RETOOLNC

The NC Small Business Impact Grant Program (RETOOLNC)

Thank you for considering Institute Capital for your business' capital needs. Our RETOOLNC grant application portal will open on Wednesday, June 1, 2022. If you have any questions regarding the RETOOLNC Grant Program, please email ICAPTA@TheInstituteNC.org.

NC Small Business Impact Grant Program - RETOOLNC

The 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 grant 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.

National Institute of Minority Economic Development
Institute Capital logo
HUB logo.2
Carolina Small Business Fund

RETOOLNC Eligibility Criteria

Applicants must meet all requirements to be eligible for grant:

  • Business must be an independent business located in North Carolina
  • For-profit businesses (including, but not limited to sole proprietorships, home businesses, and independent contractors)
  • Franchises (if franchisor is independent and locally owned)
  • Have been operating on or before February 2019
  • Be certified with NCHUB or NCDOT DBE
  • Business with up to 50 employees
  • Not have annual gross revenues exceed $1,500,000
  • Not have any active bankruptcies or tax liens
  • Not be delinquent on North Carolina State income taxes
  • Detailed statement of how the business has been impacted due to COVID-19
  • Engages in legal activity

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

Ineligible businesses include:

  • Non-profits
  • Lobbyists
  • Real estate investment firms, when the real property will be held for investment purposes

Use of Funds

Funds may be used for legitimate business expenses, including but not limited to:

  • Working capital
  • Lease payments
  • Existing real estate and equipment financing payments
  • Covering payroll shortage