$2.5 Million in CDBG – Disaster Relief Monies Awarded for Small Business Recovery

The Initiative has received an additional $2.5 million in funding to help communities still recovering from Hurricane Matthew. The Community Development Block Grant Disaster Relief funding, announced on October 25 by Governor Roy Cooper, is available to provide financing for small businesses in Matthew-affected areas, especially Robeson, Cumberland, Edgecombe and Wayne counties.

“When Hurricane Matthew hit, small business owners lost store fronts, equipment, furniture and revenue, and many aren’t yet able to reopen,” said Governor Cooper. “Small business owners can use these funds to fix damage, replace equipment, and get their business up and running again.”

The new monies bring the amount the Initiative has been awarded since last spring to help with Matthew and other weather-related disasters to nearly $6.5 million.  The Initiative has moved quickly to deploy monies from the Golden Leaf Foundation and NC Emergency Management, including two loans in Lumberton, one to First Baptist Homes to restore housing damaged in the hurricane and the second to finance the development of much-needed additional, “shovel-ready” units with the new Griffin Park apartments. Several additional loans are set to close by the end of November, and we’re fielding more inquiries with each passing week.

To learn more or apply for this funding contact Tara Campbell, (919) 835-6002, or via email at tcampbell@ncinitiative.org.

Many thanks to our sponsors

BB&T Oak Foundation Z Smith Reynolds Foundation Wells Fargo PNC Suntrust Kate B Reynolds Charitable Trust Local First Bank Fifth Third Bank First Tennessee Bank