$5 Million Fund Supports Cutting Edge Research and Technology Development Grants

RALEIGH - Gov. Mike Easley has announced that the state is accepting applications for One North Carolina Small Business Fund matching grants for fiscal year 2006-07. These grants help small businesses with money to conduct innovative research and develop technology in an effort to bring new, cutting-edge products to the marketplace.

"These grants enable North Carolina's small businesses to conduct the research and technology development that will generate the kinds of innovation critical to the future growth of our state's economy," Easley said. "The One North Carolina Small Business Fund helps further North Carolina's position as the nation's top entrepreneurial state and as a leader in the global marketplace. This program is just one more reason that our state is ranked No.1 for business climate."

The One North Carolina Small Business Fund was proposed by Easley and approved by the General Assembly last year with $1 million for the first round of grants to help provide companies with needed resources to pursue original, pioneering ideas. Twenty-four North Carolina companies received grants from the fund. This year on the Governor's recommendation, the General Assembly approved an additional $5 million for the program.

For a business to be considered for a One North Carolina Small Business Fund grant, it must already have qualified for a federal Small Business Innovation Research or a Small Business Technology Transfer award. Under the One North Carolina Small Business Fund program's guidelines, the state matches the federal money, with a $100,000 maximum per grant.

Detailed information on applying for the grants, requests for grant proposals and guidelines are posted on the Board of Science and Technology's Website www.ncscienceandtechnology.com. New this year is web-based electronic submission for program applications.