NC Small Business Grants
Every business is affected due to the coronavirus pandemic. The pandemic is not over. Small enterprises are desperately looking for opportunities to fund their business.
Most countries’ economies collapsed due to the shutdown of small businesses during the coronavirus pandemic period.
NC Small Business Grants listed below will help small enterprises in North Carolina.
If you run a small business or your business collapsed due to lockdown or any other reason, then you should get financial aid to start your business again.
Let’s collect some more information about the available grants in NC for Small Businesses.
Thankfully, there are numerous resources available to fund small businesses such as federal packages, small business administration, and other private entities that provide low-interest loans to small enterprises.
Let’s find out the useful resources for NC Small Businesses.
6 Resources for NC Small Business Grants
1. Small Business Administration
The Small Business Administration is a one-stop platform for all your queries. It’s a government agency that provides useful resources to fund all types of small businesses across the US.
SBA updates its resources regularly so that people can get the right information about the available funding opportunities for their business.
SBA has expanded its support by keeping the grants and other resources open to small businesses.
Small businesses that are still searching for funding opportunities should visit the official website to know about the open grants and the application process.
2. Local and State Government Funds
Local and state government funds are available to local communities. People should reach out to their nearby Small Business Development Centers to get information about the funding opportunities and resources available for them.
Local communities can avail themselves of the grant for different purposes.
Small enterprises are more likely to receive the funds for re-developing their business. An application procedure needs to be followed by the applicant along with the required documents about the previous year’s gross income etc.
3. Grants for Small Businesses by Banks
Banks and Businesses rely upon each other. In these crucial times, banks are funding the small businesses in North Carolina so that they can start their business again, which was shut down due to coronavirus and its impact.
The NC Rural Center and Trust Bank announced financial support program for small enterprises.
They have announced $40 million grants through the non-profit funds. The $40 million grant money will be allocated to minorities and other eligible small businesses in North Carolina.
Women, people who come from low-income families can also apply for the fund.
Besides this, many private and government banks are offering traditional loans at low-interest rates. A proper procedure needs to be followed to get your loan approved by the banks.
4. Resources for NC Businesses
The NC Department of Commerce provides all the resources from where you can get the financial support for your business.
The website offers information about the available federal grants, low-interest loans by banks, and other funding opportunities through private entities.
Everything you need to know about managing your small business in NC is given on this website.
You can get your queries resolved, can explore the communities to improve your knowledge, and find out the application procedure to apply for a particular grant.
The related resource links are also given there so that you can avail more information about a particular grant.
5. Emergency Loans
Besides all the funding opportunities, The US Chamber’s Coronavirus Emergency Loans are also available for NC Small Businesses.
A small business guide with the checklist of available loans and grants opportunities is present here.
Emergency loans are given to small businesses that need emergency financial aid to support their collapsing business.
The Emergency Loans are currently closed for new applicants. However, you can get useful information about your eligibility, how you can avail of the loan, how you can apply for the loan, etc from the official website.
This portal updates regularly with new announcements made by the government. We hope to see some additional grants under this program in the coming weeks for small businesses.
6. North Carolina Small Business Grants
The North Carolina Small Business Grants are a one-stop platform for Small Business owners of North Carolina.
NC has received grants of over $21,000 from the federal departments and agencies along with private entities. Besides this, the state grant of over $15,000 was also provided by NC’s officials to support small businesses.
North Carolina has over 170,000 small businesses running by different communities. This sector plays an important role in the overall economic development of the state.
Thankfully, small businesses can get direct financial support from federal grants and private organizations.
This portal gives you information about what types of federal grants and private grants are available for small businesses. The same portal features direct links to get the information about required documents, financial opportunities, etc.
The Bottom Line:
North Carolina’s small business industry has seen a drastic change over the past few months due to irregularities in export and import businesses.
Many small businesses collapsed due to a lack of funding. NC Small Business Grants listed above are for all types of small enterprises active in North Carolina.
Explore the given resources, find out the legal requirements to apply for the grant after knowing your eligibility, and receive the required funds to support your business.
The list of resources updates regularly as new grants and funding opportunities are announced by the authorities.