COVID-19 Small Business Relief Programs Minority and Women-owned Business Support Programs
Here are several local and state funding resources available to small businesses experiencing financial hardship or businesses seeking capital to grow and expand.
COVID-19 Small Business Relief Programs
Mortgage, Utility, and Rent Relief Program
The NC Department of Commerce’s new Mortgage, Utility and Rent Relief (MURR) Program will be available to qualifying businesses to help with some of your fixed costs. To qualify, an organization must meet certain eligibility criteria. Applications will be accepted on a first-come, first-served basis. Applications are now available. Learn more.
RETOOLNC Grant Program
RETOOLNC is a grant program available to certified NC HUBs and Disadvantaged Business Enterprise firms with 50 employees or less facing challenges and are at risk of closure as a result of COVID-10. Eligibility criteria apply. Applications are available now. Learn more.
Wake Forward Loan Program
Wake Forward provides loans to small business owners struggling financially due to COVID-19. Wake Forward allocates $5 million in total to support small businesses in Wake County, with $1 million of that funding set aside for sole proprietor businesses. Administered by the NC Rural Economic Development Center Inc., the program enables small businesses to apply for two months of lost revenues, up to $50,000. Applicants must meet the required criteria outlined by the Wake Forward program and NC Rapid Recovery. Loan terms apply. Learn more.
Wake County COVID-19 Relief Fund for Local Arts Organizations
Wake County commissioners voted to create the Wake County Nonprofit Arts Relief Fund with the allocation of $1 million of federal funds to United Arts Council. The Fund allows local arts and culture nonprofits to apply for up to $50,000 to replace 10% of revenue lost due to COVID-19 that is based on their average operating budgets from the past three years. Learn more.
Minority and Women-owned Business Support Programs
CornerSquare Community Capital
To support minority entrepreneurs and low-to-moderate income communities and individuals, NC Rural Center and Truist Bank announced a new $40 million nonprofit fund called CornerSquare Community Capital. The fund is the first of its kind. Learn more.
NC IDEA Black Entrepreneurship Grant (November 2 Application Deadline)
NC IDEA, a private foundation committed to supporting entrepreneurial ambition and economic empowerment in North Carolina, with their newly formed North Carolina Black Entrepreneurship Council (NC BEC), announced that applications will be accepted from 10/5 through 11/2 for grants up to $50,000 for eligible businesses. Learn more.