North Carolina Government Small Business Grants-Free Start-Up Grants

North Carolina Government Small Business Grants-Free Start-Up Grants

If you are starting a small business or have an existing one and need an infusion of seed money or development resources, follow a number of steps to acquire these revenues. First, determine if you have any friends or family who are interested in bankrolling your business with a personal grant that does not require repayment. Next, investigate North Carolina grant possibilities and angel investor opportunities. Last but not least, look to federal government resources for grant-based work.

North Carolina Opportunities

The state Department of Commerce through Business Link North Carolina (BLNC) does not make grants directly to small businesses for capital use but does benefit small businesses through community development grants to certain neighborhoods. In 2010, the state had four grant systems focusing on Appalachia, community block grants, industrial development through municipalities and tourism matching grants. A few state government agencies, like the Board of Science and Technology, provide matching funds for businesses that receive government contracts; these funds do not have to be repaid. A number of other state programs are available through the BLNC that lend money to small businesses with generous payoff terms and low interest.

Federal Opportunities

Even though the U.S. government does not grant money to small businesses for seed purposes or capital expenses, it does have a system of small-business contract and grant set-asides. Both fedbizopps.com and the Small Business Administration's SUB-Net list government contracts and contractor sub-contracts, many of which are set-aside for small businesses. The only federal grants available to small business, in North Carolina or elsewhere, are the Small Business Innovation Research (SBIR) Program and Small Business Technology Transfer (STTR) grants. These are research grants available to small businesses proficient in various fields such as medical device, behavioral science, biochemical and other mostly health-related research.

Private Investor Opportunities

In 2000, a group of small business owners created the Idea Café to help and inspire other small business owners. Each year, they pool some money and make one or more $1,000 grants to entrepreneurs for seed and capital resources. The value-added of an Idea Café grant is the business and marketing support the group gives awardees. For larger amounts, look to the state's angel investment networks; almost every state has at least one and in 2010, North Carolina had six: Blue Ridge Angel Investment Network, Eastern N.C. Investor Network, Inception Micro Angel Fund, Piedmont Angel Network, Triangle Accredited Capital Forum and Wilmington Investor Network. Angels typically invest in businesses for profit but occasionally make payback-free grants.

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