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North Carolina

Program # of Grants EDA Funds
Disaster Relief 1 $1,740,772
Economic Adjustment Assistance 6 $3,100,000
Public Works 5 $7,187,500
Regional Innovation Program 4 $1,689,443
Technical Assistance 5 $396,500
Planning 14 $927,400
Grand Total 35 $15,041,615

Raleigh, NC - Eastern North Carolina has seen a significant change in its economic fabric. Two decades ago, the region was primarily driven by manufacturing, largely centered around textiles, apparel and wood products. Yet, over the ensuing years, the heightened mobility of products, ideas, and technology forced rapid changes in the manufacturing sector that shattered many of the region’s firms. Southeastern North Carolina – specifically the 14 counties comprising Anson, Bladen, Brunswick, Columbus, Cumberland, Duplin, Harnett, Hoke, New Hanover, Pender, Richmond, Robeson, Sampson, and Scotland – has a rich history of entrepreneurship and a growing number of assets that are supporting new firm formation that is creating jobs in the region.

In May 2017, EDA invested $750,000 in Economic Adjustment Assistance funds to the Carolina Small Business Development Center Fund to create a Revolving Loan Fund to serve small businesses in the 14-county region of Southeast North Carolina. In 2017, prior to Hurricane Matthew hitting the State and negatively impacting eastern communities, a large number of firms needed capital to meet expansion needs and this need was significantly exacerbated after the storm.

The project is expected to provide at least 30 loans based on an average loan size of $50,000. These loans will serve up to 30 businesses in the region that will be able to start, expand or grow because of the revolving loan fund. The success of these businesses will support the progress of other businesses such as their suppliers. Carolina Small Business Development Fund has partnered with a broad array of regional and State partners to provide both capital and technical assistance to firms in the project region.

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