In its 2020-2024 Consolidated Plan for Housing and Community Development, the City of Hickory identified increasing entrepreneurship opportunities as a high priority need. This led to the creation of a program to provide microenterprise grants to businesses looking for funding necessary to take their business to the next level.
What is a microenterprise?
According to the US Department of Housing and Urban Development, a microenterprise is a business that has five or fewer employees, one of whom is the owner of the business. Since the project will be funded with CDBG funds, all applicants will need to have a household income of less than 80% of the area median income. In 2021, this is $48,250 for a family of four. Please contact the Community Development Division to verify current HUD income limits. (All limits are subject to change as HUD updates their information.)