Governor Cooper, Vice President Harris and U.S. Department of the Treasury Announce Funding to Support Small Businesses

RALEIGH - Governor Roy Cooper joined Vice President Harris and U.S. Department of the Treasury Deputy Secretary Wally Adeyemo for an announcement in Durham. Vice President Harris announced awards of $32 million to ten minority and women-led venture capital firms in North Carolina through funding by the American Rescue Plan. The funds, made available through the Treasury Department’s State Small Business Credit Initiative (SSBCI), will help underserved small businesses and entrepreneurs continue to grow and stimulate North Carolina’s economy. 

“This effort by the Biden-Harris administration’s American Rescue Plan will strengthen small businesses throughout our state,” said Governor Roy Cooper. “Investments in historically underutilized businesses will help transform our communities and provide equal opportunities for everyone to succeed.”

“The investments through the State Small Business Credit Initiative are a key part of the Biden-Harris Administration’s efforts to provide small businesses and entrepreneurs the resources they need to succeed,” said Deputy Secretary Wally Adeyemo. “Today’s announcement will help unlock the potential of entrepreneurs in underserved communities across North Carolina who have not had the support to pursue their ambitions and launch a new business.”

“The State Small Business Credit Initiative provides vital support for our small businesses, particularly for those who often face challenges in accessing capital,” said North Carolina Commerce Secretary Machelle Baker Sanders. “I look forward to these awards helping many of our state’s small, women- and minority-owned businesses across our rural communities to grow and become more resilient.”

The State of North Carolina’s SSBCI funds were awarded to the North Carolina Department of Commerce in 2022. The North Carolina Rural Center administers funding for small businesses from local and federal sources, including from the SSBCI program, on behalf of the State.  

“Core to the mission of the NC Rural Center across 37 years is a focused dedication to improving capital access for small businesses and startups across the capital spectrum. An entrepreneur can only grow their dream if they can find the capital they need to fuel it. Today’s announcement of $32 million invested in 10 venture capital funds has the potential to produce a transformational impact on the ability of socially and economically disadvantaged entrepreneurs to secure capital in an expanding North Carolina venture capital ecosystem,” shared Patrick Woodie, President & CEO, North Carolina Rural Center.

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