The COVID-19 pandemic presented many new economic challenges, while highlighting the inequities that already existed. Governor Cooper’s budget supports programs that combat these dueling economic crises, while fostering an economy that benefits all North Carolinians. By investing in our state’s small businesses we can enhance recovery and economic success for all communities.
“Vibrant communities are built on the backs of small businesses,” said Bobbie Richardson, NCDP chair. “Governor Cooper’s budget bolsters these foundational businesses while addressing COVID-19’s disproportionate economic impact on minority-owned businesses — both of which are necessary to create a recovery for all of our state’s entrepreneurs.”
Governor Cooper’s budget includes $24 million for small businesses through the One NC Small Business Fund and the Carolina Small Business Fund, $2 million for small and independent filmmakers, and $1.2 million for the Small Business Enterprise Program to address the disproportionate economic impact of COVID-19 on communities of color.
According to a report published last month, North Carolina’s small business revenue decreased by 26.7% from January 2020 to March 2021. Now is the time to support our state’s innovators and entrepreneurs.