NFIB is watching new legislation that could greatly help small businesses.

H.283 would update the state’s One North Carolina Fund. If passed, it would allow up to $3 million to support the Small Business Research and Technology Account and up to $10 million for a new Small Business Investment Grant (SBIG) Account. The SBIG grants would help small businesses pay costs when opening new locations or growing existing ones in the state.

To qualify for these grants, businesses must have fewer than 250 full-time workers or yearly revenue below $5 million. They must also plan to invest between $10 million and $30 million and pay employees wages higher than the average local pay.

“This bill would really help small businesses grow and add jobs,” NFIB State Director Gregg Thompson said. “It encourages investment in our communities and makes sure local businesses have the support they need.”