Revitalizing Main Street: $700,000 of new funding available to North Carolina small businesses through Duke Energy Foundation program

Rhea-AI Summary

The Duke Energy Foundation has announced $700,000 in new funding for North Carolina small businesses through its grant program. Partnering with 20 community organizations, grants ranging from $1,000 to $5,000 will be distributed to support retail shops, restaurants, and other small businesses looking to expand, upgrade technology, and improve downtown storefronts. Now in its fourth year, the program has provided over $2 million in funding since its inception during the COVID-19 pandemic. The initiative aims to revitalize Main Streets across the state and support economic development efforts. Small businesses interested in applying for funding are encouraged to inquire with their local nonprofit administering the program.

Positive

• Duke Energy Foundation is providing $700,000 in new funding for North Carolina small businesses
• The grant program has distributed over $2 million in funding since its inception
• Grants range from $1,000 to $5,000, supporting various aspects of small business growth
• The program partners with 20 community organizations across North Carolina
• The initiative aims to revitalize Main Streets and support economic development efforts

Negative

• None.

Insights

Economic Development Specialist

This initiative by Duke Energy Foundation is a significant boost for North Carolina's small business ecosystem. The $700,000 in new funding, distributed through grants of $1,000 to $5,000, can have a substantial impact on local economies. Small businesses, which employ nearly 50% of North Carolina's workforce, will benefit from this targeted support.

The program's focus on expanding businesses, upgrading technology and improving storefronts is strategically sound. These investments can lead to increased foot traffic, improved customer experiences and potentially higher revenues for participating businesses. The involvement of 20 community organizations in distributing the funds ensures a localized approach, which can better address specific regional needs.

However, while impactful, the individual grant amounts are relatively small. Businesses will need to be strategic in their use of funds to maximize impact. The program's success will largely depend on how effectively these grants are utilized and whether they can catalyze further investment or growth.

Small Business Advisor

This grant program represents a valuable opportunity for North Carolina's small businesses, particularly those in retail and hospitality sectors. The focus on technology upgrades and storefront improvements is timely, as these areas often require significant investment but can yield substantial returns in terms of customer attraction and retention.

The program's structure, providing grants through local organizations, is commendable. It leverages local knowledge and existing relationships, potentially leading to more effective distribution of funds. However, the competitive nature of the grants ($700,000 spread across multiple counties) means that not all eligible businesses will benefit.

Small business owners should view this as more than just free money. It's an opportunity to strategically invest in areas that can drive long-term growth. Recipients should consider combining these grants with other funding sources or their own capital to undertake more substantial improvements. The key will be to use these funds as a catalyst for broader business enhancements.

• Duke Energy partnership with community development organizations will provide grants to help small businesses expand

CHARLOTTE, N.C., Aug. 15, 2024 /PRNewswire/ -- The Duke Energy Foundation today announced $700,000 of new funding will be made available to North Carolina small businesses in partnership with community development organizations. Small business grants ranging from $1,000 to $5,000 will be distributed through 20 community organizations to support retail shops, restaurants and other small businesses looking to expand, upgrade technology and improve downtown storefronts.

Now in its fourth year, the grant program has provided over $2 million in funding to small businesses since its inception during the COVID-19 pandemic.

"The Duke Energy Foundation's small business grant program has helped fuel a resurgence of entrepreneurial small businesses in North Carolina ranging from bookstores to restaurants," said Kendal Bowman, president of Duke Energy North Carolina. "These small business grants ensure Main Streets across our state are well positioned to benefit from economic development efforts."  

Small businesses play a critical role in the state's economic health and employ nearly half of North Carolina's workforce, according to the U.S. Small Business Administration. Anna Impson and Rebekah Rhoden, owners of Little Pep in Winston-Salem, used funding from the grant program to improve the bistro's storefront last year and attract new customers.

"Receiving a grant from the Downtown Winston-Salem Partnership and the Duke Energy Foundation allowed us to improve and restore our historic storefront and give it the charm and character it deserves," said Impson and Rhoden. "We're thankful that the Duke Energy Foundation helped us make our dreams a reality, and we're excited to have brought Little Pep to our vibrant downtown."

Bill King, president and CEO of Downtown Raleigh Alliance, sees the funding as essential to community improvement efforts.

"This tremendous support from the Duke Energy Foundation is a huge boost to our efforts to revitalize downtown Raleigh and will go directly to support our small, locally owned businesses," said King. "Since the pandemic, Duke Energy has set a standard for corporate support through its generous and focused efforts on bringing back main streets and small business communities that form the backbone of places like downtown Raleigh."

Small businesses interested in applying for funding are encouraged to inquire with the local nonprofit administering the program for their community. A full list of recipients can be found below with quotes from each organization available here.

Small Business Grant Program Recipients

Organization	Counties Served	Grant Amount
Alexander County Economic Development Corporation	Alexander	$50,000
Caraway Foundation	Anson	$25,000
Clinton Downtown Initiatives	Sampson	$50,000
Davidson-Davie Community College Foundation	Davidson	$25,000
Downtown Asheboro	Randolph	$25,000
Downtown Greensboro Foundation	Guilford	$25,000
Downtown Winston-Salem Foundation	Forsyth	$25,000
Durham Chamber Legacy Foundation	Durham	$50,000
Flywheel Foundation	Cabarrus	$25,000
Friends of the Land of Sky Regional Council	Buncombe, Madison, Yancey, Mitchell, Avery	$25,000
Heart of Brevard	Transylvania	$25,000
Jacksonville Onslow Economic Development Partnership	Onslow	$25,000
Jones County Committee of 100	Jones	$25,000
Lumberton Economic Advancement for Downtown	Robeson	$25,000
Montcross Tomorrow Chamber Foundation	Gaston	$50,000
Raleigh Civic Ventures (Downtown Raleigh Alliance)	Wake	$50,000
Region A Foundation	Clay, Cherokee, Graham, Haywood, Jackson, Macon, Swain	$75,000
Rutherford Town Revitalization	Rutherford	$25,000
Vance-Granville Community College Endowment Fund	Vance	$50,000
Wilkes Economic Development Corporation	Wilkes	$25,000

Duke Energy Foundation 

The Duke Energy Foundation provides more than $30 million annually in philanthropic support to meet the needs of communities where Duke Energy customers live and work. The foundation is funded by Duke Energy shareholders.

Duke Energy

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America's largest energy holding companies. The company's electric utilities serve 8.4 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 54,800 megawatts of energy capacity. Its natural gas utilities serve 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky.

Duke Energy is executing an ambitious clean energy transition, keeping reliability, affordability and accessibility at the forefront as the company works toward net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050. The company is investing in major electric grid upgrades and cleaner generation, including expanded energy storage, renewables, natural gas and nuclear.

More information is available at duke-energy.com and the Duke Energy News Center. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook, and visit illumination for stories about the people and innovations powering our energy transition.

Contact: Garrett Poorman
Twitter: @DE_GarrettP
24-Hour: 800.559.3853

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SOURCE Duke Energy

FAQ

How much new funding is Duke Energy Foundation providing for North Carolina small businesses in 2024?

Duke Energy Foundation is providing $700,000 in new funding for North Carolina small businesses in 2024 through its grant program.

What is the range of grant amounts available to small businesses through the Duke Energy Foundation program?

Small business grants through the Duke Energy Foundation program range from $1,000 to $5,000.

How many community organizations is Duke Energy (DUK) partnering with to distribute the small business grants?

Duke Energy (DUK) is partnering with 20 community organizations to distribute the small business grants across North Carolina.

How much total funding has the Duke Energy Foundation small business grant program provided since its inception?

The Duke Energy Foundation small business grant program has provided over $2 million in funding since its inception during the COVID-19 pandemic.