Print
Coronavirus

North Carolina Announces New Round Of Grants For Historically Underutilized Businesses

By Jenny Callison, posted Jun 6, 2022
A new round of grant funds is available to help certain small minority- and women-owned businesses recover from the negative impacts of the pandemic. Applicants must have 50 employees or fewer and have a maximum of $1.5 million in gross revenues, based on their 2020 business tax returns.
 
The N.C. Dept. of Administration’s Office for Historically Underutilized Businesses (HUB) has opened applications for Round 3 of its RETOOLNC grant program for certified HUBs and disadvantaged business enterprise (DBE) firms impacted by COVID-19. The program awards grants of at least $10,000 and up to $25,000 to eligible businesses. Other criteria for eligibility can be found in a program information packet.

Eligible home-based businesses, sole proprietorships and independent contractors may apply as well.

Small businesses that are not HUB-certified can attend a free online workshop to help them with the process and learn how to leverage the benefits of that certification. The workshop takes place Thursday from noon to 1 p.m. Registration, which is required, is available here

“I would encourage business owners to take advantage of this workshop,” April Scott, director of the Brunswick Community College Small Business Center, said Monday. She also urges businesses to apply for grants as soon as possible, because, according to the RETOOLNC website, applications will be reviewed and awarded in the order received until all available funds are exhausted.

“We know that minority and women-owned businesses were disproportionately impacted by the pandemic,” N.C. Gov. Roy Cooper said in a recent news release announcing the new round. “The RETOOLNC program provides direct support to historically underutilized businesses to get the support they still may need to fully recover.” 
 
Grant funds may be used for legitimate business expenses, including but not limited to working capital, lease payments, existing real estate and equipment financing payments and covering payroll shortage, according to the program announcement.

The exact amount awarded to a business will be based on a four-month average of its operating expenses shown on its 2020 business tax return.
 
To apply for a RETOOLNC grant, click here.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Jane

It’s Child’s Play

Jane Morrow - Smart Start of New Hanover County
Dave sweyer 300 x 300

Insights into the 2023 Leasing Market in Wilmington, NC: What You Need to Know

Dave Sweyer - Sweyer Property Management
Chris coudriet

As the Weather Warms, New Hanover County Remains Committed to Keeping Things Green

Chris Coudriet - New Hanover County Government

Trending News

Passenger Rail Study Offers New Details About Proposed Wilmington To Raleigh Route

Emma Dill - Apr 22, 2024

Severe Weather Postpones Trump Rally In Wilmington

Emma Dill - Apr 20, 2024

Will NC Be CNBC's Three-time Top State For Business?

Audrey Elsberry - Apr 22, 2024

In The Current Issue

Taking Marine Science On The Road

“My mission and my goal is to take my love of marine science, marine ecosystem and coastal ecosystems and bring that to students and teacher...


Bootstrapping A Remote Option

Michelle Penczak, who lives in Pender County, built her own solution with Squared Away, her company that now employs over 400 virtual assist...


With Coffee And Cocktails, Owners Mix It Up

Baristas are incorporating craft cocktail techniques into show-stopping coffee drinks, and bartenders are mixing espresso and coffee liqueur...

Book On Business

The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2024 Power Breakfast: The Next Season