South Raleigh News

Governor Josh Stein has announced a significant financial boost for small businesses in Western North Carolina affected by Hurricane Helene. The Duke Endowment has committed $5 million to the Western North Carolina Small Business Initiative (WNCSBI) grant program, which aims to aid recovery efforts.

The WNCSBI program, initially announced on January 31, has already attracted nearly 900 applicants. Governor Stein expressed gratitude towards the Duke Endowment for joining the private-public partnership. He emphasized the importance of this initiative in supporting the local economy and encouraged other philanthropies in North Carolina to contribute.

"I am grateful that the Duke Endowment has joined our private-public partnership to ensure that small businesses in western North Carolina can get on the road to recovery," said Governor Josh Stein. "This program is making a difference for the economy, but the need is great. I encourage more North Carolina philanthropies to support this critical work."

Rhett Mabry, president of Duke Endowment, highlighted the essential role of small businesses in Western North Carolina's social and economic fabric. "Small businesses are essential to the social and economic fabric of Western North Carolina," he stated. "As communities work to recover from the devastation caused by Hurricane Helene, The Duke Endowment remains steadfast in its commitment to support rebuilding efforts, such as this, ensuring small businesses have the resources they need to emerge stronger than before."

The initiative also includes participation from Dogwood Health Trust and involves Appalachian Community Capital managing funds with assistance from Community Reinvestment Fund on applications. Eligible businesses can apply through an online portal.

Eligibility criteria include having an annual revenue up to $2.5 million and being located within specified counties covered by President Biden’s federal disaster declaration or within Dogwood Health Trust’s footprint.