Small businesses thrive in North Carolina. With a vibrant economy and high-quality workforce, the Tar Heel state is consistently ranked among the top states in the US to start a business. If you’re a lucky North Carolina business owner—or you’re considering launching your next venture there—we’ve got some great funding options for you. The list of business grants and loans below are only available to North Carolina businesses. Discover if your business is eligible and start working on those applications!
Department or Agency: North Carolina Departments of Commerce and Revenue
Loan or Grant title: Job Development Investment Grant (JDIG)
This program awards cash grants to companies that relocate to or expand a facility in North Carolina. Grants are paid annually, for terms of up to 12 years, and awardees must go through a yearly performance review to continue receiving funds. Awards are based on factors such as the location of the project, the number of net jobs created in the state, worker wages, and more.
Department or Agency: North Carolina Department of Commerce
Loan or Grant title: One North Carolina Fund
This program provides cash grants to businesses that create jobs in designated distressed areas across the state. Awards are based on factors like the number of jobs created, the location of the project, and the importance of the project to the state and region. To be eligible, a company must meet minimum wage requirements and offer health insurance to employees—among other requirements. Grant funds can be used for installing or purchasing equipment; repairing, improving, or renovating existing buildings; and installing or improving utility distribution lines or associated equipment in new or existing buildings.
Department or Agency: City of Raleigh
Loan or Grant title: Business Investment Grant (BIG)
This program provides cash grants to new and existing businesses that will benefit the city of Raleigh economically. Businesses must create at least 20 new jobs and invest a minimum of $20 million in an economic growth project within the state.
Department or Agency: Meck Lending and the Carolina Small Business Development Fund
Loan or Grant title: Meck Lending Loan Fund
This program offers loans of up to $75,000 for small businesses and startups based in Mecklenburg County, North Carolina. The loans have non-standard lending features, such as a lower debt-to-service coverage ratio, that are designed to help small business owners access capital.
Department or Agency: Carolina Small Business Development Fund
Loan or Grant title: Core Loan
Carolina Small Business (CSB) is a Community Development Financial Institution (CDFI) that provides loans of up to $350,000 across North Carolina. Both emerging and established firms may qualify in any industry except “sin businesses”. Throughout the life of the loan, CSB can provide additional technical assistance, business assessments, and digital training courses.
Department or Agency: Carolina Small Business Development Fund
Loan or Grant title: Rural Microentrepreneur Assistance Program
This program gives qualifying rural businesses microloans of up to $50,000 at a 7% interest rate. To be eligible, businesses have to be located in USDA rural areas.
Department or Agency: Carolina Small Business Development Fund
Loan or Grant title: Durham Small Business Opportunity Loan Fund
This program provides loans between $5,000 and $35,000 to for-profit businesses in Durham County, North Carolina. Loan funds can be used for various business expenses such as working capital, lease payments, and payroll shortages. To qualify, the business must have 50 or fewer employees, have $5 million or less in revenue in the most recent tax year, and fit other eligibility criteria.
Department or Agency: NC Rural Center / Thread Capital
Loan or Grant title: Small Business Loans
This program offers loans of $50,000 to $100,000 for small businesses in North Carolina. Thread Capital can also connect businesses to loans of up to $5 million through a network of statewide lending partners. Preference is given to rural, low-income, female, and minority borrowers. To qualify, the business must have at least one employee (who could be the owner) and must be located in North Carolina.
Department or Agency: North Carolina Department of Commerce
Loan or Grant title: On-the-Job Training
This program gives businesses a wage reimbursement incentive for providing on-the-job training to new employees. Companies can get 50-75% of their new hire’s wages reimbursed.
Department or Agency: Charlotte Economic Development
Loan or Grant title: Charlotte Business Investment Grant Program
This program gives businesses a grant for relocating to or expanding within the City of Charlotte. The grant is a reimbursement of incremental ad valorem property taxes paid as a result of your investment; the amounts range from 50-90% of ad valorem property taxes.
Department or Agency: Beyond Open
Loan or Grant title: Small Business Grant Program
Beyond Open gives business grants to small diverse-owned (minority, woman, veteran, LGBTQ, persons with disabilities) businesses in Charlotte. Businesses can use the funds for equipment, technology, inventory, and real estate.
Department or Agency: City of Raleigh
Loan or Grant title: Building Up-Fit Grant
This grant gives businesses in Raleigh grants to support commercial property interior improvements. Business owners can get up to 50% of their project costs reimbursed,
Department or Agency: City of Raleigh
Loan or Grant title: Facade Rehabilitation Grant Program
This program gives matching reimbursement grants of up to $10,000 to businesses in Raleigh that need capital for exterior commercial improvement projects. Companies can use the funds on window replacements and repairs, exterior lighting, exterior painting, and construction costs.
Department or Agency: Raleigh Civic Ventures
Loan or Grant title: Downtown Storefront Uplift Grant
This grant program gives reimbursement grants of up to $15,000 to businesses that need help with their storefronts or upfit expenses. An extra $2,500 is available to businesses that are majority-owned by people who identify as women, minorities, veterans, LGBTQ+ community members, and people with disabilities.
Department or Agency: Wake County Economic Development
Loan or Grant title: Wake County Business Development Grant
New or established businesses in Wake County can qualify for the Wake County Business Development Grant if they meet new investments and job creation requirements. The thresholds depend on which tier the business is located in.
Department or Agency: Capital Area Workforce Development
Loan or Grant title: Pathway to Entrepreneurship Program Mini Grants
Aspiring entrepreneurs in Raleigh who are accepted into the Pathway to Entrepreneurship program can get a series of mini-grants—$500 each—for completing certain business creation milestones.
Department or Agency: City of Winston-Salem
Loan or Grant title: Small Business Loan Program
This program gives loans to small businesses located in the Winston-Salem Neighborhood Revitalization Strategy Area (NRSA). To qualify, companies must help create or retain jobs that benefit low to moderate-income individuals. The average loan size is $35,000, but the maximum is $100,000.
Department or Agency: Fayetteville Cumberland County Economic Development Corporation
Loan or Grant title: Business Loan Program
The Cumberland County Economic Development Corporation has a business loan program designed to support businesses that expand or create jobs for low—to moderate-income individuals in the area. Businesses with five or fewer employees can get micro-loans between $500 and $25,000, and businesses with six or more employees can get economic development loans greater than $25,000.
