MIIA x MBW: Informational Interview on Disaster Recovery Efforts
The Episode focused on the significant impacts of Hurricane Helene in Asheville and Western North Carolina, highlighting community resilience amidst widespread destruction. With over 100 bridges destroyed and major road closures, businesses, especially in the hospitality sector, were heavily affected. Key discussions revolved around resources for small businesses, with Mountain Biz Works (MBW) leading initiatives like the WNC Strong Helene Business Recovery Fund, which has already received 425 applications totaling $28 million in funding requests, aiming for up to $50 million in recovery loans and grants.
The meeting also covered available financing options, including SBA disaster loans and locally administered grants, with an emphasis on providing grants to minimize the financial burden on businesses. Future recovery efforts are projected to span one to three years, with a need for better coordination in donation programs and standardized information sources.
Show Notes
Impact of Hurricane Helene (01:44 – 08:03)
- Severe impact on Asheville and Western North Carolina
- Community coming together to support each other
- Timing coincides with fall tourist season, affecting hospitality businesses
- Over 100 bridges destroyed, major road closures (I-40 west, I-26 north)
- Water supply disruption, impacting the beverage industry
Resources for Small Businesses (08:03 – 21:13)
- Mountain Biz Works focusing on three recovery pillars: Information dissemination, Emergency bridge loans, Emergency grants
- WNC Strong Helene Business Recovery Fund launched
- Up to $100,000 in funding with favorable terms
- Streamlined online application process
- Decisions aimed for 7-10 day timeline
- $11 million committed, aiming for $50 million total
- 425 applications received, totaling $28 million in requests
Funding and Recovery Strategies (21:13 – 33:08)
- SBA disaster loans available for physical damage and economic injury
- WNC Strong Helene fund is locally administered, not SBA-backed
- Aiming to raise $20 million for grants program
- $50 million target for recovery loans
- Different financial mechanisms for grants (tax write-off) and loans (investment)
- Main concern: Providing grant support to avoid over-burdening businesses with loans
Future Outlook and Ongoing Efforts (33:52 – 37:27)
- Recovery efforts expected to last 1-3 years
- Progress on water system restoration
- Need for coordinated donation programs for serious contributors
- Importance of standardized information sources
- Potential for recurring audio updates on recovery efforts