A new analysis from Mountain BizWorks sheds light on how small businesses across western North Carolina are recovering after Hurricane Helene and how far they still have to go.
The report details the WNC Strong: Helene Business Recovery Fund, a program created to provide rapid recovery loans to small businesses suffering economic losses related to the impacts of Helene.
A 2024–2025 survey included in the analysis shows demand for assistance was widespread. More than 700 small business owners responded nine months into the recovery.
They reported a median loss of $95,000 and an average loss of $322,000. The findings suggest those losses equal more than six years of typical annual profits for a small business in the region.
READ MORE: Regional survey finds WNC businesses lost an average of $322,000 during Helene
“The timing compounded the crisis: Helene struck at the onset of the region's busy fall tourism season, which many businesses rely on to carry them through a slow winter,” the report states. “Adding to the burden, many of those same businesses were still paying down COVID-19 disaster loans.”
The recovery fund initially offered loans of up to $100,000 with 1% interest-only payments for the first year. The North Carolina General Assembly later approved increasing the value of the loan to $150,000 when it became clear that one year wasn’t enough time for businesses to get back on their feet.
The money could be used for expenses including building repairs, inventory replacement, payroll and operating costs.
According to the report, more than 800 businesses received loans through the program, supporting more than 7,000 jobs. It also found that 63% of the loans served women, minority and veteran-owned businesses across the region.
The survey does not include how many businesses closed after Helene.
A year and a half later, some communities like Chimney Rock, Swannanoa and Marshall continue to face significant challenges, according to Mountain BizWorks.
The report cites rising interest rates, ongoing infrastructure damage, supply chain issues and reduced tourism as factors slowing recovery.
It also points to increased pressure from outside investors.
“These investor groups are raising rents, displacing longtime tenants, and outcompeting local would-be buyers during a particularly vulnerable time in the economy,” the report states.
The full 2024-2025 Mountain BizWorks WNC Strong: Helene Business Recovery Fund report is available online here.
