Plain English Summary
This bill creates a new Small Business Investment Grant Program within North Carolina's One North Carolina Fund, allocating up to $10 million in competitive grants to help small businesses establish new facilities or expand existing ones in the state. It also renames the existing One North Carolina Small Business Account to the Small Business Research and Technology Account.
Arguments in Favor
Supporters argue this program stimulates economic growth and job creation by helping small businesses make significant capital investments in North Carolina. The grant program targets businesses that will invest $10-30 million in private funds, pay above-average wages (110% of county average), and create new jobs, potentially bringing economic benefits to regions across the state.
Arguments Against
Opponents may question whether $10 million in grants is sufficient to meaningfully impact small business expansion, and whether public funds are the best use of state resources compared to tax incentives or other economic development strategies. Some may also be concerned about whether the grant selection process will truly be competitive and merit-based, or whether it could favor certain regions or industries.
AI-generated analysis based on bill text. Always verify with official sources at ncleg.gov. This is not legal or political advice.
Sponsors
Primary Sponsor
Representative · District 10
Primary Sponsor
Representative · District 63
Primary Sponsor
Representative · District 92
Primary Sponsor
Representative · District 54
Cosponsors (35)
Representative · District 39
Representative · District 12
Representative · District 8
Representative · District 115
Representative · District 48
Representative · District 21
Representative · District 56
Representative · District 99
Representative · District 45
Representative · District 102
Representative · District 72
Representative · District 49
Representative · District 44
Representative · District 42
Representative · District 41
Representative · District 27
Representative · District 50
Representative · District 61
Representative · District 100
Representative · District 29
Representative · District 66
Representative · District 36
Representative · District 98
Representative · District 88
Representative · District 31
Representative · District 57
Representative · District 60
Representative · District 58
Representative · District 33
Representative · District 103
Representative · District 2
Representative · District 34
Representative · District 24
Representative · District 11
Representative · District 107
Vote Breakdown (1 roll call)
Final Vote
On: Second Reading
Party Breakdown