Bill > S651

This bill establishes the North Carolina Small Business Capital Access Program, a comprehensive initiative designed to help small businesses and Minority and Women-Owned Business Enterprises (MWBEs) overcome barriers to accessing capital. The program creates seven key components: a Small Business Loan Guarantee Program (providing up to 90% loan guarantees), a MWBE Growth Fund (offering equity investments between $250,000 and $2 million), a CDFI Support Initiative (providing grants to community financial institutions), a Small Business Technical Assistance Network (offering professional business guidance), a State Procurement Financing Initiative (helping businesses fulfill state contracts), a Small Business Innovation Fund (supporting technology-driven businesses), and an expanded tax credit program. The bill appropriates $50 million for the 2025-2026 fiscal year to fund these initiatives, with specific allocations for each program component. A newly established Office of Small Business Capital Access within the Department of Commerce will oversee the program, guided by an 11-member Oversight Board representing diverse stakeholders. The office will develop program guidelines, track performance metrics, and submit annual reports to ensure transparency and effectiveness. The bill aims to address historical capital access disparities by providing targeted support to small businesses and MWBEs across North Carolina, with a focus on businesses in underserved communities and those with high growth potential.

https://www.ncleg.gov/BillLookUp/2025/S651