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.
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
- 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
Have more questions about your eligibility? Find answers in the RETOOLNC FAQs.