If you’re a small business owner in North Carolina, you don’t have to tackle marketing growth alone. Whether you’re based in Greensboro, Winston-Salem, High Point, or anywhere in the state, there are grant programs and financial resources that can help you invest in your business—without breaking the bank. Here’s a roundup of current opportunities and where to learn more.
One North Carolina Small Business Program
Overview: The One North Carolina Small Business Program supports innovation-driven companies across the state through two funding mechanisms: the SBIR/STTR Phase I Incentive Funds Program and the SBIR/STTR Phase I Matching Funds Program. These programs help offset the costs of applying for federal funding and support early-stage R&D after a company receives a federal award.
Eligibility:
- Your principal place of business must be in North Carolina
- You must have applied for or received a Phase I SBIR or STTR award on or after July 1, 2024
- Incentive Grants: For businesses that have applied for SBIR/STTR Phase I funding
- Matching Grants: For businesses that have received SBIR/STTR Phase I funding
Benefits:
- Incentive Funds reimburse part of the costs of preparing and submitting SBIR/STTR Phase I proposals
- Matching Funds bridge the financial gap between Phase I and Phase II federal funding, and support more intensive Phase I research
- Helps increase the number, quality, and diversity of NC-based federal grant applicants
Administered by:
The NC Office of Science, Technology & Innovation on behalf of the Board of Science, Technology & Innovation
NC IDEA SEED Grant
Overview: The NC IDEA SEED Grant offers up to $50,000 in non-dilutive funding to early-stage startups in North Carolina. The grant is designed to help companies with a proven concept scale their operations, attract customers, and become investment-ready. In addition to funding, grant recipients gain access to mentorship and strategic guidance that help reduce the risks associated with growth.
Eligibility:
To be considered for an NC IDEA SEED grant, companies must meet strict eligibility criteria:
- Geography: Must be headquartered and conducting most operations in North Carolina, and must commit to maintaining that presence for at least 12 months after the grant.
- Stage of Development: Must have a proven concept (i.e. an MVP, identified customer problem, and market readiness).
- Market Opportunity: Must be targeting a large, fast-growing market with a unique value proposition and potential to become a multi-million dollar business or raise institutional investment in 3–5 years.
- Company Type: Must offer proprietary innovation or a clear competitive advantage. Local service-oriented businesses (e.g., restaurants, retail, staffing firms) and certain other industries are not eligible. See the full list of exclusions.
- Revenue: Startups should be early-stage and typically generating less than $250K in annual revenue ($500K for food & beverage).
- Founding Team: Must have at least one full-time founder living in NC (full-time = 40+ hours/week on the business).
- Prior Investment: Startups that have already received over $250K in equity or over $1M in non-dilutive grant funding are less likely to qualify.
Benefits:
- $50,000 grant to support measurable growth milestones
- Mentorship from experienced entrepreneurs and investors
- Access to the NC IDEA ecosystem for strategic guidance
- Increased visibility to potential investors
Selection Process:
The application process is competitive and multi-stage, including a semi-finalist round, pitch sessions, and rigorous evaluation. Only one grant cycle (SEED or MICRO) may be applied for per cycle.
NC Rural Center’s Small Business Credit Initiative (SSBCI)
Overview: The State Small Business Credit Initiative (SSBCI) is a federally funded program established in 2010 and currently in its second round, with nearly $202 million allocated to North Carolina through the American Rescue Plan Act. The NC Rural Center administers SSBCI funding through three key programs designed to expand access to capital for small businesses across the state.
These programs do not provide direct grants or loans to small businesses, but instead work through lenders and venture capital firms to help businesses secure financing and investment.
Programs Under SSBCI in NC:
Loan Participation Program
This is SSBCI’s largest initiative in North Carolina. The NC Rural Center partners with CDFIs, credit unions, and banks to help small businesses access larger loans with more favorable terms than they might typically qualify for.
Capital Access Program
This program helps lenders take on slightly riskier loans by providing a loan loss reserve fund, making it easier for businesses to be approved for financing through participating institutions.
NC Venture Capital Program (NC Invest)
This equity investment initiative partners with venture capital firms from across the country to invest in early-stage, high-growth startups based in North Carolina. While small businesses cannot apply directly, this opens doors to venture capital investment through partner funds.
Eligibility:
- Businesses must apply through partnering lenders or investment firms (not directly to SSBCI)
- Must be based in North Carolina and qualify for financing through a participating institution
- Particularly supports rural, minority-owned, and disadvantaged businesses across all 100 counties
Benefits:
- Improved access to capital through banks, credit unions, and CDFIs
- Potential for venture investment for qualifying high-growth startups
- Programs designed to encourage inclusive lending and equitable economic development
How to Access These Resources:
Small businesses seeking financing should ask their lender if they participate in the NC SSBCI programs. While you cannot apply directly, your lender may be able to strengthen your loan application using SSBCI support.
U.S. Small Business Administration (SBA) Grants
Overview: The U.S. Small Business Administration (SBA) does not provide grants to start or expand a business, but it does fund specific grant programs that support scientific research, exporting, and community development through partner organizations. If you’re a small business owner, it’s important to understand how SBA grants work—and avoid falling for scams.
Important Notes:
- The SBA does not offer direct grants to for-profit businesses for startup or operational expenses.
- Grants are awarded to nonprofits, educational institutions, state programs, and SBA Resource Partners.
- The SBA only communicates through emails ending in
@sba.gov. Be cautious of fraud or impersonation.
Grants for Scientific Research & Development:
If your business engages in innovative scientific or technological R&D, you may qualify for federal grants under the following SBA-backed programs:
- Small Business Innovation Research (SBIR)
- Small Business Technology Transfer (STTR)
These competitive programs are designed to help small businesses meet federal R&D needs with commercial potential, and they can lead to additional funding through programs like the One NC Small Business Program.
Grants for Community-Based Organizations:
The SBA provides funding to nonprofit organizations that promote entrepreneurship and provide support services, especially in underserved communities. This includes:
- Veteran-owned and service-disabled veteran-owned business support
- Small Business Development Centers (SBDCs)
- Women’s Business Centers (WBCs)
- SCORE Mentorship
These partners deliver free or low-cost business counseling, education, and technical assistance to small businesses nationwide.
Exporting Support Grants:
Through its State Trade Expansion Program (STEP), the SBA provides financial awards to U.S. states and territories. These grants help small businesses expand into international markets by funding trade missions, translation services, international marketing, and more.
Eligibility:
- Most SBA grants are awarded to nonprofits or state-affiliated organizations, not directly to businesses.
- However, businesses may benefit indirectly from these programs by working with SBA partners or participating in funded initiatives.
Benefits:
- Access to free or subsidized business counseling, education, and exporting assistance
- Potential federal funding for eligible science and tech businesses
- Opportunities to scale your business through international trade
Thread Capital Small Business Loans
Overview: Thread Capital offers accessible, flexible small business loans for entrepreneurs across North Carolina—particularly those who face challenges securing financing through traditional banks. Their mission-driven lending focuses on rural, low-income, female, and minority business owners, providing critical capital where it’s needed most.
This is not a grant program. Thread Capital provides loans ranging from $500 to $100,000, with quick decision timelines and a commitment to supporting small businesses at every stage.
Loan Amounts & Terms:
- Startups (less than 12 months of revenue): Loans up to $50,000
- Existing businesses (12+ months of revenue): Loans up to $100,000
- Loan terms up to 84 months (7 years)
- Fixed interest rate of 10.99%
- No prepayment penalty
- Loan decisions typically made within 15 days
- Loans usually funded within 30 days
Thread Capital also has access to larger loans—up to $5 million—through its network of statewide lending partners.
Eligibility:
- Business must be physically located in North Carolina
- Must have at least one employee (can be the owner)
- Any person owning more than 20% of the business must co-sign
- Borrowers are expected to pledge available assets as collateral
Benefits:
- Flexible financing for underserved entrepreneurs
- Fast turnaround on applications and funding
- Loans structured to support early-stage and growing small businesses
- Backed by the NC Rural Center’s commitment to inclusive economic development
M&F Bank Empowering Growth Small Business Grant
Overview: M&F Bank believes in the power of small businesses to uplift communities. Their Empowering Growth Small Business Grant provides funding to help entrepreneurs grow and create long-term impact. For the 2025 cycle, applications are now open for businesses located in the Durham Market.
One selected business in Durham will receive a $10,000 grant to support their growth.
Eligibility Requirements:
To apply, businesses must meet the following criteria:
- Must be an M&F Bank customer since January 31, 2023, or earlier
- In operation for five years or less as of January 31, 2025
- Annual gross revenue of $500,000 or less
- Have 10 or fewer employees
- Must operate within the Durham Market (county-specific)
- Must have a business website
- Business account must be in good standing with M&F Bank
- Previous grant recipients are not eligible
Ineligible Applicants Include:
- Nonprofits
- Real estate investment firms
- Vendors of M&F Bank
- M&F Bank employees or immediate family members
Benefits:
- $10,000 grant to support business development or expansion
- Recognition and visibility through M&F Bank’s network
- Opportunity for future participation in other local programs
What’s Next?
The Durham Market application window is currently open, and additional markets across North Carolina are expected to follow. M&F Bank encourages businesses in other areas to stay tuned for future opportunities.
Western North Carolina Small Business Initiative II
Overview: The Western North Carolina Small Business Initiative II (WNCSBI II) provides relief grants of up to $50,000 to small businesses in Western NC counties that sustained physical or economic damage from Hurricane Helene. Funded by Appalachian Community Capital, Dogwood Health Trust, the Duke Endowment, and the State of North Carolina, this program offers vital recovery support for affected businesses in the region.
Although the application window closed on February 21, 2025, this program may reopen if additional funding becomes available.
Grant Amounts:
- Up to $50,000 for businesses with annual revenue between $1,000,001 and $2,500,000
- Up to $25,000 for businesses with revenue of $1,000,000 or less
Eligibility Requirements:
To qualify for WNCSBI II, businesses must:
- Be for-profit, actively registered with the NC Secretary of State or hold a valid DBA/Certificate of Registration
- Be physically located in one of the eligible Western NC counties or in the Qualla Boundary
- Have been in operation on or before September 27, 2023
- Report $2.5 million or less in 2023 gross revenue
- Have sustained physical or economic damage not covered by insurance or other aid
- Be currently operating or plan to reopen
Ineligible Businesses Include:
- Nonprofits and residential property rental businesses (Airbnb, VRBO, etc.)
- National franchises not locally owned and operated
- Country clubs, membership-only clubs
- Businesses with active bankruptcies or tax liens
- Prior recipients of WNCSBI I grants
Required Documentation (for second-round applicants):
- 2023 federal tax return (or 2022 return + 2023 extension document)
- Government-issued ID (color copy)
- Voided business check
- FTE calculation including part-time/seasonal staff
How It Works:
- Applicants completed an initial grant form by Feb 21, 2025
- If selected for round two, they were contacted for documentation
- Approved applicants received grant funding once eligibility was confirmed and funds remained
Program Partners:
- Appalachian Community Capital – A CDFI intermediary supporting mission-driven lenders across Appalachia
- Dogwood Health Trust – A foundation focused on improving well-being in 18 WNC counties
- The Duke Endowment – A philanthropic organization supporting NC and SC communities
- State of North Carolina – Partner in hurricane recovery and economic resilience
Tips for Applying
- Be Prepared: Keep financial statements, your business plan, and any impact documentation up to date.
- Follow Instructions Closely: Each grant has different requirements—make sure to read the fine print.
- Use Support Services: Organizations like the NC SBTDC offer free application guidance.
- Start Early: Applications can be competitive, so give yourself plenty of time to prepare.
At Piedmont Marketing, we work with small businesses across North Carolina to help them use every available resource to grow. Whether you need help with local SEO, content strategy, or a new website that turns visitors into customers—we’re here to help.