Challenges, Grants & Other Funding Sources
COVID-19 Funding Assistance & Resources
In the midst of the COVID-19 pandemic, startups may be in need of immediate funding to keep their businesses afloat in an economic downturn. Here’s a list of COVID-specific funding sources:
Federal & State Assistance:
- NC COVID-19 Rapid Recovery Loan (Golden LEAF Foundation): Low-interest loans of up to $50,000 with no payment for six months. Applicants must be NC small businesses affected by COVID-19. Startups operating before March 23, 2020 are also eligible. (More TechWire coverage here.)
- Main Street Lending Program (from the Federal Reserve): Five-year loans of $250,000 to $300 million. (More TechWire coverage here.)
- Pandemic Unemployment Assistance (PUA): For independent contractors and self-employed individuals. (See NC Department of Commerce tip sheet.)
- Small Business Administration Loan Programs: SBA’s list of PPP lenders will provide loans to eligible businesses in need of assistance.
- SBA Express Bridge Loans: Up to $25,000; fast turnaround.
- Economic Injury Disaster Loan Program: Up to $10,000 advance.
- SBA Paycheck Protection Program (PPP): Loan forgiveness for companies that keep employees. NEXT DEADLINE: August 8; $130 million available
- SBA Debt Relief: SBA will pay principal, interest and fees on certain loans.
- Tax Relief:
- Truist Natural Capital Investment Fund (NCIFund)
- U.S. Department of Agriculture Assistance for Farming Businesses (+ USDA Farmers Market Promotion Program)
- All In For Raleigh (donation campaign)
- Apex Small Business Emergency Loan Program
- Duke-Durham Fund: Grants for small businesses, nonprofits and community organizations.
- Durham Artist Relief Fund: Relief for performers and visual artists.
- Durham Arts Council Recovery Fund: Funding for individual artists and arts organizations, venues and businesses.
- Durham Recovery Fund: The Carolina Small Business Development Fund is offering loans and grants to Durham-based small businesses impacted by COVID-19:
- Durham Grant Program (offered by CSBDF in partnership with Duke University): Available to businesses with $500,000 or less in revenue; must have 25 or fewer employees.
- Durham Loan Program (offered by CSBDF in partnership with the City of Durham): Available to businesses with $500,000 to $2 million in revenue; must have 25 or fewer employees.
- Fuquay-Varina Angel Fund: Grants of up to $3,000
- Holly Springs Chamber Foundation Angel Fund: Holly Springs-based small businesses may apply for grants up to $3,000. You don’t have to be a Chamber member to apply.
- NC Healthcare Foundation COVID-19 Fill the Gap Response Fund
- Orange County Arts Support Fund
- Orange County Emergency Small Business Funding Program: Grants of up to $5,000; loans up to $20,000.
- Raleigh Small Business COVID-19 Relief Funds (through Carolina Small Business Development Fund): Grants of up to $10,000 for small businesses. Next application deadline: May 21 at 11:59 p.m. (Make a donation here.)
- Town of Carborro Small Business & Non-Profit Emergency Fund
- United Way of the Greater Triangle Rapid Response Fund (donation campaign)
- Wake Forward (through Wake County and the NC Rural Economic Development Center): $5 million in total to support small businesses, including sole proprietors. Applicants can receive support for two months of lost revenue, capped at $50,000.
- Wake Tech Community College Rally Fund: For Small Business Center clients and LaunchWakeCounty graduates.
- Carolina Community Impact: Low-interest loans for small businesses.
- NC Artist Relief Fund: Grants for local artists to cover losses from gig cancellations.
- NC IDEA Partners in Purpose (donation campaign).
- NC Restaurant Workers Relief Fund
- Institute of Economic Development Small Diverse Business Emergency Relief Fund: Grants of up to $1,000 for small minority-owned or women-owned businesses in NC. Loans administered by the Women’s Business Center of NC.
- DVI Funding Financial Bridge Loans: Up to $10,000 for individuals.
- Facebook Small Business Grants Program: $100 million in cash grants and ad credits.
- GoFundMe Small Business Relief Fund: Micro-grants to small businesses.
- Google Small Business Funding & Support: $800 million in grants and ad credits.
- Hello Alice COVID-19 Business for All Emergency Grant: $10,000 emergency grants for small business owners.
- Honeycomb Crowdfunded Small Business Relief Loan: $10,000 to $50,000 in working capital (multiple options).
- James Beard Foundation Food and Beverage Industry Relief Fund: For restaurants, bars and other independent food and beverage operations.
- Lowe’s-LISC Small Business Relief Grants: Grants for businesses that have been impacted by COVID-19; focus on historically underserved communities that lack access to capital. (More coverage here.)
- Mainvest Main Street Initiative: $2,000 loans for brick and mortar businesses that launch a capital raise on Mainvest.
- Opportunity Fund Assistance for Small Business Owners Affected by COVID-19
- Red Backpack Fund: 1,000 grants of $5,000/each to female entrepreneurs.
- U.S. Chamber of Commerce Save Small Business Fund: $5,000 grants to small employers.
- Salesforce Small Business Grants: For businesses with $250,000 to $2 million in revenue.
- Southern Smoke Emergency Relief Fund: For owners and employees of restaurants and bars.
- Local Initiatives Support Corporation Verizon Small Business Recovery Fund: Grants of up to $10,000.
Other Helpful Resources:
- Adroll’s COVID-19 Guide for Small Businesses: A resource guide to help small businesses that need a boost in the pandemic.
- American Underground’s Landing Spot Program: Provides people who’ve lost their jobs the resources and support they need to start their own business. (Five startups were selected in June.)
- Best Accounting Software’s State-By-State COVID Support Guide: A comprehensive view of how U.S. states are supporting businesses in the pandemic.
- Capital Associated Industries Recovery Command Center
- Carolina Small Business Development Fund Resources & Updates
- Chamber PPE: A partnership between Triangle-area Chambers of Commerce that helps local businesses bulk-buy masks, thermometers, sanitizers and other protective products.
- COVID Loan Tracker: Self-reported data on how loans are being distributed across the U.S.
- DHIT Global COVID Unites Us All Webinar Series
- Duke Fuqua School of Business’s Searchable Capital Relief Database
- Durham County Small Business Resources
- Economic Development Partnership of North Carolina Resources
- How to Stay Safe & Support Downtown Raleigh Businesses
- Joust’s Small Business COVID-19 Funding Estimator
- Local Chambers of Commerce:
- NC Bankers Association Resources for Businesses
- NC Biosciences Organization Resources
- NC Biotechnology Center Resources
- NC Chamber Resources
- NC Main Street and Rural Planning Center
- NC Military Business Center Resources
- NC TECH’s List of Special Services/Offerings for Businesses
- NCWorks Resources: Including resources on what to do if you’re preparing for personnel layoffs or closure, how to get unemployment insurance, and other useful resources for businesses struggling during the pandemic.
- NC Unemployment for Business Owners: City of Raleigh Video
- Revive 919
- SCORE Coronavirus Small Business Resource Hub
- Small Business Center Network Resources (part of the NC Community College System)
- Small Business & Technology Development Center Resources
- Triangle Global Health Consortium Resources
- USDA National Institute of Food and Agriculture Resources
- Wake County Economic Development Resources
- Wake Tech Small Business Center Resources (including free business counseling services)
COVID-19 Research Funding & Other Resources:
- BIO COVID-19 Therapeutic Development Tracker
- COVID-19 Funding Opportunities List from Eva Garland Consulting
- DHIT + ASSIST Center Incubator: A virtual incubator that crowdsources innovative solutions to issues raised by COVID-19. Winning ideas will receive support to move forward. (More TechWire coverage here.)
- National Institutes of Health: Open-Access Data & Computational Resources to Address COVID-19
- National Institutes of Health Rapid Acceleration of Diagnostics (RADx): Up to $500 million for projects related to COVID-19 testing and distribution.
- National Science Foundation SBIR/STTR Phase I Proposals
- NC Biotech List of Funding Opportunities
- Search Engine for COVID-19 Treatment Grant Funding
- UNC Research: COVID-19 Funding Opportunities List
Related TechWire Content:
- Can’t fulfill a contract because of COVID-19? Here’s what to do
- Have questions about disaster assistance loans to NC small businesses? Here are some answers
- Having trouble with virus crisis loans? Here are tips to help from CFO services firm
- Here’s what startups, small businesses need to know about SBA loans, Payroll Protection Program
- Here to Help virtual conference series archive
- How do startups, entrepreneurs survive this virus crisis? Here are 6 ways to stay standing
- Navigating, right-sizing through pandemic: Here’s how to manage your firm
- NC IDEA launches fund-raising program targeting North Carolina startups
- NC startups running out of cash? If not now, maybe later as pandemic drags on
- PPP loans update, changes: Here’s what you need to know
- Startups, small businesses have new source for possible loans: Golden LEAF
- Q&A: Where, how can startups, small businesses find funding in virus crisis?
- Where you can find financial resources in the COVID-19 crisis
- Where to apply for virus crisis loans in NC? Here’s a list
- Why right now in midst of crisis is the best time to invest in your company
- WRAL TechWire’s ‘New Normal’ series: Examining how the local startup community is adjusting to the changes arising from the pandemic.
Public Health Information:
- Case Data:
- CDC Resources: Plan/Prepare/Respond Guidance for Businesses // Reopening Decision Tree for Small Businesses
- Eased Restrictions in NC: Phase I & II Reopening
- Phase I: Phase I Reopening Plan // What’s New In Phase I // EDPNC Guide for Businesses Preparing to Reopen
- Phase II (effective May 22): Phase II Reopening Plan // What’s New In Phase II // EDPNC Guide for Businesses Reopening in Phase II // Count On Me NC COVID-19 Business Training Resources // City of Raleigh Outdoor Seating Extension Application
- Statewide Mask Mandate (effective June 26): Executive Order & Requirement Details // CDC Small Business Resource Hub // WHO Face Mask Q&A // Occupational Safety and Health Administration (OSHA) Face Covering FAQ
If you’re interested in getting more funding and exposure beyond traditional seed rounds, here are some opportunities:
The annual Big Launch Challenge is a chance for startups pitch for cash prizes and capital opportunities. The event is hosted by The Launch Place in Danville, Virginia, which has expanded its presence in the Triangle market with a RTP office and several local startups in its portfolio. Winners of the Big Launch Challenge program often attract later investments from The Launch Place, as well.
Black Girl Ventures opened a Durham chapter in 2020. The organization provides funding, mentoring and coaching, crowdfunding and community connections to women-founded tech startups.
CrowdfundNC provides education and services to enable North Carolina startups and small businesses to get funded using online private and public offering strategies, including investment crowdfunding. CrowdfundNC’s crowdfunding platform, Localstake NC, helps companies conduct a cost-effective debt or equity securities offering to get funding from customers, partners and supporters. Related TechWire coverage here.
Duke University’s Center for the Advancement of Social Entrepreneurship (CASE) hosts the Launch Pad program for Duke MBA students with innovative ideas. The program includes a $10,000 grant, coaching from CASE staff and the program’s global network of impact enterprise leaders.
Duke Incubation Fund awards funding to idea-stage projects with commercial potential. At least one member of the startup team must be from Duke University.
Duke University’s MEDx initiative offers a range of funding opportunities for students and faculty members with solutions to medical challenges.
Three student teams compete in three rounds for a year-long entrepreneurship competition that leads to an accelerator program.
A week-long startup program focused on building and funding local startups led by black founders. It’s held in conjunction with the annual Black Wall Street Homecoming, a three-day event that celebrates the entrepreneurship and innovation sourced from Durham’s diverse, multicultural communities.
The Launch Place‘s IdeaFest is an annual competition where 20 finalists pitch their startup idea to judges and a live audience. The top three competitors will be awarded $5,000 for first place, $3,000 for second place and $2,000 for third place. Winners of the competition are eligible to receive 25 hours of free business consulting from The Launch Place.
Innovate Durham, a program launched by the City of Durham, offers innovators the facilities, tools and government resources they need to create technology-driven solutions to community challenges.
INVESTinNC is an educational program to engage small business owners and potential investors about new investment crowdfunding opportunities presented under the NC PACES Act. This is a full-package resource for North Carolina-based companies seeking to raise money through community-based investment crowdfunding sources. Related coverage here.
Through its SEED program, the NC IDEA Foundation offers grants to a handful of select startups twice per year. Each company receives up to $50,000 in non-dilutive funding, along with mentorship and guidance.
NC IDEA’s MICRO grant program offers funding of up to $10,000 for early-stage companies seeking to validate and further develop their ideas. Recipients will also receive mentorship from NC IDEA and access to its network.
UNC’s Carolina Challenge is a venture competition that provides students the opportunity to win seed funding for early-stage ideas. Every year, the challenge distributes around $50,000 to promising startups in both profit and nonprofit spaces.
UNC Chapel Hill’s Eshelman Institute for Innovation offers grant funding to staff/faculty, students and postdocs who are developing innovations in science, medicine, healthcare delivery or healthcare education. You can check out some of the projects that have been awarded funding in the past here.
UNC Chapel Hill’s 1789 Student Venture Fund provides small, targeted funding to help undergraduate and graduate students get their commercial and social startups off the ground.