ASHEVILLE, N.C. (828newsNOW) — A new disaster recovery accelerator aimed at helping Asheville-area small businesses rebound from Tropical Storm Helene will begin accepting applications later this month, offering grants, business training and access to additional capital.

Venture Asheville announced the launch of Optimist Ventures’ Entrepreneurial Disaster Recovery Accelerator, a program designed to help businesses recover from the long-term economic impacts of the storm while strengthening their operations for the future.

The initiative is supported by an $855,000 Community Development Block Grant–Disaster Recovery (CDBG-DR) award and will provide grants of up to $25,000 to eligible businesses. The funding is intended to help companies stabilize operations and address recovery-related expenses.

In addition to grant funding provided through the city of Asheville’s CDBG-DR program, participants may qualify for a $25,000 Shared Profit Agreement (SPA) note through Optimist Ventures’ for-profit investment fund.

Applications for the program open June 15 and close July 17. Finalist presentations are scheduled for Aug. 3-6, with final selections announced Aug. 7. The 12-week accelerator program begins Aug. 20.

According to organizers, participating businesses will complete eligibility and compliance reviews that meet requirements established by the U.S. Department of Housing and Urban Development.

Eligible expenses may include payroll, inventory replacement, equipment repair or replacement, working capital, lease obligations, professional services and other approved business stabilization costs related to storm recovery.

“Disasters don’t just damage buildings — they disrupt livelihoods, entrepreneurial momentum and long-term economic mobility,” said Jeffrey Kaplan, CEO of Optimist Ventures. “Our goal is not simply to help businesses survive in the short term, but to build the systems, support networks and operational resilience that allow local entrepreneurs to recover and thrive over the long haul.”

The accelerator combines financial assistance with business development resources, including recovery planning, mentorship and entrepreneurial training based on The 13 Entrepreneurial Competencies framework.

Clark Duncan, executive director of the Economic Development Coalition for Asheville-Buncombe County, said the program supports goals outlined in the AVL 5×5 Strategic Plan for Economic Recovery.

“The launch of the Optimist Ventures Accelerator represents a key implementation strategy within the AVL 5×5 Strategic Plan for Economic Recovery, connecting storm-impacted businesses with technical assistance, mentorship and accessible capital at a time it is needed most,” Duncan said. “Sustainable economic recovery begins with the confidence, resilience and risk-taking of local entrepreneurs willing to invest in our economic future.”

Program leaders said the initiative places a strong emphasis on inclusive economic recovery, workforce development and long-term business sustainability.

“Asheville’s business community has shown tremendous resilience since the storm, and these grants will help provide additional support as businesses continue their recovery efforts,” Asheville Mayor Esther Manheimer said. “Investing in our small businesses and entrepreneurs is critical to Asheville’s recovery, and we are thankful for the collaborations that made this program possible.”

Kaplan said the program is designed to serve as a disaster recovery effort and a long-term economic development strategy.

“We believe recovery funding should not only repair damage, but strengthen the long-term economic fabric of our communities,” he said.

More information about eligibility requirements and application materials is available through Optimist Ventures.