"It's a great tragedy, and it's overwhelming that the government can't take care of everything," he said.
The show features acts such as SpencerAcuff, Slewfoot and Memphis.
Frank Heath, the owner of Cat's Cradle, said the bands helped make the show's planning process go smoothly.
"The first week the idea kind of came to me and then a bunch of bands approached me," he said.
"They've all pretty much volunteered generously."
The show also is raising funds by having local businesses and individuals match money from ticket sales dollar for dollar.
"It's sort of doubling exactly what comes through the door," Heath said.
The benefit sees musicians supporting musicians, a practice that Scott Morgan, frontman for Memphis, said is an ongoing tradition.
"Musicians have always done that," he said. "I don't mind giving money to old Fats (Domino) to get him back on his feet."
The Cradle is not the only venue helping victims - local businesses also are helping out with fundraisers of their own, Heath said.
"The outpouring of effort of everyone involved and all around the country sort of speaks for itself."
The night's diverse lineup could help get a wide variety of people out to the Cradle, increasing the show's chance for success, said Ryan Davis, the bassist for Memphis.
"All different walks of life will be able to find some part of that evening that's special to them and be able to make it worthwhile for everybody."
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