The Nussbaum Center for Entrepreneurship has been awarded its largest grant yet for a program that will help entrepreneurs raise early-stage capital.
Last week, the Truist Foundation awarded the Nussbaum Center a $45,000 grant for its pilot program called Access to Capital for Entrepreneurs: Removing Barriers, bringing the total raised for the program to $90,000.
The Nussbaum Center also received a $15,000 grant from the Wells Fargo Foundation and a $5,000 grant from NC IDEA last fall.
Through sample applications, feedback and peer review, the program will aid entrepreneurs and small business when applying for grants.
The Nussbaum Center ranks the 10th-largest innovation advocacy organization in the Triad, having helped 77 startups between September 2021 and September 2022. The organization has nine on-site entrepreneur support organization partners. With 285,000 leasable square feet, the Nussbaum Center is also the largest coworking, incubator and accelerator space in the region.
“We take pride in our approach to providing entrepreneurs not only space to operate their businesses, but access to a range of support services that help them grow into successful and sustainable companies,” said Sam Funchess, CEO.
Funding for the Access to Capital for Entrepreneurs: Removing Barriers program comes at a time when venture capital is slowing and small business borrowing is entering uncharted waters.
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“Helping entrepreneurs reach their dream of owning a successful small business is at the heart of Truist’s purpose of inspiring and building better lives and communities,” said Cantey Alexander, Truist’s regional president in the Triad. “These business owners are foundational to spurring economic growth throughout our country and helping to create a cycle of success and pride.”
Earlier this year, the head of the U.S. Small Business Administration, Isabella Casillas Guzman, warned that lack of access to capital for minority-owned small businesses is costing the U.S. economy hundreds of billions of dollars in economic output and several million jobs.
For example, minority- and women-owned businesses receive less than 2% of all venture capital funding, according to a 2022 report from Diversity VC.
Taking the first step to accessing that capital – writing grant applications – can be a daunting task for an entrepreneur and the Nussbaum Center’s program hopes to overcome that barrier.
“We are always happy to work with partners to increase the number of quality applications,” said Thom Ruhe, CEO of NC IDEA. “More qualified applicants from the region is in everyone’s best interest.”
