Mangled railroad tracks and damaged buildings wrought by Hurricane Helene can be seen along the French Broad River on October 3, 2024 in Marshall, North Carolina. Helene caused more than $59 billion in damages to the state. (Photo by Mario Tama/Getty Images)
Local governments in western North Carolina have begun to receive interest-free loans as they recover from Helene, State Treasurer Brad Briner said Monday.
The $100 million loan program, established as part of a December law, is aimed at tiding over cities and counties financially until federal money arrives. Many Helene-impacted local governments are expected to face major budget shortfalls in the coming months, state officials have warned.
As of Feb. 21, 98 local governments have been approved for loans totaling $73.5 million, according to the treasurer’s office, which was charged with distributing the money.
“We had a big goal on a short deadline, and we are excited to announce that help is on the way,” Briner said in a news release.
The remainder of the program’s money is being held back to accommodate cities and counties who had documentation destroyed or damaged during the storm.
Among those receiving the largest loans from the program are Buncombe County ($8.4 million), Chimney Rock ($7.7 million), Morganton ($5.4 million) and Henderson County ($4.1 million).
“Western North Carolina counties appreciate the General Assembly’s efforts to provide cashflow loans to areas impacted by Hurricane Helene, and commend Treasurer Briner for swiftly implementing the program,” said Kevin Leonard, director of the North Carolina Association of County Commissioners, in a news release.
“While we recognize this is just the beginning and additional support will be necessary, these efforts are a crucial step in addressing immediate recovery needs.”