Was your small business harmed by Hurricane Helene? The Western North Carolina Small Business Initiative is here to help.

The initiative is partnering with local Community Development Financial Institutions (CDFIs) to provide relief grants up to $25,000 to very small businesses across the region that sustained physical damage from Hurricane Helene.

Application window open from Oct. 30 – Nov. 27, 2024

Grants up to $25,000 are available to eligible small businesses located in Western North Carolina.

Small businesses can use the grants to cover expenses related to recovery and reopening in the wake of Hurricane Helene. Eligible uses include repair and replacement of physical damage, environmental cleanup, payment of business-related rents or mortgages, employee retention and hiring, and more.

Applications will be accepted until 11:59 p.m. on November 27, 2024. Applications submitted after this deadline will not be considered. Applicants that advance to the second round of evaluation will be contacted to provide additional information about their business. Subject to availability of funding, an additional round of funding may be opened.

To be eligible for a Western North Carolina Small Business Initiative grant, you must operate a small business that:

• Is a for-profit business actively registered with the North Carolina Secretary of State (or a sole proprietorship with an active DBA filing)
• Is physically located in one of the following Western North Carolina counties: Avery, Buncombe, Burke, Cherokee, Clay, Graham, Haywood, Henderson, Jackson, Macon, Madison, McDowell, Mitchell, Polk, Rutherford, Swain, Transylvania, or Yancey; or is located in the Qualla Boundary
• Has been in existence for at least one year
• Had less than $1,000,000 in 2023 annual gross revenue
• Has sustained physical or economic damage (not covered by insurance or other funding sources) from Hurricane Helene
• Is currently operating or plans to reopen

Applicants selected to advance to the second round of evaluation will be required to submit the following documentation:

• Federal tax return (2023) or personal returns that include a Schedule C for the business
• Government-issued ID (Colored Copy)
• Voided business check

• Is a non-profit organization
• Is not physically located within the eligible WNC region
• Is a franchise which is not locally owned & operated
• Is a residential property rental business including AirBnbs, VRBOs, or other Short Term Rentals (STRs) based at residential addresses (this does not apply to traditional Bed & Breakfasts and other lodging businesses at commercial addresses)
• Is a business with any active bankruptcies or tax liens

The Western North Carolina Small Business Initiative is a partnership between Appalachian Community Capital and Dogwood Health Trust. This initiative is made possible by a $10 million lead grant from Dogwood Health Trust.

Appalachian Community Capital is a CDFI lending intermediary created to raise capital for its more than 40 member CDFIs and other mission-based lenders. The members, in turn, use the capital from ACC to fund small businesses in underserved areas in Appalachia, including businesses owned by women and persons of color. The members–many of whom have been in operation for more than 20 years—and their affiliates manage over $2 billion in assets supporting economic development in Appalachia.

Dogwood Health Trust is a private foundation based in Asheville, North Carolina, dedicated to improving the health and well-being of communities in 18 counties and the Qualla Boundary in Western North Carolina. The foundation supports innovative and equitable approaches in the areas of housing, education, economic opportunity, health, and wellness to create a region where every generation can live, learn, earn, and thrive with dignity and opportunity for all.

ACC is coordinating with local, WNC-serving CDFIs; chambers of commerce; councils of government; and other partners to market the grant opportunity and assist local small businesses with submitting complete and accurate applications.