Print
Coronavirus

N.C. Grant Program For Underutilized Small Businesses Is Open For Applications

By Jenny Callison, posted Oct 15, 2021
A North Carolina grant program designed to help small disadvantaged businesses is currently accepting applications.
 
Established in 2020 by N.C. Gov. Roy Cooper, the RETOOLNC Grant Program Fund is aimed at Historically Underutilized Businesses (HUBs) and Disadvantaged Business Enterprises (DBEs) that have been adversely affected by the COVID-19 pandemic.

The program’s fact sheet states that eligible applicants are HUBs and DBEs with fewer than 50 employees and no more than $1.5 million in revenue, according to their 2019 tax filing. State tax payments must be up to date.
 
Home-based businesses meeting these criteria are eligible to apply. Jerry Coleman, director of Cape Fear Community College's Small Business Center, said his office is happy to help qualifying small businesses with the application process.
 
The application portal opened Sept. 27 and will close Nov. 15 or when grant funds are exhausted, according to the program’s website, which also contains the application portal. The program is being administered by the N.C. Office for Historically Underutilized Businesses in partnership with the Carolina Small Business Development Fund and the National Institute of Minority Economic Development.

The base grant amount is $10,000. Grant awards greater than $10,000 will be based on an average of four months’ operating expenses from 2019 business tax returns, or $25,000, whichever is less, the website states.

Funds may be used for "legitimate business expenses," which, according to program officials, include covering payroll shortages and other operations needs such as working capital, lease payments, existing real estate and equipment financing payments.

Small for-profit entities are considered DBEs if socially and economically disadvantaged individuals own at least a 51% interest and also control management and daily business operations, according to the U.S. Government. African Americans, Hispanics, Native Americans, Asian-Pacific and Subcontinent Asian Americans as well as women are presumed to be socially and economically disadvantaged.  Other individuals can also qualify as socially and economically disadvantaged on a case-by-case basis.

Additional information is available here.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Dallasromanowski headshotcopy

The Virtuous Circle Of Improving Cash Flow

Dallas Romanowski - Cornerstone Business Advisors
David webversion headshots march21 8172134246

10 STEPS TO PREPARE YOUR FACILITY FOR HEAVY STORMS

David Grandey - Highland Roofing Company
Webversion mcwhorter heather profile 20211004 9030 orig

Impact Of UNCW Research

Heather McWhorter - UNCW Center for Innovation and Entrepreneurship

Trending News

Apartment Developer Tied To Midtown Rezoning

Johanna F. Still - Jan 17, 2022

In The Current Issue

Health Board To Discuss Face Coverings Again

Citing an increase in COVID-19 cases in late December before the holidays, New Hanover County’s health board said it would again discuss ind...


Q&A: Recruiting, Aiding Small Businesses

In his role with the chamber, Josh Hallingse aims to attract new small businesses to Wilmington but to help those already here grow...


What's In Store For Banks In 2022

The new year is likely to bring a continuation of some current banking trends as well as some new developments affecting the industry....

Book On Business

The 2021 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Trying to Grow a Business?
2020 Health Care Heroes
2020 WilmingtonBiz 100