The North Carolina General Assembly (NCGA) approved more flexible relief terms for the WNC Strong: Helene Business Recovery Fund, extending the one-percent interest rate and interest-only payment window from 12 to 24 months along with other supportive modifications. The Fund, administered by Mountain BizWorks, totals over $60 million with support from the State of North Carolina, the Golden LEAF Foundation, and the Appalachian Regional Commission.
“Small businesses are the beating heart of Western North Carolina’s economy,” said North Carolina Governor Josh Stein. “We must continue supporting their recovery, and Golden LEAF and Mountain BizWorks’ small business loan program does just that. I’m grateful that the program is growing to help keep these businesses’ doors open and workers employed.”
The Golden LEAF Foundation provided the initial capital to start the Fund, and has played an integral role in ensuring the NCGA and other partners have timely information about business needs and realities in WNC.
“The Golden LEAF Foundation remains committed to supporting the economic recovery of Western North Carolina,” said Golden LEAF President, Chief Executive Officer Scott T. Hamilton. “We are grateful the North Carolina General Assembly approved these modifications to provide greater flexibility and financial support for small businesses affected by Hurricane Helene.”
The WNC Strong: Helene Business Recovery Fund was established 10 days after the storm, and continues to provide a bridge from recovery to a more stable economic future. To date, Mountain BizWorks has distributed $47.7 million through the WNC Strong Helene Business Recovery Fund. The program—through 817 business loans—has helped retain 6,653 regional jobs so far.
According to Mountain BizWorks’ 2025 Local Business Impact Survey of more than 700 regional businesses, revenue loss was nearly universal, and 92% of small businesses experienced a drop in sales after Helene. Nine months later, 86% are still earning less than they did before the storm. While trending toward improvement, the region is still facing substantial economic challenges. A significant portion of the survey respondents indicated that recovery capital remains the most pressing ongoing need.
“FEMA data suggests that up to 65% of small businesses may close after a major natural disaster like Hurricane Helene. At Mountain BizWorks, we are committed to working with WNC businesses and partners to ensure that’s not our reality,” said Matt Raker, Executive Director. “We are extremely grateful to the NC General Assembly—our WNC delegation in particular—Governor Stein, and Golden LEAF for these much needed recovery resources.”
For more information about the WNC Strong: Helene Business Recovery Fund, visit mountainbizworks.org/helene/fund.
