Rep. Reives files bill in North Carolina House to rename small business fund

A new bill filed by State Rep. Robert T. Reives, II in the North Carolina House seeks to support small business growth through fund renaming and creation of a competitive grant program, according to the North Carolina State House.

The bill, filed as HB 283 on March 4 during the 2025 regular session, was formally listed with the short title: ‘Small Business Investment Grant Program.’

The following is our breakdown, based on the actual bill text, and may include interpretation to clarify its provisions.

In essence, this bill seeks to rename the One North Carolina Small Business Account to the Small Business Research and Technology Account and establish a Small Business Investment Grant Program within the One North Carolina Fund. It specifies that funds can be allocated to local governments for equipment, structural improvements, and utility construction related to business expansion and retention. A new Small Business Investment Grant Account is to be created, offering competitive grants to small businesses with up to 250 employees or less than $5 million in annual revenue, investing $10 million to $30 million in the state, and hiring up to 250 new employees, provided they pay wages at least 110% of the county’s average. The North Carolina Department of Commerce will prioritize grants expected to yield the greatest economic benefit. The bill also incorporates changes to the administration of the SBIR/STTR Incentive Program and requires annual reporting on fund usage. The act will take effect upon becoming law.

Of the four sponsors of this bill, John R. Bell, IV proposed the most bills (13) during the 2025 regular session.

Bills in North Carolina follow a multi-step process before becoming law. A lawmaker starts by filing a bill, which is assigned to a committee for review. The bill must be read three times in each chamber. If one chamber changes the bill after the other passes it, both must agree on the final version. Once both chambers approve the same bill, it goes to the governor, who has 10 days (or 30 if the legislature is not in session) to sign, veto, or let it become law without a signature.

You can read more about the bills and other measures here.

Reives graduated from the University of North Carolina at Chapel Hill in 1992 with a BA and again in 1995 from University of North Carolina at Chapel Hill with a JD.

Reives, a Democrat, was elected to the North Carolina State House in 2014 to represent the state’s 54th House district, replacing previous state representative Deb McManus.