NC IDEA Foundation Announces $1.7M in Grants Awarded
NC IDEA Foundation Announces $1.7M in Grants Awarded to Entrepreneurial Support Organizations and Growth-Oriented Startups Across North Carolina
Over $1.2M of Total Funding to Advance Rural Entrepreneurship, Inclusive of $500,000 Contribution from Wells Fargo
DURHAM, NC – March 12, 2025 - NC IDEA, a private foundation committed to supporting entrepreneurial ambition and economic empowerment in North Carolina, announced today, that the organization has awarded eighteen NC IDEA ECOSYSTEM grants to partners and eleven Rural Impact grants to companies across the state totaling $1.7 million in funding. Over $1.2 million of the total funding is specifically earmarked to address the needs of rural entrepreneurs, with $500,000 of this amount contributed by Wells Fargo.
“Today’s funding announcement marks a significant investment into the equitable startup ecosystems of North Carolina and underscores our commitment to empower more people to pursue their entrepreneurial ambition,” said Thom Ruhe, President and CEO of NC IDEA. “In this critical moment, it is essential to continue our work to strengthen North Carolina’s entrepreneurial support infrastructure for underserved populations. We are grateful for the added support of our partner Wells Fargo to specifically champion and uplift rural entrepreneurship,” Ruhe added.
The NC IDEA ECOSYSTEM grant program is designed to identify and support partner organizations across the state doing inspired things to help entrepreneurs and strengthen North Carolina’s entrepreneurial ecosystem.
The following eighteen ECOSYSTEM grant recipients were selected from a competitive application and selection process that drew 79 applications from across the state, the largest number of grant applicants, and subsequently grant recipients, from a specific cycle in the program’s history. Wells Fargo provided additional funding to support eleven of the rural entrepreneur-serving ECOSYSTEM grant recipients, allowing them to provide awards directly to rural entrepreneurs in their programs; including:
- BlackGirlMagicMarket (Region Served: Eastern NC)
- First Flight Venture Center (Region Served: Statewide)
- Hatch AVL Foundation (Region Served: Western NC)
- Living Better Life (Region Served: Eastern NC)
- Pitt Community College (Region Served: Eastern NC)
- Prospera (Region Served: Statewide)
- Redirection (Region Served: Eastern NC)
- RIoT (Regions Served: Eastern NC and South Central NC)
- Wayne Charitable Partnership of Wayne County Chamber of Commerce (Region Served: Eastern NC)
- WE Power Food (Region Served: Statewide)
- Wealth through Entrepreneurship for Black and Brown Businesses (Region Served: Statewide)
The remaining seven ECOSYSTEM grant recipients with non-rural initiatives; include:
- Blush Cowork (Region Served: Triangle – Primary, Triad - Secondary)
- Charlotte Regional Business Alliance Foundation (Region Served: Charlotte)
- gWen (Growing Women Entrepreneurs Network) (Region Served: Charlotte)
- Mountain BizWorks (Region Served: Western NC)
- UNCW Center for Innovation and Entrepreneurship (Region Served: Southeastern NC)
- Winston Starts (Region Served: Triad)
- The Wright Village (Region Served: Triangle)
In addition, Rural Impact grants have been awarded as part of a broader initiative to support rural entrepreneurship across the state. These new grants provide funding for previous NC IDEA MICRO and SEED grant recipients to support their continued growth, address resource gaps, and foster economic development in the rural counties of our state. The $200,000 commitment from Wells Fargo is providing grants of up to $20,000 to the following companies either headquartered in a rural county or with a clear and significant impact on rural communities in North Carolina.
- 3 Spark Design – Hickory, NC (with operations in Burke County)
- Active Defender – Carthage, NC
- CircuitSays – Nashville, NC
- Companah – Sanford, NC
- Local Catch LLC – Wilmington, NC (with operations in Eastern NC)
- Neli – Sanford, NC
- Phinite – Clinton, NC
- Renaissance Fiber Inc. – Winston-Salem, NC (with operations in Davie County)
- Stemz – Winston-Salem, NC (with operations in the Piedmont and Triad)
- Tavi – Greenville, NC
- Verenovo – North Wilkesboro, NC
“We are proud to continue our support for NC IDEA and their work to provide North Carolina’s rural entrepreneurs access to the resources and opportunities they need to thrive and grow,” said Jay Everette, Community Relations Director for Wells Fargo. “We all know small businesses are the backbone of our communities – and Wells Fargo is committed to making meaningful investments to help set them up for success.”
Support from Wells Fargo related to NC IDEA’S rural entrepreneurship initiatives first began in June 2024 when they funded a comprehensive report with in-depth analysis and recommendations around rural entrepreneurship. These recent grants are a direct outcome of the report's findings on how to best support the needs of rural entrepreneurs statewide.
About NC IDEA Foundation
Celebrating its 20th year, NC IDEA is an independent private foundation committed to equitably empowering North Carolinians to achieve their entrepreneurial potential. Through our powerful combination of competitive grants and programs, and a network of strategic partners, we help entrepreneurs when they need it most. NC IDEA’s resources are highly competitive, enabling the foundation to support North Carolina’s most ambitious entrepreneurs. We believe entrepreneurs transform communities and view our work as a catalyst for positive change. Learn more at www.ncidea.org.
PRESS CONTACT:
Andrea Cook, Senior Director
919.941.5600 • acook@ncidea.org
Explore the CLT Alliance Foundation’s 2023-2024 Impact Report: “Creating Possibility in the Charlotte Region”
Over the past 18 months, our team at the CLT Alliance Foundation has been working tirelessly to support business leaders throughout the Charlotte Region. Whether it’s helping entrepreneurs figure out start-up challenges and grow their business to $1 million in revenues or creating social capital for black executives to reach the C-Suite, our organization is committed to Helping Leaders Navigate Possibility.
Our new impact report shares the story of our initiatives and the results they’ve created, telling the stories of just a few of the individuals who have benefited from our work. We encourage you to read the report and see what we’ve done, but here are a few highlights.
Since 2023, Charlotte Region business leaders have been able to access resources, support and build social capital through five new initiatives.
- RISE: an AI-powered digital resource hub that helps businesses and their leaders navigate a robust directory of tools and resources.
- African American Leadership Academy of Charlotte: a proven Executive development program that leverages a Korn Ferry, research-based curriculum and cohort program for Black executives across public, private and nonprofit sectors.
- Small Business Growth Fund: the Small Business Growth Fund provides up to $40 million in accessible, competitive loans to Charlotte small businesses.
- Catch Your Breath: a 6-month program supporting entrepreneurs’ well-being through financial education, relaxation workshops, and a cohort experience.
- Office Hours: Charlotte leaders have been able to meet with our team of Business Navigators to receive technical assistance and coaching. These free one-on-one sessions are personalized for each participant to help them get unstuck.
Our work has achieved notable outcomes already:
- 39% average revenue growth for Scale Up CLT participants.
- 21% of businesses reached $1 million in revenue, 5x higher than national averages.
- 3200+ unique users saved time by accessing the RISE directory of resources.
- Supported 209 business owners through the Catch Your Breath program, addressing mental health and well-being concerns that entrepreneurs face
- 75+ businesses completed office hours, receiving technical assistance and coaching to focus on critical areas of their business.
Beyond the numbers, we also share the stories of business leaders like Eric Craft and Damita Rhodie, who participated in AALAC and Catch Your Breath, respectively. Their stories, and the experiences of the thousands of businesses who depend on our work, underscore the importance of our work and the impact that we’re able to achieve with the right resources.
This is just the beginning of our story, and we look forward to including you in the next chapter. Read the report here and get involved to help Charlotte business leaders Navigate Possibility.