This week, the world’s economic leaders will host a G20 Finance Summit in Asheville to discuss macro-economic policies that will impact global trade and large-scale markets. And while they’re here, they’ll visit the small businesses that power western North Carolina, like our restaurants, coffee shops, and retail spots that really showcase the best of Western North Carolina.
These world leaders will be landing in our beautiful mountains less than two years after we experienced catastrophic damage from Hurricane Helene. Flooding swept through our streets, destroyed homes, cut off critical roads and utilities, and took the lives of over 100 of our neighbors. Our downtowns went dark and our water stopped running. Despite the grief and overwhelm,
small businesses showed up for our community in generous and tangible ways. They jumped into feed neighbors, distribute vital supplies, and so much more.
Because Mountain BizWorks has been a part of our local entrepreneurial community for more than 35 years, we have had a front row seat to the generosity, ingenuity, and resilience of these businesses. Our mission to build a vibrant and inclusive entrepreneurial community in WNC took on a new urgency in the aftermath of the storm, and we were honored to be part of those efforts. In total, Governor Stein and our state legislature have worked to get more than $100 million in grants and loans to thousands of small businesses, saving nearly 15,000 jobs.
The State of North Carolina has proven its dedication to recovery. In July, North Carolina adopted a budget that allocated $711 million in new WNC funding. This was the state’s third major package and brought North Carolina’s recovery total to more than $3.1 billion. Private philanthropic organizations have also stepped up. These combined dollars are going to good use, helping rebuild what was lost, but our small businesses have shown us that we still need additional support.
To grasp the breadth of the effort still needed, Mountain BizWorks’ 2026 Local Business Impact Survey compiled data from more than 700 small business owners about their recovery efforts. This collection of accounts paints a stark picture not only of resilience but also of unfinished recovery.
The good news is that most businesses in the region have reopened. But reopening and recovering are not the same thing. Three out of four small businesses are still struggling to regain their financial footing. Nearly half are operating below 80% of their pre-storm revenues. And while many small businesses have overcome the physical damage done by Helene, they’re still experiencing the added negative impacts of reduced tourism, higher costs for supplies, and broader economic uncertainty.
Despite these many challenges, the majority of business owners remain optimistic and confident that they can fully recover. Yet, nearly 70% of those say they will likely need additional capital to support their efforts. At Mountain BizWorks, we continue to advocate for our small business community, and that's why I'm raising this concern now.
In June, Governor Josh Stein put forward a new $10 billion request to the federal government. That funding would help rebuild the homes of our workforce, repair damaged infrastructure in our communities, and further support economic restoration. These investments will strengthen our towns and reaffirm that the region is open for business.
Western North Carolina has shown the world what resilience looks like. Now, as global leaders convene in Asheville this week, federal partners have an incredible opportunity to demonstrate how thriving local economies play a critical role in US economic policy. As leaders visit our restaurants, coffee shops, and retail spots, I hope they linger long enough to hear those small business’ stories. The struggles are real, but, two years after Hurricane Helene, our entrepreneurs are still doing what they do best: creating opportunities, driving our economy, and making WNC a great place to live and visit.
Matt Raker is the Executive Director of Mountain BizWorks.
This article originally appeared on Asheville Citizen Times: Opinion: As world leaders visit Asheville, small businesses are still rebuilding
