NC S651

Establishes the Office of Small Business Capital Access within the Department of Commerce and an 11-member oversight board to administer a comprehensive capital access program for small businesses and minority/women-owned business enterprises (MWBEs)

Creates multiple financing programs including a Small Business Loan Guarantee Program covering up to 90% for MWBEs and 80% for other small businesses, an MWBE Growth Fund providing $250,000-$2,000,000 investments, and a CDFI Support Initiative to strengthen community lenders

Appropriates $50,000,000 from the General Fund for FY 2025-2026, allocated across loan guarantees ($20M), MWBE growth fund ($10M), CDFI support ($5M), technical assistance ($5M), procurement financing ($5M), innovation fund ($4M), and administration ($1M)

Reenacts and modifies tax credits for investments in eligible businesses, offering 25% credits on investments up to $500,000 per investor annually, with a 10% bonus for investments in tier one/two development areas or MWBEs, and a total annual credit ceiling of $10,000,000

Requires State agencies to pay approved invoices from small businesses and MWBEs within 15 days and mandates annual reporting to the Governor and General Assembly with independent program evaluations every three years