Gov. Josh Stein, in collaboration with Dogwood Health Trust, has announced a $30 million grant program aimed at aiding small businesses affected by Hurricane Helene. The initiative seeks to promote economic recovery in the region.
Small businesses with annual revenues up to $2.5 million are eligible for grants of up to $50,000 through the Western North Carolina Small Business Initiative grant program. Governor Stein emphasized the importance of these businesses, stating, “Small businesses are the heart of western North Carolina and need our support to get through these slow winter months. The Western North Carolina Small Business grant program will help small businesses with their urgent needs and support the region’s economic recovery.”
In addition to this initiative, Governor Stein disclosed that $3 million each would be awarded to Baptists on Mission and Habitat for Humanity NC for housing repair projects.
The governor’s office reported that businesses impacted by the hurricane experienced an $18 billion revenue loss. Shapiro noted that the grants aim to assist businesses in managing payroll, covering operating expenses, and stabilizing the local economy as tourism gradually recovers.
Appalachian Community Capital will manage the funds in partnership with Community Reinvestment Fund during the application process. Eligible businesses can apply through an online portal.
To qualify for assistance, businesses must have annual revenues not exceeding $2.5 million and be located within 28 counties or within Dogwood Health Trust’s 18-county area affected by President Biden’s federal disaster declaration.
NFIB State Director Gregg Thompson commented on the ongoing challenges faced by local enterprises: “Hurricane Helene continues to take a tremendous toll on many small businesses in western North Carolina. This grant program will give them the help they need to recover.” He added that small businesses play a crucial role in communities by providing jobs and services, urging eligible members to apply for these grants.
