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Primary Sponsor

Last Action

Ref To Com On Rules and Operations of the Senate2025-05-07

Vote Breakdown

Plain Language 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.