Sen. Kennedy files bill in North Carolina Senate to boost small business capital access

A new bill filed by Sen. Kennedy seeks to enhance access to capital for small businesses and minority and women-owned enterprises in North Carolina, according to the North Carolina State Senate.

The bill, filed as SB 651 on March 25 during the 2025 regular session, was formally listed with the short title: ‘The Hustle Act.’

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

In essence, this bill, effective July 1, 2026, seeks to enhance access to capital for North Carolina’s small businesses and Minority and Women-Owned Business Enterprises (MWBEs) through a coordinated strategy involving loan guarantees, direct investments, and technical support. The legislation establishes the Office of Small Business Capital Access and an oversight board to manage initiatives such as the Small Business Loan Guarantee Program and the North Carolina MWBE Growth Fund. The bill outlines the development of several program components like the CDFI Support Initiative and the Small Business Innovation Fund, with a comprehensive framework for allocation, management guidelines, and performance evaluations. It also revises tax credits available to investors in eligible businesses to foster greater private investment. The bill appropriates $50 million from the state’s General Fund for these programs, distributed across various initiatives, including loan guarantees and innovation funding, with specific allocations for each. The Department of Commerce is tasked with rulemaking to ensure implementation, and progress timelines for program components are stipulated.

Of the three sponsors of this bill, DeAndrea Salvador proposed the most bills (33) 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.

Garrett graduated from the University of North Carolina at Greensboro in 2007 with a BSBA.

Garrett, a Democrat, was elected to the North Carolina State Senate in 2019 to represent the state’s 27th Senate district, replacing previous state senator Trudy Wade.