Thank you for your interest in our Small Business Grant Program.
Our 2024 grant application period will open on Monday, April 29, 2024. Bookmark and return to this page to access the application at that time.
Applications must be submitted no later than 12 Noon ET on Friday, June 28, 2024. No extensions will be made.
To watch the April 10th webinar recording, click here.
The purpose of 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. 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. Applicants are not required to be Alamance Chamber investors (members) in order to participate.
The program will offer three types of grants for businesses based in Alamance County only:
- Launch Grants – for businesses who are within their first two years of operations. They must be a legal entity and registered with the NC Secretary of State. 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 – details to be announced at a future date.
The Chamber actively seeks to support and increase the participation of veteran, women, and minority-owned businesses in this program. Partner organizations provide FREE assistance to any applicant:
Alamance Community College Small Business Center
For questions about the application, please reach out to Stephanie Williams, Director of Small Business & Entrepreneurial Development:
336-228-1338
stephanie@alamancechamber.com
Eligibility
- 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 12 months from previous award before reapplying if they receive funding under the “Launch” category, or three years if they received funding under the “Growth” category.
- Applicant’s business must have an EIN and an established bank account separate from any personal accounts.
- 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
Grant Program Schedule
- Application window open: April 29 – June 28, 2024 (application window closes at 12 Noon ET)
- Applications review period: June 29 – August 29, 2024
- Applicants notified: August 30, 2024 (anticipated)
Amount of Grant Awards
Each category has a recommended range for which awards may be given:
- Launch – $1,500 minimum; $5,000 maximum
- Growth – $5,000 minimum; $15,000 maximum
- Innovation – details to be announced at a future date.
Applicants may request any grant award within the corresponding category; however, the Grant Committee reserves the right to make any grant award it deems appropriate, including denying the request. The Grant Committee, with few exceptions, will NOT fund a project at 100%. Applicants are encouraged to leverage requested grant funds for additional resources and demonstrate this in the application process. Applicants should address how they intend to fund the gap and provide detailed cost estimates.
Priority will be given to applicants who demonstrate some/all of the following:
- A clear need for grant funding to launch/grow their businesses.
- How their business brings innovation to the marketplace.
- How grant funding will be used for capital investment.
- 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.
NOTE: This is a competitive application process. Not all grant requests will receive an award. All grant awards are subject to availability of funds.
Compliance with Applicable Regulations
Grants made from this program must be consistent and in accordance with the following:
- All state and local regulations governing the applicant’s business.
- Terms and conditions established by the Grant Committee for each applicant.
- Policies established by the Alamance County Economic Development Foundation and/or the Alamance Chamber pertaining to this grant program.
For FREE assistance in completing the application, reach out to either of these organizations:
Alamance Community College Small Business Center: 336-506-4311
Service Corps of Retired Executives (SCORE): Request a Mentor | SCORE
All materials submitted will be handled confidentially and will not be disclosed outside of the Grant Committee unless necessary for application underwriting procedures. Applications and supplemental information will be the property of the Alamance Chamber/Small Business & Entrepreneurial Development and may not be returned.
