$15 Million Program Available to Help Small Businesses Affected by Hurricane Matthew

Hurricane flooding. Source: North Carolina Department of Public Safety.
Hurricane flooding. Source: North Carolina Department of Public Safety.

Small Businesses Can Now Apply for Additional Disaster Recovery Assistance

Small businesses affected by Hurricane Matthew should apply now for $15 million in financing from the North Carolina Department of Commerce and nonprofit lenders, Governor Roy Cooper encouraged business owners today. The NC Community Development Block Grant Disaster Recovery Small Business Recovery Assistance Program launched this week with a website and application information.

“When Hurricane Matthew hit, small business owners lost store fronts, equipment, furniture and revenue, and many aren’t yet able to reopen,” said Governor Cooper. “Small business owners can use these funds to fix damage, replace equipment, and get their business up and running again.”

The Governor’s Recovery Office and the North Carolina Department of Commerce awarded $7.5 million to support small businesses still recovering from the storm that hit last October. The funds will be matched by private lenders to provide at least $15 million in loans available to small businesses in Matthew-affected areas, especially in Robeson, Cumberland, Edgecombe and Wayne counties. More information on the program can be found here. (posted September 2017).

Funds can be used to: make repairs and property improvements; purchase and install equipment, furniture and fixtures; cover working capital or pay for marketing, operating costs and inventory; and/or relocate people displaced if the small business moves into or replaces a residence.

The lending institutions listed below are providing small business loans through the program. For general questions or specific inquiries about application, contact any representative.

Carolina Small Business Development Fund

Roxanne Bailey-Reed — 919.903.1437 x.403 — rreed@carolinasmallbusiness.org

Greg Taylor — 910.759.7709 x.401 — gtaylor@carolinasmallbusiness.org

Center for Community Self Help

Jessie Maxwell — 919.956.4684 — Jessie.maxwell@self-help.org

North Carolina Community Development Initiative, Inc.

Tara Campbell — 919.835.6002 — tcampbell@ncinitiative.org

For inquiries about the program and a referral to a participating lender, contact Business Link North Carolina at the Economic Development Partnership of N.C. by calling (800) 228-8443.

To review eligibility requirements and more information about the program, visit the program website.


Source: NC Office of the Governor

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Kay Whatley serves as Editor and Reporter with The Grey Area News. Kay is a published author with over 20 years of experience in the publishing industry. Kay Whatley is wife to Frank Whatley, founder of The Grey Area™ newspaper and The Grey Area News online news website.