State Treasurer Brad Briner announced a new financial lifeline is slated to quickly arrive to aid more than 140 local governments hammered by Hurricane Helene. As stated in a press release from the Department of State Treasurer, the $100 million cashflow loan program is expected to start to actually approve loans this month. "Our staff has performed Herculean work in short order to build the architecture of the cashflow loan program from the ground up. We are eager to begin approving loans later this month," Briner told the Council of State.
Local governments in need of these funds are required to submit damage assessments to the N.C. Department of Emergency Management by February 14. Following that, the governing boards of these local entities must vote to accept the loans before they can receive the cash infusion. The process stands as outlined by the Disaster Recovery Act of 2024, which was set up specifically to administer such financial assistance in the wake of disasters like Helene.
The DST confirmed in partnership with both the N.C. League of Municipalities and the N.C. Association of County Commissioners to work on distribution methods for the loans. They also aim to keep the local governments well-informed regarding deadlines and other application requirements. Such coordination is crucial given the tight time frame and the number of potential applicants.
According to Briner's announcement on the Department of State Treasurer website, the first loans from this program might begin to actually be issued as early as Feb. 24. This rapid deployment of aid reflects both the urgency of the needs of these communities and the speed with which the DST has managed to get the loan program operational. Briner expressed their readiness, "They have shown irrepressible grit as they continue to pick up the pieces. These loans will give them a cash infusion sorely needed to accelerate the road to recovery."
