Applications Now Closed

Thank you for your interest in the One Buncombe Fund. Applications for this program closed on June 30, 2020. Please visit our COVID-19 Funding Resources page for additional options and visit the Help Center if you have questions.

One Buncombe Fund Small Business Loans aim to provide a rapid source of assistance for Buncombe County-based businesses that have been impacted by COVID-19.  This fund is a collaborative effort between Buncombe County, the City of Asheville, the Town of Montreat, members of the Asheville-area Chamber of Commerce, Mountain BizWorks, the Land of Sky Regional Council, local residents, and others. Mountain BizWorks is the administrator for the business loans program of the fund, with details below. For additional details on the overall One Buncombe Fund including how you can contribute to this shared community response, visit

This is not a grant program

One Buncombe Fund small business loans are designed to be flexible and rapid sources of low-interest loan capital to help local Buncombe County businesses and nonprofits meet pressing needs and navigate the COVID-19 crisis. Repayment is expected either from more permanent funding sources (like SBA Disaster Loans) or from the future cash flow of the business.

Loan details

Loans are available for up to $10,000, based on the business’s current revenue. Loan agreements are structured as follows:

  • Six months of no payments required at 4% (interest accruing), followed by 36 months of principal and interest payments at 5.5% interest.
  • There are no prepayment penalties.
  • Defaulted loans are subject to collections.

Who is eligible?

  • For-profit and nonprofit businesses
  • Have a physical location and be principally based in Buncombe County (see our COVID loans page for options for those not in the county)
  • Have between 1 (who could be the self­-employed owner) and 49 employees
  • Have been in business for at least 12 months
  • Demonstrated loss of revenue of 25% or more due to COVID-19


  • Any individual with greater than 20% ownership in the applying business must personally guarantee the loan.
  • Proceeds from the loan may only be used for maintaining or restarting a business. Eligible uses include payroll, accounts payable, fixed debts, or other bills the business is unable to pay due to the effects of the COVID-19 crisis.
  • Agree to provide impact data
  • Borrowers are required to assign the proceeds of future assistance programs, including SBA loans, to the repayment of their One Buncombe Fund Loan.

Logistics & timeline

  • One Buncombe Fund was launched and applications opened on Friday, March 27.
  • Businesses interested in applying should be prepared to complete an online application and provide tax returns, profit and loss statements, and bank statements.
  • Loans are subject to the availability of funds. The partners know that the need is greater than the current fund size. We’re working to expand the available pool so that we can assist as many in our community as possible.


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