• Self-Help Ventures Fund (SHVF) will receive $8 million to provide flexible home loans through its credit union network in the region and in partnership with other home lenders.
• Mountain BizWorks will receive $2 million to provide low interest small business funding assistance loans with no principal repayments during for the first year; and
• Partner Community Capital will receive $2 million to provide zero-percent interest loans for the first year focused on small business assistance.

“As we in Western North Carolina continue our long-term recovery, these disaster loan funds will make a meaningful difference in the lives of our families and business owners,” said David Dowd, president, Bank of America Asheville. “This is part of Bank of America’s continued commitment to keeping Western North Carolina strong. We encourage people to join us in being part of our region’s comeback story by visiting, supporting small businesses, and enjoying all that our beautiful mountains have to offer.”

The funding builds on previous support Bank of America has provided to Western North Carolina through organizations helping families and small businesses, including: $1 million donation for immediate support to organizations providing hurricane relief in the southeast that included $200,000 in funding to both the Asheville Area Chamber of Commerce Foundation and Manna Food Bank.

Bank employees have spent thousands of hours volunteering to assist with Hurricane Helene recovery.  In the initial weeks following Helene, nearly 500 bank teammates were on the ground across the Western North Carolina region completing more than 5,000 damage assessments for the American Red Cross, which allowed financial assistance to flow to families more quickly.  Additionally, bank volunteers partnered with Habitat for Humanity building tiny homes as well as rebuilding homes for families whose homes were destroyed, among other necessary activities.

CDFIs Helping to Rebuild Western North Carolina

Self-Help Ventures Fund’s mission is to create economic opportunity for all. With a 34-year presence in Western North Carolina, SHVF operates an array of community development programs-- that includes an affordable home loan secondary market purchasing program that has supported $1.4 billion in responsible home loans.

Mountain BizWorks aims to build a vibrant entrepreneurial community in Western North Carolina by helping entrepreneurs grow strategically and create jobs. Its WNC Strong: Helene Business Recovery Fund was created to provide rapid recovery loans to small businesses suffering economic losses related to the hurricane’s impacts. More than 700 recovery loans have been provided since the hurricane.

Partner Community Capital is committed to providing flexible capital and advisory services to small businesses, non-profits, and farms with a strong market presence in Western North Carolina. Alongside loans, Partner Community Capital connects its clients with valuable business advisory services aimed at empowering them to thrive.

Source: Bank of America.