HIGH POINT — An initiative that aims to serve minority and women-owned businesses in High Point is getting a $1 million grant from the state.
The money will go to Thrive High Point, pending approval of an agreement between the city and the High Point Chamber Foundation.
The initiative is a program of Business High Point-Chamber of Commerce.
It provides assistance for startups and existing small businesses that face disadvantages in access to resources, capital, support and training.
“This additional funding will further our efforts in supporting the broad needs of minority and women-owned businesses in the city with nontraditional business financing, technical assistance, entrepreneurial mentorship and business coaching,” said BHP Chamber President and CEO Patrick Chapin.
The grant is from the N.C. Department of Commerce Rural Economic Development Division.
The city has received the first $750,000, and the remaining $250,000 will be sent in the second quarter of this year.
The funds must be committed or spent by July 1, 2023, unless an extension is approved by the state, according to the city.
The City Council on Monday will be asked to approve a memorandum of understanding that allows a pass-through of the money to the chamber foundation, which manages Thrive High Point.
The initiative was seeded with a $500,000 gift from High Point University and a $100,000 grant from the Guilford County Board of Commissioners.
In addition, Pinnacle Financial Partners last month announced it was donating $200,000 to it to support nontraditional business financing.
Chapin said the initiative has engaged with more than 180 companies since it was launched last fall.
“We are very appreciative of the state support of our Thrive High Point program,” he said. “We are especially grateful to Rep. Cecil Brockman, who recognized our impact and championed our efforts.”