In an effort to spark economic turnaround post-Hurricane Helene's blow to local commerce, Governor Josh Stein, together with Dogwood Health Trust, rolled out a $30 million grant program targeting small businesses that felt the brunt of the tempest’s turmoil, as per the announcement made in Boone. Benefits from the Western North Carolina Small Business Initiative, which can peak at $50,000 per entity, are open for small business owners whose fiscal inflow doesn't exceed the $2.5 million a year mark; these funds come in time to address the pressing seasonal dip in business activity that the area is facing, as mentioned in a statement by the governor on the North Carolina Office of the Governor website.
Through Stein's lens, small businesses serve as the pulse of western North Carolina, both crucial in sustaining local economics and deserving of support as the region trudges through the slow winter months, this initiative, it is hoped, will undergird these businesses' urgent financial needs, facilitating a more seamless recovery. Complementing the state’s contributions, Dogwood Health Trust has also pitched in, with its President and CEO Dr. Susan Mims articulating the foundation's dedication to the well-being of the communities it serves by expanding their philanthropic commitment alongside North Carolina's resources, this was highlighted in the same announcement.
Beyond bolstering businesses, Governor Stein allocated $3 million each to Baptists on Mission and Habitat for Humanity NC, in a move aimed at accelerating housing repair programs, essential for reestablishing safe and habitable living conditions for those displaced or severely affected by the hurricane, recognizing the ongoing efforts and need for resources to sustain the pace of reconstruction efforts by various volunteer groups. In sentiments shared by the leaders of these organizations it's crystal clear how vital such support is for the continuation of their mission to reinstate homeowners to their dwellings and nurture regional recovery.
Revenue losses for the region's businesses in the wake of Helene are estimated at a crushing $13 billion, therefore, these grants are a much-needed lifeline for maintaining operations, covering operational outlays, and steadying the local economy as tourism, which forms a significant economic pillar, begins its gradual climb to pre-disaster levels; a climb that's especially vital when one considers the close-knit structure of the affected communities and their reliance on the continuing functionality of small businesses. Appalachian Community Capital, together with the Community Reinvestment Fund, will oversee the dispensation of funds, ensuring that the process remains transparent and accessible to eligible businesses across the affected regions, which includes the 28 counties and the Eastern Band of Cherokee Indians covered by the federal disaster declaration, as well as the larger 18-county footprint of Dogwood Health Trust.
