Last Updated on August 23, 2023 by Hannah Stevens
The federal government allocates the majority of the budget of more than $20,942.00 million dollars in grants and local government funding sources of $15.308.00 million dollars into the business sector because small businesses and large corporations are the backbone of North Carolina’s economic growth. The state of North Carolina has 169,798 businesses, and they are broken down into the following:
North Carolina Business Sector Breakdown by Size
- 100,226 registered businesses in North Carolina have 0 to 4 employees. This breakdown includes those who work from home and have sole proprietorship.
- 29,242 registered businesses in North Carolina have 5 to 9 employees.
- 18,000 registered businesses in North Carolina have 10-19 employees.
- 15,371 registered businesses in North Carolina have 20-99 employees.
- 3,547 registered businesses in North Carolina have 100 to 499 employees.
- Over 3,412 registered businesses in North Carolina have over 500 employees.
North Carolina Business Sector Breakdown in Service Industries
- 22,442 registered businesses in North Carolina are in the Professional, Scientific and Technical Services sector.
- 11,667 registered businesses in North Carolina are part of the Administrative, Support, Waste Management, and Remediation Services sector.
- 18,494 registered businesses in North Carolina belong in the Accommodation and Food Services sector.
- More than 22,352 registered businesses in North Carolina are also service orientated businesses, but do not belong in the categories above.
You may also be eligible to apply for grants for small businesses if you work in the agriculture industry. The state of North Carolina has more than 53,000 farms.
Small Businesses in North Carolina
It is difficult to start and manage a small business in North Carolina. More than $124,323,000,000.00 US Dollars are spent on employee salaries/payroll alone in the state of North Carolina, and every year, more than 274,044 businesses go bankrupt. The federal government doesn’t provide grants publicly for expanding or starting a business. However, some small business grants can be given in North Carolina to help business owners start or grow their ventures. Moreover, grant recipients don’t have to repay the government funding. So, it is worth looking into small business grants to help fund your business.
Contact North Carolina financial aid agencies to apply for business grants.
Recent State Funding Opportunities
Below is a list of opportunities recently published in the local state: