One North Carolina Small Business Program: Grants Available for Emerging Tech Companies

Why It Matters:

This program plays a crucial role in supporting North Carolina's most promising new companies, allowing tech entrepreneurs to expand their businesses and contribute to the state's economic growth.

The Details:

• The program works in conjunction with federal technology grants, SBIR and STTR, to provide support at various stages of the proposal process.

• Recent enhancements allow the state program to assist companies in preparing and submitting initial proposals to the federal government, as well as provide grants to match previously awarded federal grants.

• The Incentive Funds initiative offers reimbursement to qualified businesses for costs incurred in preparing and submitting Phase I SBIR or STTR proposals.

• The Matching Funds initiative provides matching funds to businesses that have received a federal Phase I SBIR or STTR award.

• In the 2023-24 fiscal year, a pool of $400,000 is available for preparation grants, while over $2.4 million is available for matching grants.

• The program focuses on a wide range of industry sectors, including life sciences, military and defense, chemicals, agriculture, computers, communications, pharmaceuticals, energy, and materials.

• Federal SBIR and STTR grants are significant sources of early-stage technology development funding for small businesses, amounting to over $3.8 billion annually nationwide.

• The program has a successful track record of supporting more than 400 companies, creating over 1,200 jobs, and generating over $8 billion in follow-on capital investments since 2006.

Conclusion:

The One North Carolina Small Business Program's grants are a valuable opportunity for tech companies to accelerate their growth, create jobs, and contribute to economic development. Applications are open until June 30, 2024, or until funds are exhausted for the current fiscal year. For more information and to apply, visit commerce.nc.gov/grants-incentives/technology-funds/one-north-carolina-small-business-program.