In a medium saucepan, bring 4 cups of water to a boil over high heat. Once boiling, add a pinch of salt and gradually whisk in the stone-ground grits. Reduce the heat to low and let them simmer for 20-25 minutes, stirring occasionally until thick and creamy. When done, mix in the shredded cheddar cheese and 2 tablespoons of butter, seasoning to taste, and keep warm.

In a large skillet over medium heat, add the chopped bacon and cook until crispy, about 5-7 minutes. Use a slotted spoon to remove the bacon from the skillet, letting the drippings remain in the pan for flavor. Set the crisped bacon aside on a paper towel-lined plate to drain while you continue.

In the same skillet with the bacon drippings, add the medium shrimp. Season them liberally with Cajun seasoning and smoked paprika. Sauté for about 2 minutes on each side until the shrimp turn pink and opaque. Once cooked, remove the shrimp from the skillet and set aside.

With the skillet still over medium heat, add 2 tablespoons of butter to the drippings left behind. Once melted, toss in the finely chopped onion, bell pepper, and minced garlic, sautéing for 4-5 minutes until softened and aromatic. Pour in the heavy cream and bring to a gentle simmer for 3-5 minutes until slightly thickened.

Stir the cooked bacon and shrimp back into the rich sauce, ensuring everything is well-combined and heated through for an additional minute.

Spoon generous portions of the creamy grits into serving bowls or a large serving skillet. Top with the savory shrimp and rich sauce, and garnish with sliced green onions and chopped parsley before serving.