American Express and the U.S. Chamber of Commerce Foundation are teaming up to provide funds for small businesses working to recover from Hurricanes Helene and Milton.
The Small Business Hurricane Recovery Grant Program unveiled Thursday will dole out a total of $5 million worth of grants to small businesses hit hard by the devastating storms.
American Express Corporate Affairs Officer Jennifer Skyler said in a statement that the company was "committed to providing small businesses in the region with the resources they need to recover, rebuild, and thrive."
Through the newly announced program, 1,000 small businesses located in affected states like Florida, Georgia, North Carolina, South Carolina and Tennessee that meet certain eligibility prerequisites will be able to receive $5,000 each, American Express said.
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The funds "can be used for business expenses related to disaster recovery such as rent, utilities, payroll, inventory, equipment, and infrastructure," AmEx and the Chamber of Commerce Foundation said.
The window to apply for assistance will close Nov. 17.
American Express also plans to provide additional money for more hurricane grants with the nonprofit, saying it will donate $1 "for every purchase made on an American Express Card at a qualifying small U.S. Business" during Small Business Saturday, which falls on Nov. 30 this year.
"Local businesses don’t just weather storms – they help entire communities rise above them," U.S. Chamber of Commerce Foundation President Michael Carney said in a statement. "American Express’ generosity helps us transform these moments into renewal, coming exactly when Main Street needs it most."
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The $5 million grant program comes after many people and small businesses in the Southeast were left reeling in the wake of Hurricanes Helene and Milton.
Hurricane Helene came ashore in Florida in late September before churning through other states in the Southeast, causing major flooding and damage. Some 229 were killed by the storm, according to FOX Weather.
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Milton made landfall just two weeks later as a Category 3 storm.
The hurricanes are both reported to have caused billions of dollars worth of damage along the paths they traveled.
In North Carolina alone, the Office of State Budget and Management estimated last week that Helene’s impact was near $53.6 billion "including $41.1 billion of direct damages, $7.6 billion of indirect or induced damages, and $4.8 billion of potential investments for strengthening and mitigation."
