State Treasurer Brad Briner announced that interest-free loans for hurricane relief are now reaching the hands of local governments in Western North Carolina. The $100 million loan program, an initiative of the Disaster Recovery Act of 2024, is designed to provide financial assistance in the wake of Hurricane Helene's destruction while these communities await federal aid, as reported by the Department of State Treasurer (DST).
"We had a big goal on a short deadline, and we are excited to announce that help is on the way," Treasurer Briner stated in a release by the Department of State Treasurer, signaling the efforts of the DST to provide much-needed relief the loans totaling an aggregate sum of $73,499,999.98 have been approved for 98 local governments as of February 21, and some have already begun to disburse the funds. Technical and logistical complications due to recent winter storms have led DST to extend the application deadline for certain areas struggling to complete their documentation because of hurricane-inflicted damages.
Jeff Poley, the mastermind behind the loan program and DST’s Director of Disaster Services and Rural Economic Development conveyed ongoing commitments to delivering more loans in the upcoming weeks despite "unavoidable challenges." The successful execution of the loan program is attributed, in part, to collaborations with the N.C. League of Municipalities, the N.C. Association of County Commissioners, and the N.C. Department of Emergency Management.
Local leaders expressed their gratitude for the swift action taken by the state to address immediate financial constraints, "This interest-free loan program, made possible by the General Assembly and Treasurer Briner, ultimately means that help is getting to residents more quickly and more efficiently, and that local governments have more of the resources that they need today," Rose Vaughn Williams, the executive director of the North Carolina League of Municipalities told the DST. Similarly, Philip Hise, mayor of Spruce Pine, acknowledged the program's importance, stating, "Our town has accumulated several million (dollars) in debt to contractors and engineering debt for repairs made to our sewer and water system. This money will be used to pay debts while waiting on the federal government for funds," as per DST.
To qualify for the cashflow loans, local governments had to provide damage assessments to the N.C. Department of Emergency Management; these assessments then influenced the corresponding loan amounts. The governing boards of affected local governments are required to authorize the acceptance of these loans, while school districts direct their loan applications through their respective county governments.
