In a significant move to bolster innovation and economic growth, North Carolina has granted substantial funding to small businesses across the state. Governor Stein revealed that 50 grants totaling over $2.4 million have been dispersed among 46 small businesses. These businesses, located in 13 counties, are set to develop groundbreaking technologies in various fields like pharmaceuticals, health care, and space technology.
Governor Josh Stein emphasized the importance of these grants by stating, “North Carolina’s innovators are at the forefront of developing the technologies that will shape our future economy.” The grants are designed to help entrepreneurs transform their ideas into viable products and companies, creating new jobs and strengthening the regional economy, particularly in areas affected by Hurricane Helene.
Support for Hurricane-Impacted Counties
Businesses in areas hit hard by Hurricane Helene received additional funding of $25,000 through the Matching Funds Program. This additional support aims to enhance cash flow and promote economic recovery in western North Carolina. Six companies from these affected regions benefitted from a combined grant of $313,888.52, as part of the One North Carolina Small Business Program.
Greg Copenhaver, the Acting Chair of the Board of Science, Technology & Innovation, highlighted the initiative’s focus on resilience, noting, “Recognizing that innovation-based companies help make our economy more resilient, the Board enacted specific Program criteria this year to help companies in Helene-impacted counties have additional resources to develop and commercialize innovative technologies.”
Leveraging Federal Support
The One North Carolina Small Business Program is designed to complement federal initiatives like the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs, collectively known as America’s Seed Fund™. These federal programs provide over $4 billion annually to support small business technology development, and the state program leverages these funds to enhance local businesses’ growth prospects.
Since its inception in 2006, the One North Carolina Small Business Program has played a crucial role in the state’s innovation ecosystem by providing early-stage capital, helping businesses overcome initial growth challenges. The fiscal year 2026 saw the awarding of both Incentive and Matching grants, with 18 local businesses receiving $116,553.37 in Incentive grants to prepare SBIR and STTR proposals.
Furthermore, the Matching Program provided $2,368,506.63 to 32 companies, supplementing the $9.8 million they received in federal funding. This additional financial support is crucial during the “Valley of Death,” the challenging period between idea inception and revenue generation.
North Carolina Secretary of Commerce Lee Lilley remarked on the state’s economic transformation, stating, “North Carolina’s economic success, from having been one of the poorest states in the USA to being the best state for business, is driven by its capacity to innovate, adapt, and lead in emerging industries.”
Long-Term Impact
The grants have been pivotal in supporting job creation, equipment purchases, and infrastructure development. Since 2006, the program has awarded nearly $45 million to 531 businesses, creating over 2,000 jobs and attracting $8.6 billion in follow-on funding. These businesses employ more than 4,000 individuals, contributing significantly to the state’s economy with wages that double the state average.
Looking ahead, the One North Carolina Small Business Program will release FY 2027 solicitations in mid-September on their website.
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