$150 Million in Interest-Free Cashflow Loans Have Now Been Allocated

The Department of State Treasurer has successfully allocated nearly $150 million to communities in need in Western North Carolina. This money is meant as a way to help local governments get back on their feet as they wait for the federal government to send much needed relief dollars.

"Day one of my administration, and even before that, I knew helping those communities devastated by Hurricane Helene needed to be a primary focus," said Treasurer Brad Briner. "Through two separate appropriations, the General Assembly tasked my team with getting interest-free loans to local governments in need, and in the quickest way possible. Nine months later, we have distributed three rounds of loans, which are already being put to good use."

This Cashflow loan program was created to help bridge the gap for communities who are waiting for federal dollars needed to help with rebuilding and cleanup efforts. Unlike traditional loans, local governments did not have to go through the complex process of applying for these. Instead, DST was able to use the local government's emergency request paperwork to calculate their loan needs and divide the money based on that. The only step local governments had to take was to approve acceptance of the money.

"This interest-free loan program, funded by the legislature, has gotten help to these devastated communities quickly. Everyone is looking for a return to normalcy here in the mountain communities, but it takes hard work and a lot of money to get that done," said Sen. Tim Moffit, a Republican representing Henderson, Polk and Rutherford counties. "Under Treasurer Briner's leadership, the Department of State Treasurer seamlessly launched a loan program and allocated these resources rapidly to jump-start recovery efforts."

"The magnitude of the storm cleanup in Avery County has placed a significant financial burden on the County. It has been nearly 12 months since the Hurricane and we are still waiting on nearly 50 million dollars in reimbursement funding," said Caleb Hogan, Finance Officer for Avery County. "The interest-free cash flow loans have provided critical relief by easing the immediate cash flow strain and allowing us to continue recovery efforts without delay."

You can see a breakdown of the communities who accepted the loans and the total amount of dollars they were given here.

Local governments have five years to pay back Cashflow loans with no interest being charged.

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