The Department of State Treasurer is loaning nearly $23 million to Western North Carolina for continuing Hurricane Helene recovery.
Officials are distributing interest-free cashflow loans to eight governments across Watauga, Rutherford, Haywood, Madison, and Polk counties.
According to a memo, priority was given to applicants who’ve already requested funding from another source or projects addressing public health and safety, and regionalization.
Officials with the Department of State Treasurer say they’ve received more than $100 million in funding requests this year. They implemented the loans last year to support communities while they wait on federal funding.
Lawmakers dedicated $20 million of the 2026 budget to the project. The Department of State Treasurer provided the other $2.7 million from previous funds. In a public statement, Treasurer Brad Briner said they cut administrative costs using AI.
Governments must repay the loans by June 30, 2030.