Bill > H283

This bill renames the One North Carolina Small Business Account to the Small Business Research and Technology Account and establishes a new Small Business Investment Grant (SBIG) Account within the One North Carolina Fund. The bill creates a competitive grant program for small businesses looking to establish new facilities or expand existing ones in North Carolina. Eligible businesses must have 250 or fewer full-time employees or less than $5 million in annual revenue, plan to invest between $10 million and $30 million in private funds, and hire up to 250 new employees while paying an average weekly wage at least 110% of the county's average wage for private employers. Grants under this program are limited to $500,000 per calendar year, with a total maximum of $2.5 million and a distribution period not exceeding five years. The bill also maintains the existing North Carolina SBIR/STTR Incentive Program, which provides grants to businesses applying for federal Small Business Innovative Research (SBIR) or Small Business Technology Transfer Research (STTR) grants. The Department of Commerce will administer the program and prioritize grants based on potential economic benefits at the regional and state levels. The act becomes effective immediately upon becoming law.

Budget and Finance, Business and Industry, Government Affairs

https://www.ncleg.gov/BillLookUp/2025/H283