In a significant move for economic restoration, Governor Josh Stein has announced the distribution of $55 million in grants to nearly 3,000 small businesses in Western North Carolina, as per the state's efforts to rebound from Hurricane Helene. The funding initiative, which involves cooperation between the Dogwood Health Trust, the Duke Endowment, and the State of North Carolina, aims to provide a lifeline to businesses that suffered in the wake of the natural disaster.
According to an official statement released by the Office of Governor Stein, more than 7,300 businesses applied for the Western North Carolina Small Business Initiative. Although this funding round will aid 2,812 recipients, Governor Stein emphasized, "These grants will go a long way in helping western North Carolina’s beloved small business owners keep their doors open after Helene," but he also acknowledged the insufficiency of the current funds, “But the volume of unfunded applications makes it crystal clear – more help is desperately needed. I’m ready to work with the legislature to deliver support for small businesses that power our mountain economy.”
The initiative, initially kickstarted by the Dogwood Health Trust, was significantly expanded by the contributions of the Duke Endowment and the state government. Each grant under this initiative can reach up to $50,000, targeting small businesses that generate annual revenue of up to $2.5 million. Dr. Susan Mims, President and CEO of the Dogwood Health Trust, reinforced her organization's commitment, “The Dogwood Health Trust is proud of this partnership’s work to support small business owners in western North Carolina,” and affirmed the integral role these businesses play in the community.
Earlier in the week, Governor Stein also unveiled the new $55 million Small Business Infrastructure Grant Program. This program will allocate grants of up to $1 million to local governments for the reconstruction of public infrastructure, such as sewers and sidewalks, crucial for small businesses to attract customers. Adding to these efforts, Governor Stein's second hurricane relief budget proposal is set to include increased support for affected small businesses in the region. There are, clearly more strides to be taken in supporting the economic health of Western North Carolina's small business sector.
