The NC Small Business Impact Grant Program (RETOOLNC)
Thank you for considering The Institute Capital for your business' capital needs. Our RETOOLNC grant application portal closed on November 8, 2021 and funding for this round has been fully exhausted. If you have any questions regarding your previously submitted RETOOL application, please email ICAPTA@TheInstituteNC.org.
Historically Underutilized Businesses (HUB) are vital to the community and economy in North Carolina. Since Fall 2020, the North Carolina Small Business Impact Grant Program, RETOOLNC, has helped to address the challenges that certified NC HUBs and Disadvantaged Business Enterprise (DBE) firms are facing as they work to recover from the pandemic.
Grants of up to $25,000 are awarded to select certified small underutilized businesses to help them with pivotal industry business changes needed during the pandemic. Governor Cooper established the RETOOLNC program to help certified HUBs and DBEs recover from some of these costly, unexpected adjustments to their business.
The HUB Small Business Impact Grant Program (RETOOLNC) is administered by the Office for Historically Underutilized Businesses (HUB Office) in partnership with the Carolina Small Business Development Fund (CSBDF) and the National Institute of Minority Economic Development (the Institute).
RETOOLNC Eligibility Criteria
Eligible Businesses must:
- Not previously received RETOOLNC funds
- Operational since 2019
- Certified with NCHUB or NCDOT DBE
- Independent business located within North Carolina
- Fewer than 50 employees (includes sole proprietorships, home based businesses and independent contractors)
- Annual revenues less than $1,500,000
- In compliance (up to date) with North Carolina state income taxes
- No active bankruptcies or tax liens
- 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