Small Business Incentive Programs in North Carolina

Agency: North Carolina Department of Commerce

The Innovation Fund supports early-stage technology companies and innovative businesses across North Carolina. This program provides both financial investment and strategic guidance to help promising companies scale their operations and compete in global markets. Recipients benefit from the state's commitment to building a knowledge-based economy and fostering entrepreneurship.

Agency: North Carolina Department of Commerce

This federal program administered by the state helps businesses expand or relocate to North Carolina communities while creating jobs for residents with low to moderate incomes. The program supports various business activities including facility construction, equipment purchase, and infrastructure improvements. Projects must demonstrate clear community benefits and sustainable job creation.

Agency: USDA Rural Development North Carolina

These federal grants support rural business development throughout North Carolina's smaller communities. The program funds various activities including business planning, technical assistance, and infrastructure improvements that benefit rural enterprises. Recipients often use grants for feasibility studies, marketing initiatives, and business development activities that strengthen rural economies.

Agency: North Carolina Rural Economic Development Center

This program provides flexible financing options for small businesses in North Carolina's rural communities. The Rural Center offers various loan products with competitive rates and terms designed to support business expansion, equipment purchases, and working capital needs. The program emphasizes businesses that create jobs and strengthen rural economies throughout the state.

Agency: North Carolina Office of Historically Underutilized Businesses

This certification program opens doors to contracting opportunities and business development resources for minority-owned LLCs. Certified businesses gain access to state procurement opportunities, networking events, and specialized business development assistance. The program helps level the playing field for minority entrepreneurs seeking to grow their businesses through government contracts.

Job Development Investment Grant

This performance-based incentive provides annual grants to businesses that create new jobs and make significant capital investments in North Carolina. Awards are based on a percentage of state income taxes paid by new employees over a multi-year period.

Eligibility: Businesses creating at least 20 jobs with average wages meeting county tier requirements and making minimum capital investments as specified by program guidelines.

Small Business Tax Credit

North Carolina provides various tax credits for small businesses including credits for research and development activities, historic preservation, and renewable energy investments. These credits can significantly reduce state tax liability for qualifying LLCs.

Eligibility: Generally available to businesses meeting small business size standards with specific requirements varying by credit type and business activity.

Building Reuse Tax Credit

This credit encourages renovation and reuse of existing buildings by providing tax credits equal to a percentage of qualified rehabilitation expenses. The program supports both income-producing and non-income-producing property rehabilitation projects.

Eligibility: Property owners or lessees undertaking substantial rehabilitation of buildings that are at least 20 years old, with minimum investment thresholds and historic preservation requirements where applicable.