The Department of State Treasurer (DST) has released the second round of interest-free loans aimed at aiding communities in Western North Carolina still grappling with the aftermath of Hurricane Helene. Local governments were informed of the additional support, which takes from the remaining $34.4 million allocated by the state legislature in the Disaster Recovery Act of 2024. These loans are designed to provide financial relief while municipalities wait for federal assistance.
During the second release, the DST prioritized local governments that had previously indicated a need for more time to evaluate the damages and wrap up their official documentation. This extension came as many local governments found the extent of damage, and related financial burdens, to be greater than first anticipated. The State Treasurer of North Carolina's press release from the DST notes that thirty-four units of local government have applied for this round of funding.
Bypassing the often complex and time-consuming loan application process, DST was able to allocate these loans based on emergency request documentation previously submitted by local governments. The only requirement from them, to access these resources was to greenlight the acceptance of funds. Once approved by the local authorities, the loans are expected to be repaid within a five-year timeframe without the accumulation of interest.
"We have not forgotten about the ongoing needs in Western North Carolina," State Treasurer Brad Briner expressed, reinforcing the state's commitment to support the affected areas. He continued, "We are pleased to send more help to the communities in need as they are working to get their communities rebuilt." This sentiment underscores the collaborative effort between DST, the N.C. League of Municipalities, and the N.C. Association of County Commissioners in managing the Cashflow Loan program.
The DST had communicated to local governments in May about the upcoming second round of funding. Those interested were directed to apply through the DST’s website. Details surrounding this financial assistance underline a proactive approach in supporting the rebuilding and recovery initiatives still underway in the hurricane-stricken communities of Western North Carolina.
