Women and minority owned businesses in North Carolina as well as start up companies can get low cost or interest free loans and/or free grants for their business. Find lenders, banks, corporations, credit unions and NC non-profit programs below that offer funds. While any small to mid-size business or entrepreneur can apply, there will be a certain amount of money designated for minority businesses, including Black owned companies, veterans, LGBTQ, Latinos, Asians, and others. 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.
June 2025
The free to attend (with registration) Small Business Conference and Expo in Raleigh is in late June. The event will help people find, and apply for capital (grants, loans, etc.) with some focused on MWBE-owned businesses. The expo will also provide networking, advice, tips on digital marketing and more with registration needed here. https://raleighnc.gov/doing-business/news/register-26th-annual-small-business-conference-and-expo
May 2025
The NC Small Business Infrastructure Grant Program will provide funds to small businesses that were impacted by hurricane Helene. The money there were be mostly for small businesses in the western part of the state with local community government also involved. Apply here. https://www.commerce.nc.gov/grants-incentives/public-infrastructure-funds/small-business-infrastructure-grant-program
January and February 2025
Businesses in western NC that were impacted by Helene can apply for business recovery grants from the state, with the Appalachian Community Capital and Community Reinvestment Fund involved in providing funds. Up to $50,000 is provided to each applicant. The formal name of the grant program is the Western North Carolina Small Business Initiative II, and apply https://appalachiancommunitycapitalcdfi.org/wnscb-grant/
Fayetteville Cumberland County Economic Development Corporation is operating the “Can Do Performance Finance Program”, which is a loan program for small businesses. The goal is to help disadvantaged businesses, including MWBE and veteran owned, get capital. Apply here https://candocarolina.com/financing/
December 2024
Women owned businesses in Western NC that are recovering from the hurricane can get grant money from WE ARE. It is a community fundraising program with the money raised paid out to female entrepreneurs and small businesses. Get details here. https://weareasheville.org/
A second round of grants from One North Carolina Small Business Program is available. There are multiple components from this government program, including matching funds, money for tech companies or product development and more. Minority, veteran, and owned owned businesses are encouraged to apply here. https://www.commerce.nc.gov/grants-incentives/technology-funds/one-north-carolina-small-business-program
November 2024
Lowes is providing up to 100 grants each worth $20,000 to hard hit Western NC small businesses to help them recover. The program is known as Lowe’s Western North Carolina Small Business Recovery Fund, and all sorts of businesses can apply – restaurants, hospitality, retail stores, minority or women owned and others. Some of the grants will also be focused on tourism focused businesses, and apply here. https://www.lisc.org/our-initiatives/small-business/our-work/grants-small-businesses/lowes-wnc-recovery-fund/
$25,000 grants are offered from the Western North Carolina Small Business Initiative if small businesses impacted by Helene. The free money is for repairing, re-opening and rebuilding a business. Any business in western NC impacted by the disaster can apply. Apply for the grants here. https://appalachiancommunitycapitalcdfi.org/wnscb-grant/
September and October 2024
Montross has a Small Business Booster Program due to funding from Duke Energy. Up to $50,000 will be provided to help start a small business or grow one. Non-profits can apply as well. The amount of money provided to each applicant will range from $1,000 to $5,000, and get more details here. https://www.montcrossareachamber.com/small-business-booster-program
City of Greenville NC Small Business Assistance Grants will be issued this fall, with required registration/workshops held in September. Up to $100,000 in free grant money will be issued (in total), to multiple businesses, including vets, women, and those of color. The City’s Neighborhood and Business Services Business Development Division is running the program. Call (252) 329-4505 or apply here. https://www.greenvillenc.gov/government/neighborhood-and-business-services
Jones County Economic Development is providing free grants (of up to 5,000) to 100 local businesses, with priority for MWBE companies. The funds are issued in partnership with the Duke Energy Foundation. The money is to help a business buy technology, expand their operations and cover other related costs. Get details here. https://jonescountync.gov/departments/economic-development/
August 2024
The Foundation for The Carolinas is providing funds from the Beyond Open grant. This is run in partnership with Wells Fargo and other companies. The money needs to be used for capital expenses or improvements, with a focus on MWBE, LGTBQ+, veterans and other disadvantaged businesses. Get details on the 2024 applications here. https://www.beyondopenclt.com/
May and June 2024
High Point NC non-profits that focus on issues important to females can apply for a free $10,000 grant from Women in Motion. The non-profit most be involved in mentoring women, helping with health care issues, provide education services or some other type of social cause. The grant is offered in High Point and surrounding communities and apply here. https://www.womeninmotionhp.org/grant
Charlotte NC small businesses can apply for free grants from the 2024 Beyond Open program. Applicants need to be located with the city Corridors of Opportunity zone. Each qualified business, with a focus on minorities, LGTBQ+, veteran and women, is able to get up to $150,000. The money will be used by the business to pay for Capital investments, equipment, and hard assets. Learn more here. https://www.beyondopenclt.com/
Fayetteville NC small businesses can apply for the Commercial Corridor Exterior Grant Program, which is also a free matching program. Up to $25,000 can be received from qualified small businesses, but the money needs to be used on improving the exterior / facade of a physical businesses. The grants are not for online only businesses but those with a physical operation. Find details here. https://www.fayettevillenc.gov/city-services/economic-community-development-4035
Charlotte Small Business Growth Fund focuses on women, minorities and the disadvantaged, but other small business can also apply for the free grant money. Bank of America and other companies will partner on the program too. Depending on many factors, anywhere from $1,000 to $250,000 will be provided. Find more information and apply here. https://charlottegrowthfund.loanwell.com/
February and March 2024
Black owned businesses in NC can get free grants of up to $50,000. The North Carolina Black Entrepreneurship Council, also known as NC BEC, is providing the funds. The financial help is also part of the non-profit NC IDEA. Applicants can be Black owned “profit” or even non-profit organizations. Learn more here. https://ncidea.org/black-entrepreneurship-council/
January 2024
Entrepreneurial Advisory Committee has a free grant program for 2024. This will be open mid to later in the year, with dozens of small MWBE businesses able to get financial help. The program is part of Greater Winston-Salem Inc, and get details here. The https://www.winstonsalem.com/minority-business-enterprise-grant-program/
Neighborhood Matching Grant is for neighborhoods in the city of Asheville. The funds need to be used for community projects, social causes, marketing of a area and similar causes. There is money allocated to various neighborhoods, including diverse and communities of color. Apply for the free grants from Community Engagement Division of the Communication and Public Engagement Department. Apply here. https://www.ashevillenc.gov/department/communication-public-engagement/neighborhood-services/neighborhood-matching-grants/
Greensboro minority owned businesses can apply to an accelerator program. The program is known as Scale to Excel. Winners will get free coaching services, networking, help locating and applying to capital (grants, non-profit funds, loans, etc.) The Chamber of Commerce is a lead partner, and apply at https://interise.org/scaletoexcel-form-submitted/
December 2023
Raleigh businesses, that are based downtown, can get free grants from the Downtown Business Alliance, or DBA. There are two programs, including one for facades/signage and another for general property improvements. The application period is at the beginning of the year, and apply here. https://downtownraleigh.org/do-business/incentives-and-business-resources
Women Business Center of Fayetteville (WBCFAY) and Verizon (the phone company) are offering the Small Business Digital Ready program. There are free $10,000 grants, help with technology, online workshops for small minority and women owned businesses and other support. Also get help with marketing, employee training and business development. Sign up here. https://digitalready.verizonwireless.com/?utm_source=awbc&utm_medium=partner&utm_campaign=digital-ready_national-partner_fayetteville-wbc_north-carolina
September 2023
Black and Latino owned businesses in Forsyth County can apply for free grants from the Minority Business Enterprise (MBE). The applicant’s revenue needs to be under $1 million per year. The business also needs to be existing (not new). Learn more here. https://www.winstonsalem.com/minority-business-enterprise-grant-program/
July and August 2023
Chapel Hill businesses, that are located downtown, can apply for grants from the American Rescue Plan Act. Applying businesses need to have a store front / physical location and also be sure to stay in the city. It is a Relocation Grant, with funds also allocated to women, minority, and veteran owned businesses in the city. https://www.townofchapelhill.org/government/departments-services/economic-development/downtown-small-business-relocation-grant-program
Charlotte area businesses can apply to Round 2 of the Open for Business Grant program offered by Wells Fargo. The program will help businesses pay for capital improvements, expansion, and other similar investments. The program is run in partnership with the FFTC Partners For Empowering Communities, with other financial assistance also provided to qualified small businesses and MWBE companies. Find details. https://www.beyondopenclt.com/
May and June 2023
Downtown Hendersonville NC businesses can apply for financial help from the Opportunity Fund. A focus is on grants and loans to businesses owned by people of color, the low-income bad credit borrowers or minorities. Applications are taking in partnership with the Blue Ridge Community College Small Business Center, and learn more here. https://www.blueridge.edu/programs-courses/business/small-business-center/
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
