Women and minority owned businesses as well as start up companies can get low cost or interest free loans and/or free grants for their business. There are many programs available in North Carolina. Find lenders, banks, corporations, credit unions and non-profit programs below that offer funds. While any small to mid-size business can apply, there will be a certain amount of money designated for minority businesses, including Black owned companies, veterans, LGBTQ, Latinos, Asians, and others. In addition the North Carolina lenders will also give priority to Black and other women owned or run companies. The list of financial assistance programs, including grants, loans, and more is updated daily.
Small to medium sized business financing is available across the state, including in Charlotte, the Raleigh – Durham area, and other major cities. Many of the programs not only provide loans or free grants to women or minority companies, but they also give other business support. This may be advertising support, advice, marketing, free tech support, website development and more. The goal is to help a small to mid-sized business, as well as a start up company, get both the funds as well as general support they need.
Find latest loans and free grants for small businesses in North Carolina
There are often new programs announced daily, weekly, or monthly. The list of loans and grants for MWBE, veteran and BIPOC-owned businesses (Black, Indigenous, People of Color) listed below in North Carolina will be updated daily. As noted, while any business or entrepreneur can apply, there will always be a certain amount of money allocated to women, Black owned businesses, Hispanic companies, and other lenders. Veteran businesses in North Carolina also tend to get priority.
Year round free grants, low cost loans, or financial assistance for MWBE and veteran businesses
Many of the grants, loans, coaching programs, etc. are offered year round. Find details below by county, city, or category. Or scroll down the page to find more financial assistance programs for M@WBE or veteran owned businesses that are offered by month.
Statewide North Carolina Minority, Women, Veteran, Immigrant assistance programs
Black entrepreneurship is being promoted by NC IDEA. At most, up to $50,000 is being offered. The funds are for black women and men, and IDEA will also give them advice, mentoring, as well as coaching services. Work with successful companies as well as businesses throughout the state can help Black startups get the support they need. Read more and apply. https://ncidea.org/grants-programs/north-carolina-black-entrepreneurship-council/
Carolina Small Business Development Fund is a CDFI non-profit Community Lender. Apply for low-cost or interest free loans, business development services, counseling, and training workshops. A major focus is on access to capital for women, minority, and businesses in low-income parts of NC, and there is also a “Minority Business Certification” program. Continue reading. https://www.carolinasmallbusiness.org/
National Institute of Minority Economic Development has offices in Charlotte, Durham, and other parts of NC. They help minorities, women, and other disadvantaged people with a variety of assistance programs, ranging from business development to education as well as a Center for Entrepreneurship. MWBE companies can learn about grants, get help setting up or starting a business and more. Learn more here https://theinstitutenc.org/
NC Rural Center provides support in rural pars of the state only. They are a statewide non-profit though, and cover from the Outer banks to the mountains as well as rural farming regions. They partner with the State Small Business Credit Initiative (SSBCI), offer loans, Capital Investments and other financial resources. Or learn about mentoring, programs for minority farmers in NC and other services. Learn more here. https://www.ncruralcenter.org/
Asheville and western NC free loan, grant, and business counseling services
Asheville MWBE businesses can get assistance from the Business Inclusion Office. They offer training, a program known as Pathways to Growth, updated information on government or local non-profit grant programs as well as loans in the city, and so much more. The goal is to help women and minority owned business grow, hire, and add to the city’s economic development. Learn more. https://www.ashevillenc.gov/department/community-economic-development/business-inclusion/
Black Wall Street Asheville (BVL) is a community centers that provides networking, sales and marketing help from online listings, and help finding (and applying for) free government grants or loans from the community. Black women or male owned businesses in Asheville and western NC can get assistance from the non-profit. Find details here. https://blackwallstreetavl.com/
Buncombe County businesses can turn to Mountain BizWorks. They help small companies and would be Entrepreneurs. There are many classes such as Alpine and Scale Up. There is also information on microloans for businesses (including women and minority), referrals to free government grant programs, mentoring from local Asheville business owners as well as volunteers, and other business resources offered. Continue here. https://www.mountainbizworks.org/
Charlotte regional (and surrounding county) loans and grants for MWBE businesses
Charlotte, Mecklenburg County, and 12 other surrounding counties in the Charlotte MSA can turn to the Institute’s Women’s Business Center. A wide variety of assistance programs are offered. Women, including Black women, can learn about free grants for their small business as well as get coaching, counseling, and other services. There are also networking events, information on getting MWBE certifications, coaching services, information on loans from local banks and more. Find details here. https://charlottebusinessresources.com/partners/womens-business-center/
Charlotte Aspire Community Capital helps underserved businesses owners and those in low income parts of the city. Veterans, Black and Latino owned, disabled and women (among others) can get help. They assist with raising capital, including from grant or loan programs. There are also business coaching programs, a business accelerator program, a multiple weeks business academy that helps people learn about, and launch, a company and other free services. Continue reading. https://aspirecommunitycapital.org/
Charlotte’s Black Chamber of Commerce is a resource for Black owned businesses as well as entrepreneur . They can provide advice, referrals to free government grants, and will (from time to time) offer their own microloans. They also partner with corporations and non-profits in the city of Charlotte as well as Mecklenburg County. Find out about their services here. https://cltblkchamber.com/
Charlotte area Latin-owned businesses can get assistance, including (but not limited too) financial from Prospera. The agency partners with the Latin American Chamber of Commerce of Charlotte (LACCC), Bank of America Duke Energy, Kiva, and other companies on their programs. There is business development help, information on loan or free grant programs, marketing or IT assistance and so much more. Continue reading here. https://prosperausa.org/where-we-work/north-carolina/
City Startup Labs of Charlotte helps minority, Black male and woman owned companies, and also formerly incarcerated people start of grow a business. They help would be entrepreneurs create a business plan, test the idea, and launch the product/service. There is information on grant programs, loans from local and national lenders, counseling, and also the ReEntry Entrepreneurship Program (REEP). Read more on and get help from the startup lab. https://www.citystartuplabs.com/
Grameen America is working with the City of Charlotte to help women owned businesses and entrepreneurs get the funds they need. Grameen is a microlender that operates all throughout the US, but the city of Charlotte is a partner. There may be low cost or interest free microloans to Black women, Latina, immigrant and Asian female owned businesses. The goal of the non-profit is to help women on the path to growing a sustainable business. The City of Charlotte is a partner that disburses funds and operates a Small Business Center for Grameen. Learn more here. https://www.grameenamerica.org/institutional-partners
Mecklenburg County Office of Economic Development helps small businesses. There are some programs that focus on minorities, LGTBQ+, women and minorities as well. The programs include Business LaunchPad, which is a multi-month free small businesses workshop. Coaching, mentoring, business development resource, grant and more. A separate assistance program is known as Get Up and Grow, and this helps businesses with under 125,000 in sales get funds, business development tools and more. Apply here. https://www.mecknc.gov/oed/Pages/BusinessLaunchPad.aspx
Salisbury-Rowan NAACP and Self-Help Credit Union are partnering with KIVA, the national lender, to offer financial assistance to women and minority owned companies. Microloans are offered in the range of $1000 to $15,000. The loans are interest free. The main goal is to help the minority owned business use credit, and all funds for KIVA and Self-Help come from donations from people or businesses across the world. Apply here. https://www.self-help.org/locations/salisbury-branch
Greensboro, Winston-Salem, High Point, Asheboro and Mount Airy region
Asheboro and Randolph County Black business owners (or entrepreneurs) can get help from an accelerator program. The program is known as VentureAsheboro, and the program is run by Midstate Rotary as well as Randolph Community College. There are workshops, classes, information on applying for free grants or loans for businesses with bad credit, mentorship and more. Various services will help Black woman and male owned businesses and start ups. Read more https://www.accelerateblackbusiness.com/.
Black Philanthropy Initiative is a foundation that works to strengthen the Black community in Forsyth County NC. They do have grants, but the funds are focused on non-profits and organizations that help the Black community around education, economic prosperity or inclusion and similar organizations. Find details on the Foundation here. https://www.bpiws.org/
Greater Winston-Salem Minority Business Enterprise program has annual, $25,000 grants for both Black and Latinx-owned businesses in Forsyth County. A major priority is on providing financial help to businesses that are hiring and/or expanding in the community. The funds are for small businesses (with under $1 million in revenue) as well as other criteria. Apply here. https://www.winstonsalem.com/minority-business-enterprise-grant-program/
Greensboro Community Development Fund (GCDF) helps the community. They partner with charities such as Kiva to provide 0% APR loans, offer counseling, and more. The underserved community, including business owners who have bad or no credit, can look into loan and capital programs. The non-profit assists disadvantaged MWBE, veteran, and LGTBQ businesses. More information here. http://greensborochamber.chambermaster.com/blog/member-profile-2437/post/member-profile-greensboro-community-development-fund-8753
Greensboro and Triad businesses can turn to the Nussbaum Center for Entrepreneurship. They help Women, Minority, Immigrant and Veterans owned companies. The center is a non-profit. A wide range of free services are offered, everything from website development to business planning classes or workshops, information on local and national grant programs for funding, start up workshops, and more. Continue. https://nussbaumcfe.com/
High Point small businesses, including BIPOC, veteran and LGTBQ, can get financial assistance, grants, counseling and more from Thrive High Point. It is a partnership with the Chamber of Commerce. There are microloans, start up classes, a MWBE accelerator programs and many other services. Learn more here. https://www.bhpchamber.org/thrive-about-us
Women’s Business Center at Winston-Salem focuses on minority and women-owned businesses. This is a SBA funded program. Staff help people apply for financial help from loans, certification programs, free coaching, networking and more. A wide range of assistance programs, counseling, and other support is given to small to mid-sized businesses that need help. Read about the center here. https://www.wbcwinstonsalem.org/
Raleigh regional free business grants, interest free loans and other small business help
Chapel Hill and Carrboro Black owned businesses can get advice, support, information on financial aid and more from an Alliance in the region that is part of the Chamber For a Greater Chapel Hill-Carrboro. The organization is known as Black Business Alliance Leadership Council. There are free grants for black women as well as male owned businesses. Learn more here. https://www.carolinachamber.org/61718-2/
Orange County minority business development is provided by Brightpath Solutions. The program is part of the non-profit EMPOWERment, based in the Chapel Hill NC region. Get free advice, one on one mentoring, information on grant or loans programs and other support from BrightPath. Read more here. https://www.empowermentinc.org/
Raleigh area businesses (as well as anyone who wants to start one) can look into the Wake Tech accelerator program. The school can direct clients to capital raising programs, including non-profits or government backed loans, charitable grants and more. There are free workshops, free business counseling, information on certifying as a MWBE or veteran owned business, and many other forms of assistance in Wake County. Find details here. https://www.waketech.edu/programs-courses/non-credit/build-business/launch-small-business/small-business-center/menu
Rocky Mount and Eastern NC small businesses and startups can apply for 0% interest Kiva loans at the Small Business Center at Nash Community College. They are a Trustee for the worldwide non-profit. In addition to access to capital, there is book keeping help, assistance with setting up a business, free marketing help, a business resource center and other services. Read on the center here. https://www.nashcc.edu/about/community-resources/small-business-center
The Triangle Area around Wake, Durham and 14 other counties is covered by Carolina Community Impact, often called CCI. They offer interest free loans from Kiva, help with grant applications and credit counseling, and offer other lending products. Up to $100,000 can be borrowed, much of it interest free. A major focus is on MWBE, veteran, and LGTBQ disadvantaged businesses. The financial aid is for the counties of Alamance, Caswell, Chatham, Durham, Franklin, Granville, Lee, Harnett, Johnston, Nash, Orange, Person, Vance, Wake, Warren and Wilson. Apply here. https://ccifund.org/
Southeastern NC – Wilmington region BIPOC and MWBE grants, loans, and financial aid
Businesses in the southeastern part of the state, including the Sandhills, Lumberton and New Hanover County, can get assistance from the UNC-Pembroke Thomas Entrepreneurship Hub. This is startup help, an incubator, and many other resources for MWBE, Native American as well as veteran owned businesses. Or learn about free government grants, bank financing, and other ways to raise capital. Find details on the hub here. http://thethomashub.org/
Wilmington NC minority businesses can turn to Genesis Block. The non-profit helps entrepreneurs as well as existing small, black or Latino owned businesses start or grow. On occasion, they do have free grants, low cost loans, and other financial help. The non-profit also offers an entrepreneurship center, small business accelerator programs as well as other assistance. Apply here. https://genesisblockilm.com/
Wilmington businesses can also turn to The Network for Entrepreneurs in Wilmington, also known as NEW. Business owners and those seeking to start one can get free mentoring or networking. There is marketing help, advice on applying for low cost or interest free loans, website development and much more. Learn about NEW here. https://newilm.com/
March 2023 and April 2023
The Raleigh Business Investment Grant (BIG) is a free cash grant program offered by the City’s Office of Economic Development and Innovation. A number of different types of grants will be offered, with a focus on minority and women owned companies. There are funds for health care, software, tech companies, aerospace, high tech manufacturing and other companies. Apply here. https://raleighnc.gov/grants-funding-and-relief/business-investment-grant
Women owned businesses in Charlotte, including Latina and Black-women, can get grant money from a program run by Wells Fargo as well as Foundation For The Carolinas. The Beyond Grant program has millions of dollars to distribute. The funds can pay for inventory, marketing, real estate and other costs. Learn more her. https://www.beyondopenclt.com/
City of Greenville NC 5ARPA grant money will be provided. Each qualified business may be able to get as much as $50,000, depending on total program funding. The goal is to help business owners with a physical location, such as pay for updates, roofs, facades and more. Get details on this grant program as well as other MWBE assistance programs here. https://www.greenvillenc.gov/government/financial-services/mwbe-program
January and February 2023
Downtown Raleigh Alliance has the Storefront Uplift Grant. Businesses located in certain parts of downtown can apply for up to $15,000, with businesses more than 50% minority or women owned able to get an additional $2500 grant. The money is intended to help revitalize the downtown Raleigh area. The money is for businesses with a physical location and can pay for storefront, improvements to the location, signage and more. Find details here. https://downtownraleigh.org/do-business/incentives-and-business-resources/storefront-upfit-grant
High Point Community Foundation has a Woman Grant program that supports non-profit organizations in the city, county, and nearby towns of Archdale, Jamestown, Trinity, and also Thomasville. The goal of the grant program is to provide funds to non-profits that focus on helping woman, including with economic issues, income in-equality challenges and more. Non-profits that apply need to be majority women run and focus on specific topics. Learn more here. http://www.hpcommunityfoundation.org/initiatives/womens-fund/grants/
Cumberland Community Foundation is providing free government grants in Cumberland County and Fayetteville NC as part of the American Rescue Plan Act. Funds are focused on veteran, minority and women businesses. The money will require the small business to hire, and retain, one or more employees. Applications, coaching and more is provided in partnership with the Fayetteville State University and the Center for Economic Empowerment. Apply here. https://www.cumberlandcf.org/
October 2022
Mecklenburg County underserved businesses (minority, veteran, women, LGTBQ+, etc.) can apply for free grant money from the Beyond Open program. A total of $250,000 will be disbursed. The money is being provided by Wells Fargo’s Open for Business Fund and the Foundation For The Carolinas. The grants will help businesses pay for capital improvements, technology such as computers, real estate and other similar expenditures. Apply here. https://www.beyondopenclt.com/grantsanduses
Greater Winston Salem, Inc is offering free grants to help Black and Latino owned businesses in Forsyth County. Each qualified business can get up to $25,000 as part of the Minority Business Enterprise Grant. The funds are for smaller businesses (with under 25 employees) as well as under $1 million in annual revenue. Black women, men, Latina and other businesses owned by people of color in the county can apply here. https://www.winstonsalem.com/2022/08/minority-business-enterprise-grant-program-announces-2022-application-cycle/
July, August 2022 and September 2022
Raleigh and Wake County NC small businesses can apply for free grants of up to $30,000. The program is known as Oak City Biz Labs, and it is offered in partnership with Carolina Small Business Development Fund. The government funds can pay for rent, transportation or vehicle costs, employee or job training and other expenses around business expanding. There will be funds to disadvantaged businesses such as veteran, women, or minority owned, but the money is first-come served. More on Oak City Labs and apply here. https://www.carolinasmallbusiness.org/oakcity
June 2022
RETOOL NC is providing free grant money to certified, qualified small businesses that are underutilized, many of which are owned by people of color, women, veteran, LGTBQ+ or others. The government grant money will help them recover from the COVID pandemic. Up to $25,000 will be provided as part of the Historically Underutilized Businesses (HUB) program. Applicants need to have under 50 employees, less than 1.5 million in revenue and meet other criteria. Learn more here. https://ncadmin.nc.gov/businesses/historically-underutilized-businesses-hub
April and May 2022
Wilmington NC small business owners and entrepreneurs, with a focus on African Americans, can apply for free grants from Genesis Black. There is a business academy and programs to jump start the creation (and success) of a business. There is also an accelerator program called Back on the Block, which focuses financial assistance, counseling, grants and other resources for MWBE companies. Learn about Genesis Block here. https://genesisblockilm.com/about/
Small businesses can apply for the NC Business Recovery Grant Program. There are a couple different phases of it, and the first is to help hospitality/service type businesses that were impacted by COVID. This includes bars, restaurants, hotels, motels, art places and similar. The second part of the free government grant program will be available to all businesses. In both cases, veteran, women, and businesses owned by people of color get priority as well. Continue reading. https://www.ncdor.gov/business-recovery-grant
January and February 2022
The Business Recovery Grant Program can help small businesses recover, and pay the bills, from any COIVD impact. There is a focus on disadvantaged businesses as well, including minority, veteran, women, and LGBTQ owned companies (among others). Applicants need to have had a 20% (or more ) loss of revenue and/or income. Learn more on the NC small business assistance programs here. https://www.ncdor.gov/business-recovery-grant
November and December 2021
Charlotte area, small minority owned businesses can apply for free grants from Foundation for the Carolinas. The agency is partnering with Wells Fargo. The small businesses need to be non-profits, educational companies, or even faith based groups. The goal is to help MWBE businesses that “give back to society”. Apply here. https://www.fftc.org/grants
Cabarrus County Small Business Support Program is for companies with less than 50 employees. The free government grants can help pay for bills such as rent, inventory, website development, and other costs. Some funds will be allocated to veteran, LGTBQ, women, and businesses owned by people of color. Learn about the government program here. https://cabarruscounty.us/resources/crg-small-business-support-program
October and November 2021
Businesses in North Wilkesboro, that are based downtown, can apply for free grants that are offered in partnership with Duke Energy. Up to $2500 can be provided to each qualified business, including women, minorities, and disadvantaged companies. The goal of the funds it to help revitalize downtown. Apply here. https://downtownnorthwilkesboro.com/grants
Forsyth County – Winston Salem MWBE owned businesses can receive grants as part of the Minority Business Enterprise (MBE) grant fund. Applications are reviewed by the Entrepreneurial Advisory Committee, and the funds are for small businesses with under (1) 25 employees as well as (2) $1 million in revenue. The free grants can help pay rent, salaries, utility bills, inventory and other operating costs. Apply here. https://www.winstonsalem.com/minority-business-enterprise-grant-program/
September and October 2021
Asheville and Buncombe County BIPOC businesses (people of color) can apply for the Mountain BizWorks Multicultural Catalyst Fund. There are loans (including for applicants with bad credit) as well as a “fall back” financial aid program known as Parachute Grants. The interest rates vary but will be much better than banks and some minority businesses may receive the grants or zero percent ARP loans. Apply here. https://www.mountainbizworks.org/get-funding/multicultural-catalyst-fund/
August and September 2021
Minority and women-owned businesses can get $1000 grants from the National Institute Economic Development. The funds are offered across North Carolina, in all cities and counties. There must be at least 51% ownership of a minority or women, and proof is needed. In addition, the applying business needs to have had their sales and/or income negatively impacted by the COVID-19 pandemic. Learn more. https://theinstitutenc.org/eligibility-criteria/
Greater Winston-Salem Inc. is providing free grants of up to $25,000. Applicants need to have a Black or Hispanic business owner, be small to mid sized (less than $1 million in annual sales). A major focus is on heling businesses of color that have been impacted by the COVID pandemic. There are many other free small business resources offered in Forsyth County. Learn more about the assistance programs. https://www.winstonsalem.com/
June and July 2021
The Charlotte Center City Small Business Innovation Fund is disbursing, in total, $1 million dollars in grants to small businesses (under 50 employees) in the city. The amount of money provided will range from $10,000 to $40,000 per business, with some funds allocated to women, minority, LGBTQ, and veteran owned businesses. Recipients of the grants can use the money for a wide range of bills, ranging from rent to utilities, payroll, and other business operations. Apply here. https://www.charlottecentercity.org/innovationfundapplication/
January and February 2021
Asheville and Buncombe County businesses (locally owned small and mid sized) can apply for the One Buncombe COVID-19 Rapid Relief Fund. The funds can help the unemployed (due to COVID), small businesses (with a focus on veteran, minority and women owned), and other expenses. Both grants and interest free loans (that need to be repaid) may be issued by the Fund. Read more. https://onebuncombe.org/
October and November 2020
Small businesses in Winston Salem as well as Greensboro can get financial help from local non-profits. The Winston-Salem Foundation as well as the Piedmont Business Capital are offering loans, free advice, counseling, grants, and other forms of help to disadvantaged businesses. There will also be funds given to minority (black, Asian, Latino, veteran, etc.) businesses located in the city of Greensboro. Find more details here at https://www.wsfoundation.org/
Up to $12 million dollars is being provided as part of RETOOLNC. The grant money is for North Carolina businesses as part of Disadvantaged Business Enterprise (DBE) firms as well as Underutilized Businesses. This may be the disabled, minority or veteran owned, LGBTQ, or women companies among others. Each qualified business will be given up to $25,000, based on need, revenue, funding, and industry. Call (800) 228-8443.
Winston-Salem and Forsyth County businesses impacted by COVID can get financial help. The Minority Business Enterprise (MBE) is overseeing applications and given out free grants to minority companies as well as startups. A number of companies, non-profits, and other groups are donating to it. Counseling, financial aid, debt advice, and other services. https://www.winstonsalem.com/minority-business-enterprise-grant-program/
September 2020
The state government Rapid Recovery program provides loans of up to $250,000 and a 0.25% interest rate to small businesses, including Black, Latino, Asian, and Minority owned companies. Many non-profits across the state are taking applications, including the NC Rural Center, Mountain BizWorks, Golden Leaf, Business Expansion Funding Corporation, and others. There is also technical help given along with the loan, including free business coaching, sales or marketing help, and more. More details here. https://ncrapidrecovery.org/
August 2020
The Alamance Chamber, Alamance County, the Alamance County Economic Development Foundation and the Alamance Community Foundation announced a partnership with Self Help Credit Union to establish a small business loan program. The loan program will aim to focus on underserved businesses and areas, and minority and woman-owned businesses are strongly encouraged to apply. https://www.self-help.org/alamance-loans
By Jon McNamara
