In the wake of the COVID-19 pandemic, businesses of all sizes grappled with significant challenges to their operations and vitality, but small businesses have had the hardest time bouncing back. To help small businesses and entrepreneurs recover from the pandemic, Carolina Small Business Development Fund and the City of Raleigh are proud to offer Oak City Biz Labs, a technical assistance and grant program.
Donor Name: Carolina Small Business Development Fund
State: North Carolina
City: Raleigh
Type of Grant: Grant
Deadline: 07/31/2022
Grant Size: $30,000
Details:
Oak City Biz Labs is a first come, first served grant program that connects small businesses and entrepreneurs to technical assistance programs to help foster resilient and strategic business growth.
CSBDF offers technical assistance courses on a variety of topics in English and Spanish, including but not limited to:
- Business and financial management
- Disaster risk management
- Marketing and advertising
- Leadership and soft skill development
- Basics of entrepreneurship
Funding Information
The grant award will be based on 6x the average monthly operating expenses or $30,000, whichever is less.
Eligibility Criteria
- Must be a for-profit business located in Raleigh, North Carolina.
- Business must have been operating since March 1, 2019
- Annual revenues cannot exceed $5,000,000 based on the most recent business tax returns.
- Business must show at least a 25% gross revenue deduction OR the business must show at least a 15% gross revenue deduction AND had to suspend operations due to COVID-19 for at least 60 days.
- To demonstrate gross revenue deduction: compare 2020 business tax return, or 2021 if filed, with the 2019 tax return as a baseline.
- Business must not have any active bankruptcies or tax liens.
- Note: for sole proprietorship or general partnership businesses, there can be no active personal bankruptcy or any active business bankruptcy.
- Franchises are eligible if the franchisor is independent and locally owned.
- Business must have 50 employees or fewer.
- Businesses under common ownership with other businesses, with combined 50 employees or fewer.
- Applicant cannot be delinquent on North Carolina State income taxes.
- Applicant cannot owe outstanding taxes to the City of Raleigh.
- Home-based businesses are eligible as long as the business owner has a valid NC Secretary of State ID, business financials identified in tax returns, and a confirmed residential address in the City of Raleigh.
- Ineligible businesses include:
- Nonprofits
- Real estate investment firms
- Lobbyists
- Businesses that previously received funding through the City of Raleigh Small Business Relief Fund
For more information, visit Carolina Small Business Development Fund.
