ATLANTA — Gov. Brian Kemp announced Friday the Georgia State Financing and Investment Commission (GSFIC) unanimously approved a proposal redirecting $100 million to the Georgia Development Authority (GDA) for the purpose of providing disaster relief financial support for farmers and debris cleanup for timber producers impacted by Hurricane Helene.
This funding will provide essential financial assistance to these sectors until businesses begin to recover or other aid is made available.
“As Georgia’s No. 1 industry continues on the road to recovery from Hurricane Helene,” said Gov. Kemp during the November 1 announcement, “I’m thankful our partners on all levels, including the GSFIC board, are working with us to provide relief to those who put food on our tables and provide the materials that build our communities. This measure is the latest we’ve taken to help them rebuild their livelihoods, but it will not be the last. We’ll continue to work with stakeholders on all levels to direct resources and support to the hardworking Georgians devastated by this storm.”
“While we are still evaluating the full impact and devastation from Hurricane Helene, we are certain members of our farming and timber producing communities have experienced generational loss,” said Lt. Gov. Burt Jones. “This $100 million investment builds on the efforts already underway by many to help their neighbors recover and rebuild, one step at a time.
“I want to thank Gov. Kemp, Speaker Jon Burns, the GSFIC board, and all other partners who are helping in these efforts. This is the Georgia way, and that’s exactly how we will come out stronger than before.”
The Amended FY 2024 and the FY 2025 appropriations bills (HB 915 and HB 916) established a Capital Projects Fund program to provide direct cash appropriations to GSFIC for the purpose of financing capital projects.
During Friday’s called meeting of GSFIC, a proposal was submitted to redirect a total of $100 million of funds originally set aside for defeasance to the GDA to create a new fund providing disaster relief. Of the $100 million, $75 million will provide disaster relief loans to those in the agriculture industry and $25 million will provide disaster relief to those in the timber industry to support cleanup efforts and debris removal on timberland as well as the enhancement of fire control measures.
“Georgia’s No. 1 industry continues to face unprecedented challenges and historic losses in the aftermath of Hurricane Helene and other severe weather events,” said Speaker Jon Burns. “This measure will provide necessary financial relief to farmers and foresters as we continue to work alongside our federal partners to secure every available asset and resource for the Georgians impacted by this disaster.”
Disruptions in the $83.6 billion a year agribusiness industry can have a negative spillover effect in other areas of employment and commerce. A preliminary report estimates agricultural damages from Hurricane Helene will cost Georgia’s economy at least $6.46 billion.
The amount represents the sum of direct crop losses, losses to businesses that support agriculture and forestry, losses to workers in those related industries, and estimated recovery and restoration costs that agricultural businesses will face. The impact is more than double the estimated losses causes by Hurricane Michael in 2018, which was the most devastating storm in recent history at that time.
“Help is on the way for thousands of Georgia farmers, producers, and timber operators who need immediate assistance to recover from Hurricane Helene,” said Agriculture Commissioner Tyler Harper. “We are taking action to support our farm families and our state’s No. 1 industry.”
In addition to this measure, Gov. Kemp also previously joined state and Congressional partners in calling for federal relief funds in the form of block grants to benefit farmers impacted by Hurricane Helene.
The GDA board met Monday, November 4 in Macon to plan for disbursement of these funds.
Kemp
