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One year post-Hurricane Helene, Mountain BizWorks is pleased to announce new investments in long-term regional small business recovery. Gifts of $1.4 million from the North Carolina Community Foundation (NCCF) Disaster Relief Fund, and $180,000 from Appalachian Community Capital, plus a $2 million recovery loan capital from Bank of America will address ongoing small business resilience needs. The funding will support a two year WNC Strong: Recover Forward commitment, including an additional round of small business grants this fall, scholarships for business courses and coaching, and flexible recovery financing. “Small businesses in Western North Carolina are still feeling the impact of Hurricane Helene a year after the storm,” said Jennifer Tolle Whiteside, President and CEO of the North Carolina Community Foundation. “The economic recovery will take years, and the NCCF Disaster Relief Fund grant to Mountain BizWorks is one piece of helping people and communities rebuild with resilience.” Small business owners have identified relief capital and ongoing recovery advisory services as key needs for the months ahead. This investment into the local economy will address both, with grants and flexible financing available this fall, plus in-demand expertise and educational opportunities available over the next two years. The business advisory services will be offered to existing businesses navigating recovery and, importantly, will also serve new businesses opening across the region. “We’re deeply grateful for this investment in the region. This funding will strengthen businesses in the communities hardest hit by Helene and provide scholarships for critical business advisory services throughout Western North Carolina,” said Matt Raker, Executive Director of Mountain BizWorks. “Every investment is a vital step in our region’s recovery. We also recognize much more will be needed—and particularly from federal and state sources—to fully get back to thriving.” Details for the upcoming round of WNC Strong: Recover Forward Grants will be announced in October. The first round of grants supported 149 businesses with $2.3 million in total funding. We expect to be able to support more than 300 small businesses and help retain as many as 750 jobs thanks to this support for the WNC Strong Recover Forward Program. “The work done after a natural disaster requires numerous partners. Since the devastating impact of Hurricane Helene a year ago, Mountain BizWorks has played an important role in disaster recovery in Western North Carolina,” shared Donna Gambrell, Appalachian Community Capital President & CEO. “Appalachian Community Capital is proud to support these efforts, and we look forward to the lasting positive impacts of the WNC Strong: Recover Forward program.” In addition to business support programs and grant funding, access to affordable and flexible loan capital is critical to disaster recovery efforts. The new $2 million investment from Bank of America will increase capacity for recovery funding. “As we in Western North Carolina continue our long-term recovery, these disaster loan funds will make a meaningful difference in the lives of our families and business owners,” said David Dowd, President, Bank of America Asheville. “This is part of Bank of America’s continued commitment to keeping Western North Carolina strong. We encourage people to join us in being part of our region’s comeback story by visiting, supporting small businesses, and enjoying all that our beautiful mountains have to offer.” Over the past twelve months, $47 million in rapid recovery loan funding has been deployed to over 800 small businesses through Mountain BizWorks’ Helene Business Recovery Fund. This funding is still available for small businesses seeking recovery capital, now reinforced with additional investment from Bank of America. “The blend of flexible capital, accessible scholarships for courses, and coaching is a formula we know works—under both normal circumstances and the extraordinarily difficult ones we’ve seen over the past year,” said Raker. “Mountain BizWorks is proud to work with partners across WNC and beyond to build long-term recovery systems with our region’s needs in mind.” To learn more about the two year commitment to WNC small business recovery, visit mountainbizworks.org/ |
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### About Mountain BizWorks Mountain BizWorks is a U.S. Treasury certified non-profit community development financial institution (CDFI) that provides tailored small business lending and peer learning programs to help grow small businesses and expand economic opportunity in Western North Carolina. For more information, visit mountainbizworks.org. |
