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One North Carolina Small Business Fund Awards $550,000 In Grants to Local Small Businesses

One North Carolina Small Business Fund
Several businesses located in Chapel Hill, Durham, Hillsborough and Morrisville, North Carolina, have received business grants of $50,000 each through the One North Carolina Small Business Fund. A total of $2.5 million is budgeted for this fund in 2015 to help businesses throughout North Carolina.

How the fund works

The fund is able to award sizable grants due to its partnership with federal agencies. The state matches up to half of the federal money up to a maximum of a $50,000 per grant. Federal agencies include the National Institutes of Health, the U.S. Army, the Defense Advanced Research Projects Agency, the National Aeronautics & Space Administration and the Center for Disease Control and Prevention.

Eligibility and how to apply

Businesses who are eligible for grants are those who increase jobs in high value-added, knowledge-driven industries. These can include projects that have a positive economic and environmental impact on communities. Examples are the construction of or improvements to new or existing water, sewer, gas or electric utility distribution lines, or equipment for existing buildings.

Grant money can be used to install or purchase new equipment, make structural repairs, improvements, or renovations of existing buildings, or to expand an existing business. The grants are part of the Thrive in North Carolina initiative through the Economic Development Partnership of North Carolina (EDPNC), a nonprofit corporation designed to foster collaboration between public and private entities to increase the economy in North Carolina.

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