The Alamance County Economic Development Foundation (EDF) Small Business Grant Program is to stimulate entrepreneurism and to encourage high-growth small business enterprises to launch, scale and grow in Alamance County.
Donor Name: Alamance County Economic Development Foundation
County:
Type of Grant: Grant
Deadline: 06/30/2023
Size of the Grant: $10,000-$50,000
Details:
By making these grants available, the EDF is fulfilling its mission of driving economic stability, diversity, and growth in Alamance County. Accessibility to funding contributes to the strength and effectiveness of the entrepreneurial ecosystem which in turn supports and nurtures small businesses. The EDF recognizes the value of entrepreneurism/small businesses who bring innovation, quality of life, jobs, and investment to the community.
Businesses who receive funding through this program are typically those who bring innovation and therefore have a unique competitive edge. They must be good corporate citizens and are encouraged to employ Alamance County (and its municipalities) citizens.
The Chamber actively seeks to support and increase the participation of veteran, women, and minority-owned businesses in this program. Partner organizations are available to assist any applicant with the required documentation in the application process.
Priority will be given to applicants who demonstrate some/all of the following:
- A clear need for grant funding to launch/grow their businesses.
- Plans to hire additional staff.
- High commitment level to grow the business locally – and remain local.
- Ability and intention to contribute to a balanced, dynamic local economy that promotes diversity, sustainable growth, and enhanced quality of life for Alamance County citizens while embracing community values.
The program will offer three types of grants for businesses based in and operating out of Alamance County only:
- Launch Grants– for businesses who are within their first two years of operations, (update as of May 10, 2023: this includes companies with less than six months of operations history). They may/may not have generated revenue at the time of application but should have a clearly defined plan to do so.
- Grant requests in this category may range from $1,500 – $5,000.
- Growth Grants– for businesses who are a legal entity and registered with the NC Secretary of State. They have filed a minimum of two years’ corporate tax returns and are needing capital to grow/scale.
- Grant requests in this category may range from $5,000 – $15,000.
- Innovation Grants
Eligibility Criteria
- Applicant’s business must be located in Alamance County, NC, in areas zoned appropriately for their use.
- Applicants and their businesses must not have any past due taxes, fees, or fines.
- Applicants must be current with any existing loan payments.
- Applicant must wait at least 6 months from previous award before reapplying if they receive funding under the “Launch” category, or one year if they received funding under the “Growth” category.
- Duplication of benefits prohibited.
Grant Proceeds Shall NOT Be Used for the Following:
- Towards the cost of any tax implications of receiving the grant funds
- Re-granting funds and/or utilizing funds to cover a product or service that would be donated by the business.
- Purchase of equipment or improvement of real estate, intended for personal use.
- Political activities
- Owner salary
- Speculative ventures (Example: cryptocurrency purchases, commodity futures)
- Lending or investment
- Real property held for sale or investment.
- Pyramid sales – distribution plan businesses
- Foreign-controlled businesses
- Private membership clubs
For more inforamtion, visit EDF.
