HB 283

Amends GS 143B-437.71 by amending the allowable uses of funds in the One North Carolina Fund (Fund), to now allow funds to also be allocated to: (1) the Small Business Research and Technology Account (was, the One North Carolina Small Business Account) in an amount of up to $3 million; and (2) the new Small Business Investment Grant Account in an amount not to exceed $10 million. Replaces the One North Carolina Small Business Account with the Small Business Research and Technology Account; makes conforming changes to GS 143B-437.80 and GS 143B-437.83. Creates the Small Business Investment Grant Account (SBIG) within the Fund to provide competitive grants to eligible small businesses to offset costs associated with establishing a new facility or expanding an existing facility in the State. Requires giving priority to recipients that the Department of Commerce determines will have the greatest net economic benefit at the regional and State levels. Sets out limitations on the amount of the grants and their terms. Defines an eligible small business as a business that: (1) has 250 or fewer full-time employees, including full-time equivalents, or has less than $5 million in annual gross revenue; (2) will invest at least $10 million, but not more than $30 million in private funds, and hire not more than 250 new employees in this State; and (3) pays employees an average weekly wage that is at least equal to 110% of the average wage for all insured private employers in the county.