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RETOOLNC 3.0 Grant Applications
We are pleased to announce that due to the overwhelming response to the current round of RETOOLNC, the portal will close on Friday, July 22, by close of business. Applications currently in the portal will continue to be processed and considered for funding until funds are exhausted.
The NC Department of Administration Office for Historically Underutilized Businesses (HUB) has partnered with Carolina Small Business Development Fund and the North Carolina Institute of Minority Economic Development to establish the RETOOLNC Grant Program Fund to provide funds for small businesses (for-profits) adversely affected by the COVID-19 pandemic.
Eligible businesses are certified HUB and DBE firms with 50 employees or less. Grants are ONLY available to certified businesses with $1,500,000 or less in gross revenue, according to 2020 tax filing.
About Institute Capital
Institute Capital provides debt and investment capital to affordable housing developers, community-based development organizations (CBDOs) and small businesses. Our goal is to revitalize and transform diverse communities through affordable housing, entrepreneurship, HBCU collaborations and community development.
As a certified Community Development Financial Institution (CDFI), Institute Capital seeks to provide high-impact lending to borrowers who cannot typically get capital from mainstream financial institutions, and who are working to create thriving economies in communities that represent the most diverse populations.
Institute Capital Team
Institute Capital Board of Directors
Lewis H. Myers - Chairman
Perkins + Will (Retired)
Lori Jones-Gibbs - Vice Chairperson
University of North Carolina at Chapel Hill
Pacific Western Bank
Peachtree Providence Partners
Dr. Tyrone R. Baines, PhD - Secretary
Honda Motor Company (Retired)
Michael Suggs - Treasurer
Kevin J. Price
Pinnacle Financial Partners