NC H904

Establishes the North Carolina Rural Job Creation Fund to provide repayable grants to certified rural funds that invest in small businesses with fewer than 150 employees located in rural counties (development tier one or two areas).

Creates a matching grant program where the Department of Commerce provides up to $100 million in repayable grants that must be matched dollar-for-dollar with private contributions from investors.

Requires rural funds to invest 100% of their investment authority in growth investments within three years, with at least 70% directed to development tier one or two areas, and maintain those investments until the sixth anniversary of the closing date.

Reduces the repayment obligation based on job creation, with earned job factors ranging from $7,500 to $15,000 per full-time employee depending on the development tier of the business location.

Appropriates $50 million from the General Fund to the Rural Job Creation Fund for fiscal year 2017-2018.