For small businesses in North Carolina, one of the most important parts of growth is securing funds for sustainability. Thankfully, NC has various grants designed to help small businesses. However, understanding the eligibility and application process can be daunting. 

With several grants and funds available, it is important to work with an expert, such as an accountant in Charlotte, NC. Not only will a professional help you clarify your doubts, but you will also receive a chunk of assistance during the application process. 

Having expert guidance increases your chances of getting a grant or fund. Read this blog to learn about the several small business grants in North Carolina. 

Key small business grant programs in North Carolina 

One North Carolina Small Business Program

If you want to turn your business idea into a big business, this program can help you. North Carolina is helping businesses that are eager to make innovations through the One North Carolina Small Business Program. It provides funds to businesses involved in research and development. 

Along with supporting eligible companies, this grant also works side-by-side with programs like the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR). This grant encourages businesses to create new and innovative products. 

Job Development Investment Grant (JDIG)

The Job Development Investment Grant (JDIG) is particularly helpful for businesses that are growing the number of jobs for the people of North Carolina. Companies receive cash grants based on their performance and how well they do in the market and in terms of creating employment. This contributes to a stable economy and a higher employment rate in the state. 

To qualify for this grant, companies in North Carolina must prove that they meet certain requirements and are committed to boosting NC’s economy. 

North Carolina Technology Development Grant

The North Carolina Technology Development Grant is specifically created for small businesses in North Carolina that are involved in the technology sector. The grant helps tech companies with various financial expenses, including staff salaries, equipment purchases or leasing, and facility costs. It is aimed at helping tech companies develop and grow. 

NC IDEA Grants

The NC IDEA Grant sees the potential in certain companies and helps them out. They identify companies with high growth potential. There are two types of this grant– the NC IDEA SEED Grant and the NC IDEA MICRO Grant. 

The NC IDEA SEED Grant provides up to $50,000 to qualifying businesses, while the NC IDEA MICRO Grant gives up to $10,000 along with an eight-week support program to help companies get started. 

RETOOLNC Grant Program

Small Business Grants

The RETOOLNC program is for minority and women-owned businesses that were disproportionately affected by the COVID-19 pandemic. The grant provides financial assistance to such businesses to help them recover from the losses and grow. The program provides up to $25,000 to certified businesses. 

Common challenges faced by business owners when applying for grants in North Carolina

One of the most common challenges faced by small business owners applying for the above-mentioned grants is the high competition. Funds are limited, but businesses are not. With the same grant that you are aiming for, a thousand other businesses might have the same goal. 

Another significant obstacle is the strict eligibility process. Every grant has its own set of requirements. To overcome this challenge, it is recommended to talk to a professional, research, and learn thoroughly about the requirements. 

Finally, the complexity of the admission process cannot be neglected. Many small business owners do not have the right experience or knowledge required to understand and complete the application process without any errors. This can increase your chances of getting rejected.

Unlock growth with business grants!

By being aware of all the grants and funding opportunities available to your business, as well as the pitfalls you might encounter during the process, you can mitigate the potential risks. Hire a financial advisor in North Carolina today!