NC IDEA, a private foundation committed to supporting entrepreneurial ambition and economic empowerment in North Carolina, recently announced that the organization has awarded 11 Rural Impact grants to companies across the state. Over $1.2 million in funding is 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 President and CEO of NC IDEA Thom Ruhe in a press release. “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.”
Rural Impact grants have been awarded as part of an 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.
Within Greater Fayetteville Business Journal’s coverage area two businesses received funding:
Active Defender in Carthage, NC and Phinite in Clinton, NC.
Phinite, Inc. is a leader in agricultural technology and sustainable fertilizer manufacturing. In October 2024, the company announced plans to establish its next-generation manufacturing plant in Sampson County. The company plans to invest approximately $5.5 million, and create 23 new jobs in Turkey, NC.
Active Defender is a technology company focused on securing and protecting schools through continued advancements in communication, security systems , emergency live streaming and more. For over 23 years, Active Defender has created innovative solutions to complex problems and worked to revolutionize safety on school campuses and businesses nationwide.
“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 Community Relations Director for Wells Fargo Jay Everette in a press release. “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.
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