October 12, 2020
Open up any toolbox, and you will find a variety of tools, not just one tool that fits all. In the midst of COVID-19, the State of North Carolina has been providing many tools to help businesses keep their staff employed and Open signs on. RETOOLNC is yet another grant program launched by the state through the NC Department of Administration to help NC Historically Underutilized Businesses (HUB) and Disadvantaged Business Enterprise (DBE) firms impacted by COVID-19.
The state’s HUB Office, in partnership with the Carolina Small Business Development Fund (CSBDF) and the North Carolina Institute for Minority Economic Development (the Institute), will provide NC minority and women-owned businesses hit hardest by COVID-19 access to guidance and $12 million in grants to help them weather these times. Many of these businesses have closed nationwide since the onset of this pandemic. One of the main challenges they encounter is access to capital, something that will help offset the costs they have faced as they adjust to alter their same services as much as possible.
“HUBs are significant to our state’s economy as they bring not only diverse and inclusive entrepreneurship but innovative solutions that help our communities thrive,” said NC Department of Administration Secretary Machelle Sanders. These resources work to address challenges and barriers experienced by these businesses and will assist them with economic recovery so they can continue to serve their communities. Learn more about the RETOOLNC initiative, required criteria and more by visiting the NC HUB Office website.