According to the Stanford Institute for Economic Policy Research, Black-owned businesses are down 41 percent, Latinx-businesses have declined 32 percent, Asian-owned businesses are down 26 percent, and women-owned businesses have declined 25 percent.Īccess to capital remains the number one challenge for small businesses. Since the onset of COVID-19, many minority- and women-owned businesses have closed nationwide. The RETOOLNC program seeks to alter the current trajectory, offering resources to keep the doors of minority and women-owned businesses open.” “Due to COVID-19, many HUB firms are at risk of closing permanently. “HUBs are significant to our state’s economy as they bring not only diverse and inclusive entrepreneurship but innovative solutions that help our communities thrive,” said NC Department of Administration Secretary Machelle Sanders. The state’s Office for Historically Underutilized Businesses, in partnership with the Carolina Small Business Development Fund (CSBDF) and the North Carolina Institute for Minority Economic Development (the Institute), will offer guidance on business development through the RETOOLNC program and administer $12 million in funding to assist in the economic recovery of state-certified minority and women-owned businesses. 143 to address disparities in communities of color exacerbated by the COVID-19 pandemic. RETOOLNC was created under Governor Cooper’s Executive Order No. “COVID-19 is shining a spotlight on inequities for communities of color in North Carolina, including in our economy, and this program is a good step forward.” “We want businesses to have access to resources so they can navigate the pandemic and continue to serve their communities, and we know that some businesses have historically had a harder time getting the help they need,” Governor Cooper said. Experienced business counselors at Business Link North Carolina are also available to offer guidance at (800) 228-8443. ![]() For example, businesses that experienced extraordinary disruption and were unable to open due to COVID-19 may be able to get assistance through the Mortgage, Utility and Rent Relief (MURR) Program at. The North Carolina Department of Administration has launched a new grant program, RETOOLNC, to help North Carolina Historically Underutilized Businesses (HUB) and Disadvantaged Business Enterprise (DBE) firms impacted by COVID-19.Īdditional resources for small businesses impacted by the pandemic are available through the NC Department of Commerce. North Carolina minority and women-owned businesses hit hardest by the COVID-19 pandemic will have access to guidance and $12 million in grants to help them weather the crisis, Governor Roy Cooper announced today. RETOOLNC will offer guidance and funding to Historically Underutilized Businesses
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