RALEIGH, N.C. — Governor Roy Cooper says minority and women-owned businesses impacted by COVID will have access to $12 million in grants and business advice in a new state program.
The North Carolina Department of Administration launches a new grant program called RETOOLNC to help North Carolina Historically Underutilized Businesses (HUB) and Disadvantaged Business Enterprise (DBE) firms struggling since the pandemic began.
“We want businesses to have access to resources so they can navigate the pandemic and continue to serve their communities, and we know that some businesses have historically had a harder time getting the help they need,” Governor Cooper says. “COVID-19 is shining a spotlight on inequities for communities of color in North Carolina, including in our economy, and this program is a good step forward.”
Cooper says RETOOLNC was created under his executive order to address disparities in communities of color hurt by the COVID-19 pandemic.
HUB, along with the Carolina Small Business Development Fund (CSBDF), and the North Carolina Institute for Minority Economic Development will give advice on how to further develop these struggling businesses through RETOOLNC, according to a news release.
The new program, with help from these organizations, will give out $12 million in funding to assist minority and women-owned businesses in their economic recovery, according to a news release.
“HUBs are significant to our state’s economy as they bring not only diverse and inclusive entrepreneurship but innovative solutions that help our communities thrive,” says NC Department of Administration Secretary Machelle Sanders. “Due to COVID-19, many HUB firms are at risk of closing permanently. The RETOOLNC program seeks to alter the current trajectory, offering resources to keep the doors of minority and women-owned businesses open.”
Since the beginning of the pandemic many minority or women-owned businesses have closed and access to capital remains the number one challenge, which RETOOLNC will help by providing eligible HUB and DBE firms an opportunity to get up to $25,000 in grants.
“It is clear the economic recovery is going to be a marathon, not a sprint, and this puts great pressure on HUBs to make costly, unexpected adjustments to their businesses,” says Director Hall. “Through the RETOOLNC program, we will not only provide funding to certified and eligible HUBs and DBEs but will work to address the challenges and barriers they are experiencing as they seek to recover from the pandemic.”
North Carolina certified HUBs and DBEs must meet this criteria to qualify for a grant:
- Have been operating for one year.
- Be certified with NCHUB or NCDOT DBE.
- Be an independent business located in North Carolina.
- Have up to 59 employees or less.
- Not have an annual revenue of over $1,500,000.
- Not be delinquent on state income taxes.
- Not have any active bankruptcies or failure to pay taxes.
Cooper says additional resources for small businesses are available through the NC Department of Commerce here.
Anyone interested in learning more about the RETOOLNC initiative can click here.
