The Chamber is actively seeking the next standout business in Alamance County that demonstrates both the potential and ambition to grow and flourish within our community. We are specifically targeting companies that are preparing to enter their growth stage—those with a viable brand, a clearly defined market for their products or services, and an established customer base. Additionally, these businesses have creative, innovative, and scalable business models. They must be start-up stage enterprises, (up to but not including Series A).
To empower such businesses, the EDF is proud to announce our Impact Grant Program, which will provide a substantial investment of $25,000 to the winning business.
Additionally, a “People’s Choice” award of $5,000 will be given to one of the two runner-up companies during the pitch competition phase of this program.
Expected Outcomes of the Impact Grant Program
The anticipated short-term and long-term impacts of this program are significant and far-reaching. They include:
- Increased Tax Base: The program is expected to enhance the local tax base through increased capital investment.
- Job Creation: We anticipate an increase in the number of high skilled, full-time jobs within our community.
- Enhanced Quality of Life: The innovation brought to the marketplace will lead to improved quality of life for customers, as new products/services emerge.
- Community Investment: The ideal applicants will be locally rooted companies that will strive to invest back into the community through charitable contributions, active volunteerism, and strong leadership initiatives.
Impact Grant Eligibility
- Business must be located in Alamance County, NC, and in an area zoned appropriately for its use/operation
- Business must be in good standing with no outstanding taxes, fines, fees, or liens
- Business must be current on any existing loan payments
- Applicant must be majority owner and decision-maker
- Applicant must earn their primary income through this business
- Business must have at least one full-time employee at local market (or above) compensation level (not including benefits)
- Franchise businesses are not eligible
- Pyramid sales/distribution plan businesses are not eligible
- Non-profit organizations are not eligible
- Foreign-controlled businesses are not eligible
- Annual company revenues must not exceed $2 million
- Business must have an EIN and an established business checking account, separate from any personal accounts
- Owner must demonstrate a commitment to the local community, be a good corporate citizen, and plan for long-term growth in Alamance County
Impact Grant Process & Timeline
- Friday, December 6, 2024: Applications must be submitted online with all requested documents no later than 5:00 pm ET. Late submissions will be disqualified and will not be considered.
- Free advising and technical assistance are available to all applicants through:
- SCORE (Click here to request a mentor)
- SBTDC at UNC-Chapel Hill (Click here to become a client)
- Wednesday, December 18, 2024: Three finalists will be selected by our distinguished judging panel and all applicants will be notified of their status.
- Three finalists will have the option to receive free pitch coaching from our partner, ElePitch, (restrictions apply), as they prepare for the pitch competition.
- Thursday, January 23, 2025: Alamance County Economic Development Foundation (EDF) Annual Meeting/hosted at the Alamance Country Club in Burlington, NC. At 1:30 pm, finalists will each make up to a 5-minute pitch to our judging panel, which will select the ultimate winner, (but the announcement will not yet be made). All finalists will also make their same pitches to the EDF audience, (at/around 4:40 pm), where one winner will be announced and presented with the $25,000 award. Meeting attendees will vote on a “People’s Choice” award and $5,000 will be presented to the runner-up company receiving the most votes.
- Grant monies will be dispersed immediately upon receipt of the signed grant funding agreement and other required documents. Recipient has six months to expend grant proceeds. Grantee agrees to submit periodic progress updates as requested, and to host onsite visits by the Alamance Chamber to observe operations and any acquired equipment, and to share progress milestones. A final report will be submitted by the grantee 24 months following funding disbursement.
- After funding, the grantee agrees to receive any necessary technical assistance from Small Business Technical Development Center at UNC-Chapel Hill or SCORE, (by referral through the Alamance Chamber).
Impact Grant Use of Funds
- To support the acquisition of machinery, software, equipment, and/or instrumentation, (websites, equipment rental, and/or leasing is not covered in this grant program)
- To support the acquisition of real property – grant funds may be combined with other resources to complete the acquisition
- Certification/licensing/advanced training of workforce that will directly correlate with the generation of increased revenue
- Costs related to opening/accessing new customer markets
- Impact grant funding may NOT be used for:
- Wages/salaries, bonuses, or other compensation
- Outstanding bills, taxes, or liens
- Consulting or other professional services, (accounting/financial, legal, etc.)
- Operating expenses other than what is stated above
- Owner’s equity
- Covering any taxes owed as a result of receiving this or any other grant funding
- Re-granting funds and/or utilizing Impact Grant funding to cover a product or service that might otherwise be donated by the applicant
- Acquisition of real property intended for personal use
- Political activities
- Speculative ventures (cryptocurrency purchases, commodity futures, for example)
- Lending or investment
- Real property held for sale or investment
- Private membership club, (dues, fees, etc.)
Confidentiality
As part of our grants review process, the Alamance Chamber will share the contents of grant applications with both internal and/or external experts to assess the merits of each application. The Alamance Chamber will endeavor to maintain the confidentiality of all information provided by the applicant. While measures are in place to assure the appropriate handling of all information provided, the applicant is responsible for limiting the disclosure of any sensitive information that should not be shared outside of the Alamance Chamber. We encourage applicants to consult with an intellectual property professional for more specific counsel, as necessary.
Applications and supplemental information will become the property of the Alamance Chamber and may not be returned.
Check out our 10 Tips on Writing a Winning Grant Application
