Small Businesses received an unprecedented amount of new funding in the recently signed state budget for FY2021-2023. The final budget, which allocates $25.9 billion this fiscal year followed by $27 billion in 2022-2023, included funding for a number of provisions that were outlined in NCBC 2021 Policy Agenda.
However, there were a few proposals that NCBC and other business organizations advocated for that did not make the final version, most notably Closing the Healthcare Gap and allowing NC to access the additional funding that is offered by the Federal Government to offset Medicaid costs.
Despite that missed opportunity, there is still enough major economic provisions to make a substantial impact on the small business landscape and environmental initiatives that NCBC has been tracking.
Here are a few budget highlights that impact NCBC 2021 Policy Agenda:
$120.5 million in a second round of funding for the State Small Business Credit Initiative (SSBCI) administered by the NC Rural Center.
$5 million Capacity Building grant program for Community Development Financial Institutions (CDFI) administered by the NC Rural Center
$5 million in increased funding to the One North Carolina Small Business Program
$500 million for the Business Recovery Grant Program. (Learn how to apply in the article above.)
A comprehensive end of session small business recap was compiled by our community partner the NC Rural Center. You can click here to read the entire recap.
Our work continues and we still need your voice to help push outstanding recommendations forward. You can join other business leaders who believe that we need policies that allow all businesses to grow and thrive. Sign on to the 2021 NCBC Policy Agenda below and your name will be included in our messages to our state leaders.