NC H1060

Establishes the North Carolina Urban Empowerment Initiative Fund within the Department of Commerce to provide grants and loans to minority-owned businesses in Mecklenburg, Guilford, and Forsyth Counties that have operated for at least five consecutive years.

Authorizes grants up to $1.5 million for large empowerment firms (annual sales $1-2 million) and up to $250,000 for small empowerment firms (annual sales under $1 million) for eligible expenses including building purchase/lease, upfit, energy efficiency renovations, signage, and equipment.

Provides working capital loans up to $600,000 for large empowerment firms and $100,000 for small empowerment firms at interest rates not exceeding 3.5% annually, with loan terms up to 15 years and principal reduction for hiring long-term unemployed or young interns.

Appropriates $30 million for fiscal year 2012-2013 with legislative intent to provide $150 million total in equal annual installments over five years to support grant funding, loan programs, and technical assistance services.

Requires annual reporting to the General Assembly on fund allocations, usage, and outcomes including jobs created and investments made by recipient firms.