New Small Business Grant Funds Are Available for North Carolina Technology Companies
The One North Carolina Small Business Program
The One North Carolina Small Business Program plays a crucial role in providing capital for the emerging technology sector of North Carolina. According to Michelle Sanders, the Secretary of Commerce for North Carolina, this program offers essential support to some of the most promising new companies in the state. Recent improvements to the program have made it even more accessible to tech entrepreneurs who wish to expand and grow their businesses in North Carolina.
The One NC Small Business Program works jointly with two federal technology grants: Small Business Innovation Research (SBIR) and the Small Business Technology Transfer (STTR) programs. With recent updates, the state program can support North Carolina companies as they prepare and submit initial proposals to the federal government. Additionally, it can provide grants to match previously awarded federal grants.
The Incentive Funds Initiative and Matching Funds
The One North Carolina Small Business Program Incentive Funds and Matching Funds initiatives are managed by the North Carolina Department of Commerce on behalf of the North Carolina Board of Science, Technology & Innovation (BSTI). These initiatives provide grant awards to small businesses in the state to help them develop and commercialize innovative new technologies. By doing so, these businesses can create more job opportunities and attract more investment in their communities.
The Incentive Funds Initiative is a program that offers reimbursement to eligible businesses in North Carolina. This reimbursement covers a portion of the expenses incurred in the preparation and submission of Phase I SBIR or STTR proposals to federal agencies. For the fiscal year 2023-24, a pool of $400,000 is available for such preparation grants.
The Matching Funds program has been available for many years, granting matching funds to businesses in North Carolina that have already received a federal Phase I SBIR or STTR award. This class of grants has over $2.4 million available to support them in the current fiscal year.
“The One North Carolina Small Business Program has a long and established history of promoting innovation in the state,” stated Janet Cowell, Chair of the Board. “The Board is utilizing both the Incentive and Matching grants to support the development of new technologies, create job opportunities, and foster economic growth across various industry sectors such as life sciences, military and defense, chemicals, agriculture, computers, communications, pharmaceuticals, energy, materials, and others.”
Federal SBIR and STTR
The Federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants are the biggest source of funding for early-stage technology development and commercialization for small businesses across the United States. These grants provide over $3.8 billion annually. North Carolina is one of few states that offer incentive and matching grant programs to support local businesses in commercializing innovative technologies and creating job opportunities.
The One North Carolina Small Business Program provides crucial support to early-stage companies, bridging the gap between their startup and their transition into large, sustainable enterprises. Past recipients of the program have credited the vital infusion of capital from the state as a key factor in propelling their companies towards success. Since 2006, this program has assisted over 400 companies across 38 counties in North Carolina, leading to the creation of more than 1,200 jobs, the development of hundreds of high-tech products, and generating over $8 billion in follow-on capital investments.
Applications to the One North Carolina Small Business Program can be accepted until June 30, 2024, or until funds have been exhausted for the program’s 2023-24 fiscal year funding cycle.
The Office of Science, Technology, and Innovation, a division of the North Carolina Department of Commerce, administers the One North Carolina Small Business Program on behalf of the Board.
Details on how to apply for either the Incentive or Matching grant solicitations, as well as additional program information and application instructions, are posted at: commerce.nc.gov/grants-incentives/technology-funds/one-north-carolina-small-business-program.
New Small Business Grant Funds Available for North Carolina Technology Companies | NC Commerce