RETOOLNC

RETOOLNC Report Summary as of December 24, 2020

Application is Temporarily Closed.

The RETOOLNC application portal has been temporarily deactivated and is not currently accepting applications. The portal may be reactivated once our assessment is complete and if funds are available to accept additional applications.

If you would like to be notified if and when the application process reopens, please send an email to ICAPTA@theinstitutenc.org

Historically Underutilized Businesses (HUB) are vital to the community and economy in North Carolina. These businesses are at-risk of permanent closure as a result of COVID-19. The RETOOLNC program will help address the challenges that certified NC HUBs and Disadvantaged Business Enterprise (DBE) firms are facing as they work to recover from the pandemic.

Funded at $12 million, the HUB Small Business Impact Grant Program (RETOOLNC) will be administered by the Office for Historically Underutilized Businesses (HUB Office) in partnership with the Carolina Small Business Development Fund (CSBDF) and the North Carolina Institute for Minority Economic Development (the Institute).

Initiative Capital, a program of The Institute, will service businesses that start with A-K.  Businesses beginning with L-Z will be serviced by Carolina Small Business Development Fund.

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Carolina Small Business Fund

RETOOLNC Eligibility Criteria

Eligible Businesses must:

  • Have been operating for one year
  • Be certified with NCHUB or NCDOT (DBE)
  • Be an independent business located within North Carolina
  • Be a for-profit business with up to 50 employees or less, (including but not limited to, sole proprietorships, home based businesses, and independent contractors)
  • Not have annual revenues exceed $1,500,000
  • Not have any active bankruptcies or tax liens

Ineligible applicants:

  • Applicants that are delinquent on North Carolina State income taxes, or do not have existing payment plans
  • Applicants who are lobbyist
  • Real Estate Investment firms