GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2025
H 1
HOUSE BILL 283
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Short Title: Small Business Investment Grant Program. |
(Public) |
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Sponsors: |
Representatives Reives, Bell, Ross, and T. Brown (Primary Sponsors). For a complete list of sponsors, refer to the North Carolina General Assembly web site. |
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Referred to: |
Commerce and Economic Development, if favorable, Finance, if favorable, Rules, Calendar, and Operations of the House |
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March 5, 2025
A BILL TO BE ENTITLED
AN ACT to rename the one north carolina small business account the small business research and technology account and to create a small business investment grant program within the one north carolina fund.
The General Assembly of North Carolina enacts:
SECTION 1.(a) G.S. 143B‑437.71 reads as rewritten:
"§ 143B‑437.71. One North Carolina Fund established as a special revenue fund.
(a) Establishment. – The One North Carolina Fund is established as a special revenue fund in the Department of Commerce.
(b) Purposes. – Moneys in
the One North Carolina Fund may only be allocated pursuant to this subsection.
Moneys may be allocated to (i) local governments for use in connection
with securing commitments for the recruitment, expansion, or retention of new
and existing businesses and to businesses, (ii) the One North
Carolina Small Business Account Small Business Research and Technology
Account created pursuant to subsection (c) of this section in an amount not
to exceed three million dollars ($3,000,000). ($3,000,000), and (iii)
the Small Business Investment Grant Account created pursuant to subsection (d)
of this section in an amount not to exceed ten million dollars ($10,000,000). Moneys
in the One North Carolina Fund allocated to local governments under this
subsection shall be used for the following purposes only:
(1) Installation or purchase of equipment.
(2) Structural repairs, improvements, or renovations to existing buildings to be used for expansion.
(3) Construction of or improvements to new or existing water, sewer, gas, or electric utility distribution lines or equipment for existing buildings.
(4) Construction of or improvements to new or existing water, sewer, gas, or electric utility distribution lines or equipment for new or proposed buildings to be used for manufacturing and industrial operations.
(5) Any other purposes specifically provided by an act of the General Assembly.
(b1) Awards. – The amounts committed in Governor's Letters issued in a single fiscal year may not exceed seventeen million dollars ($17,000,000). Of the amount authorized in this subsection, three million dollars ($3,000,000) is reserved for agreements with local governments located in development tier three areas, as defined in G.S. 143B‑437.08, with total employment of 115,000 or less, using the data specified in G.S. 143B‑437.52(c)(3).
(c) Small Business
Research and Technology Account. – There is created in the One North
Carolina Fund a special account, the One North Carolina Small Business
Account, Small Business Research and Technology Account, to be used
for the North Carolina SBIR/STTR Incentive Program and the North Carolina
SBIR/STTR Matching Funds Program, as specified in Part 2I of Article 10 of
Chapter 143B of the General Statutes.
(d) Small Business Investment Grant Account. – There is created in the One North Carolina Fund a special account, the Small Business Investment Grant Account (SBIG), to be used to provide competitive grants to eligible small businesses to offset costs associated with establishing a new facility or expanding an existing facility in the State, in accordance with this subsection. The Department shall administer the program and shall prioritize grants to recipients that the Department determines will have the greatest net economic benefit at the regional and State levels. Grants to a recipient under this subsection may not exceed (i) five hundred thousand dollars ($500,000) in any single calendar year, (ii) two million five hundred thousand dollars ($2,500,000) total, and (iii) a term of distribution greater than five years. An eligible small business is a business that meets all of the following requirements:
(1) Has 250 or fewer full‑time employees, including full‑time equivalents or has less than five million dollars ($5,000,000) in annual gross revenue.
(2) Will invest at least ten million dollars ($10,000,000), but not more than thirty million dollars ($30,000,000) in private funds, and hire not more than 250 new employees, as defined in G.S. 143B‑437.51, in this State.
(3) Pays employees an average weekly wage that is at least equal to one hundred ten percent (110%) of the average wage for all insured private employers in the county."
SECTION 1.(b) G.S. 143B‑437.80(a) reads as rewritten:
"(a) Program. – There is
established the North Carolina SBIR/STTR Incentive Program to be administered
by the North Carolina Board of Science, Technology, and Innovation. In order to
foster job creation and economic development throughout the State, the Board
may provide grants to eligible businesses to offset costs associated with
applying for federal Small Business Innovative Research (SBIR) grants or Small
Business Technology Transfer Research (STTR) grants. The grants shall be paid
from the One North Carolina Small Business Account Small Business
Research and Technology Account established in G.S. 143B‑437.71."
SECTION 1.(c) G.S. 143B‑437.83 reads as rewritten:
"§ 143B‑437.83. Reports.
The Department of Commerce shall
publish a report on the use of funds in the One North Carolina Small
Business Account Small Business Research and Technology Account on
September 1 of each year until all funds have been expended. The report shall
contain information on the disbursement and use of funds allocated under the
One North Carolina Small Business Program. The report must be submitted to the
following:
…."
SECTION 2. This act is effective when it becomes law.