Stories of Technology, Innovation, & Entrepreneurship in the Southeast

From Asheville, NC:

Mountain BizWorks, a nonprofit in Asheville, has announced that it is creating a small business lending program to assist recovery from Tropical Storm Helene, with $7.5 million funded by the Golden LEAF Foundation.

The program entails bridge loans of as much as $100,000 aimed at “providing critical relief to small businesses impacted by Hurricane Helene,” House Speaker Tim Moore said in a release. “Small businesses are the backbone of North Carolina’s economy, and this funding ensures that entrepreneurs can continue their operations during this challenging time.”

The loans will have a one percent interest rate and interest-only payments for 12 months. If not repaid in the first year, the loans will convert to a term loan. Mountain BizWorks and program partners hope to secure more funding in coming days and weeks.

“This program is designed to assist businesses that will be working to apply for a Small Business Administration (SBA) loan or other commercial loan, but that have more immediate needs for capital,” Golden LEAF Board Chair Ralph Strayhorn said.

Mountain BizWorks was formed in 1989 and promotes entrepreneurship in the region. It has a staff of about 30 and operates a community development financial institution (CDFI) which makes small business loans.

Golden LEAF is a $1.4 billion (assets) foundation funded by proceeds from the national tobacco settlement. The group is based in Rocky Mount and mainly provides grants to aid communities historically reliant on the tobacco industry.

“We’re honored to contribute our resources to this initial wave of emergency funds, a crucial step toward a more resilient future for our region,” said Mountain BizWorks Board Chair Zane Adams.

For terms and application information, click here.

From Montgomery, AL:

Alabama Governor Kay Ivey announced that she has received a forward-thinking economic strategic plan presented by Commerce Secretary Ellen McNair. Designed to guide the state’s growth through the next decade and beyond, the plan named Catalyst replaces the state’s previous framework, Accelerate Alabama and is designed to cement Alabama’s status as a leader in economic development. The plan identifies eight priority industry sectors that align with Alabama’s long-term economic development priorities and goals. They include:

• Mobility (linking automotive & aerospace);
• Defense;
• Metal and advanced materials;
• Chemical manufacturing;
• Forestry and wood;
• Agriculture and food;
• Bioscience; and
• Technology.

From Miami, FL:

Noting there are no bigger headaches that Miamians face on a daily basis than transportation, the Miami-Dade Innovation Authority (MDIA) is launching its fourth Public Innovation Challenge in hopes of finding a solution to a vexing problem.

The organization will provide three start-ups with $100,000 each to pioneer cutting-edge solutions to manage Miami’s complex traffic landscape. Those selected will develop and test their technology hand-in-hand with the Miami-Dade Department of Transportation and Public Works (DTPW).

Leigh-Ann Buchanan, President and Chief Executive Officer of MDIA, described it as a “unique opportunity for start-ups to revolutionize transportation visibility” in one of the nation’s fastest-growing cities. And with Miami’s nearly three million residents plus millions more visitors annually, the stakes couldn’t be higher.

She also emphasized that the solutions need to be bold and data-driven. “As our population grows and events continue to draw larger crowds, it’s essential to improve how residents and visitors navigate our roads,” Buchanan added.

The competition runs until November 22, and Miami-Dade’s leaders are eager to see which technologies will be brought to the table. As Buchanan put it, “This challenge has the potential to revolutionize transportation visibility in Miami-Dade County.”

Previous MDIA initiatives included a project for PortMiami, for the airport, and for dealing with the sargassum on shores.

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