With $1 million in funding, this grant is expected to help create and retain jobs within our state's most distressed communities. It enables local governments to formulate an economic development strategy to support locally owned and operated businesses. And it assists local governments ready to establish and nurture an entrepreneurial-friendly environment that will benefit small businesses/entrepreneurs now and in the future.
Eligibility Requirements:
The 2008 program is open to all local governments eligible under the State of NC CDBG program. At least 70% of grant funds must go towards creating or retaining jobs for low-to-moderate income persons.
Program Intent:
This grant was designed to assist local governments that are already in the process of developing a coordinated effort to support and grow their community’s small businesses. The local government would identify small businesses ready to hire additional full-time people but in need of funding to make this possible.
Eligible Activities:
Examples of activities that may be eligible under this program include:
- Infrastructure improvements (e.g., water, sewer, roads);
- Purchase of land;
- Construction of a building or other improvements;
- Renovation of an existing building to accommodate the business;
- Construction of tenant improvements/finishes;
- Leasing space in or purchasing an existing building;
- Purchasing capital equipment; and
- Providing job training that can be linked to specific jobs at a specific firm.
Examples of ineligible activities include:
- Revolving loan funds;
- Incubator projects for start-up businesses;
- Job training that can’t be linked to a specific job at a specific firm.
Small, Existing Business Defined:
The business must employ a minimum of one, but not more than 100 full-time employees and must have been in business (in the community applying for the grant) for two or more years. This grant was purposefully designed to help existing, small businesses.
Start-up companies are not eligible. Businesses previously located outside of the local government boundaries (another town, county, state, etc.) are not eligible to participate. Part-time businesses expanding to full-time businesses are not eligible to participate.
Establishing an Environment Friendly to Entrepreneurs:
In addition, the grant requires the community to assemble a diverse project team whose purpose is to establish an entrepreneurial environment within the community. A small amount of money is included in the grant to be used by the team to equip themselves (receive training, etc.) to establish and nurture this environment. This is a required component of the grant.
Grant Amounts:
Local governments are eligible to apply for grants of between $150,000 and $250,000. A total of $1 million in funding was allocated for the 2007 grant program.
Important Dates:
Applications are not being accepted at this time.
2008 Applications and Guidelines:
2008 SBEA Guidelines
2008 SBEA Grant Program Application
2008 Program Information:
Funding of $1 million is anticipated for this program in 2008.
While the 2007 program was available to our State's most distressed communities only (Tier 1 and 21st Century Communities), the 2008 program is open to all local governments eligible under the State of NC CDBG program. Tier 1 and 21st Century Communities will receive extra points during application scoring for their designation as a distressed community.
For additional information, contact:
Valerie D. Moore
Program Manager
Division of Community Assistance
(919) 733-2850
vmoore@nccommerce.com