DURHAM — Are you a Black business owner looking for some capital?

North Carolina Black Entrepreneurship Council’s inaugural grant program, NC BEC ECOSYSTEM, could be the answer.

Staring October 5, the newly formed group established by NC IDEA to support Black entrepreneurship will begin accepting applications.

The total funds available: $500,000. Applicants may request any amount of funding up to but not exceeding $50,000.

“By partnering with organizations focused on economically empowering Black people with entrepreneurship, we will collectively work to combat racial disparities and ensure more individuals are given the opportunity to reach their full entrepreneurial potential, which is better for the overall health of the economy,” said NC IDEA’s CEO Thom Ruhe.

NC IDEA is accepting applications from 501(c)(3) and for profit organizations within North Carolina that are in service to, or have programs specifically focused on, helping Black entrepreneurs and growth-oriented Black-owned firms start and grow scalable businesses.

The application is open to new programs and ideas that are being disruptive and driving change, as well as existing programs and initiatives.

NC IDEA is requiring that all grant dollars must be allocated toward specific programs and activities serving the Black entrepreneurial community of North Carolina.

Scheduled grant payments should align with specific activities, and funding may be allocated according to milestones and scheduled payments over the course of one year.

Final submissions are due Nov. 2 no later than 5pm. Grant award notifications will be sent on Dec. 11.

NC IDEA is an independent private foundation committed to supporting entrepreneurial ambition and economic advancement in North Carolina. Over the last decade, the NC IDEA SEED program has awarded more than $6 million in non-dilutive grants to 136 growth-oriented companies across the state.

Black, Brown entrepreneuers face disproportionate hurdles – NC IDEA’s new council is here to help