How low-interest loans and $12M from Bank of America will aid WNC Helene relief
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- Bank of America pledged $12M in loans for Hurricane Helene recovery in WNC.
- Self-Help Ventures Fund, Mountain BizWorks and Partner Capital received funds.
- Funding targets flexible home and small business loans with deferred payments.
Bank of America is providing $12 million to residents and business owners in Western North Carolina who are still trying to get back on their feet after Hurricane Helene devastated the area last year.
The bank is offering zero-interest loans to Community Development Financial Institutions to support homeowner recovery and small business assistance, the Charlotte bank announced Tuesday. CDFIs are private lenders which help underserved communities access loans and financial services that traditional banks often don’t provide.
Where the $12 million is going
Self-Help Ventures Fund will get $8 million to offer flexible home loans through its credit unions and partners. For 34 years, the fund has helped people in Western North Carolina access economic opportunities, especially by providing affordable home loans totaling $1.4 billion.
Bank of America is giving Mountain BizWorks $2 million for low-interest small business loans with no payments on the loan’s principal in the first year. Mountain BizWorks supports entrepreneurs in Western North Carolina by helping them grow and create jobs. After the hurricane, its recovery fund gave out over 700 quick loans to small businesses hurt by the storm.
Partner Community Capital will use $2 million from Bank of America to provide small business loans with zero interest for the first year. Partner Community Capital helps small businesses, non-profits, and farms in Western North Carolina with flexible loans and expert business advice.
Continued support for Western NC
This funding represents the bank’s continued commitment to Western North Carolina, said David Dowd, president of Bank of America Asheville. “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,” Dowd said in a news release.
He encouraged people to be a part of the region’s “comeback story” by supporting small businesses and visiting the mountain region.
Previous relief efforts
After Helene, Bank of America previously donated $1 million for immediate support to organizations providing hurricane relief in the Southeast. This included $200,000 each to the Asheville Area Chamber of Commerce Foundation and MANNA Food Bank.
Bank employees spent thousands of hours helping with Hurricane Helene recovery in Western North Carolina, including checking storm damage for the Red Cross and working with Habitat for Humanity to build and repair homes for affected families.
More on Bank of America
Bank of America is the second largest bank in the U.S. It has 213,000 employees, with more than 19,000 workers in the Charlotte region.
The bank is the largest private supporter of CDFIs in the U.S., investing over $2 billion with more than 250 partners nationwide.
This story was originally published September 23, 2025 at 11:13 AM.
