ASHEVILLE - Small businesses impacted by Tropical Storm Helene will have six additional months of interest-only repayment, a win as many continue to recovery almost two years after the storm.
Signed into law by Gov. Josh Stein on Aug. 11, House Bill 268 will extend the interest-only repayment period from 24 months to 30 months for more than 800 Western North Carolina small businesses, according to a Aug. 17 news release from regional nonprofit Mountain BizWorks. The nonprofit launched "WNC Strong: Helene Business Recovery Fund" in early October 2024, just days after Helene hit the region. The nonprofit has deployed nearly $60 million in financing to 852 local businesses through the fund.
On Aug. 12, Mountain BizWorks announced the findings of
its 2026 Local Business Impact Survey. According to the nonprofit, 3 in 4 small businesses in the area are making roughly the same or less revenue than they did before Helene. Roughly 42% of the over 700 small businesses that responded to the survey are making less than 80% of their pre-Helene revenue, according to the report. Some businesses are still working to reopen.
"We are extremely grateful to the NC General Assembly and Governor Stein for their sustained commitment to WNC's small business recovery," said Matt Raker, Executive Director of Mountain BizWorks, in the Aug. 17 news release. "We know from our 2026 Local Business Impact Survey that 3 out of 4 business owners are still at or below pre-Helene revenue levels. As such, these additional six months at 1% interest-only will be a huge help to more than 800 businesses in the program."
Tourism was cited as a major reason why business has continued to slowly rebound, with North Carolina's tourism agency releasing data for fiscal year 2026 indicating that Buncombe County's tourism economy — the largest in WNC and the 3rd largest in the state — declined slightly in 2025. The local tourism board pointed to the "lingering" economic effects from Helene as leading to the decline.
A "key champion" of the extension was Republican Sen. Tim Moffitt, who represents Henderson, Polk, and Rutherford counties, Moutain BizWorks said in the news release.
"Lower monthly payments mean small businesses can put proceeds toward things like payroll and inventory that keep businesses pushing forward," said Sen. Tim Moffitt in the news release, who was noted as a "key champion" of the extension.
Affected borrowers will be contacted directly with information about the modification, Mountain BizWorks said in the news release.
Will Hofmann is the Growth and Development Reporter for the Asheville Citizen Times, part of the USA Today Network. Got a tip? Email him at WHofmann@citizentimes.com or message will_hofmann.01 on Signal.
This article originally appeared on Asheville Citizen Times: WNC businesses get more time to repay Helene loans
