INCENTIVE DESCRIPTION

State: NC
Incentive Type: Cash Grants and Financing Incentives
Incentive Title: Direct Loans
Description: 1) BASIC INDUSTRIAL DEVELOPMENT FUND- Assists town, city or county governments with incentive industrial financing, for those industries eligible through the William S. Lee Act, in areas of the State designated as Tier I, II, and III areas. As an incentive for job creation by new or expanding industry, local units of government offer assistance for building renovation and equipment in the form of loans. The fund may not be used for acquiring land or buildings or for constructing new buildings. The amount funded depends on the number of new, full-time jobs created. A full-time job is defined as a minimum of 40 hours per week and meeting all the criteria of the William S. Lee Act. The funding level of each project is determined by the Secretary of Commerce but cannot exceed $5,000 per job or $500,000 per project, as determined by the legislature. 2) EMERGENCY ECONOMIC DEVELOPMENT ASSISTANCE- This assistance is in the form of loans to local units of government. The maximum amount of funds accessible for a project is set out by statute, and designation is at the discretion of the Secretary of Commerce. The assistance is a low interest loan amortized over five years with repayment beginning at the end of the second year. The local government is responsible for loan origination, documentation and administration.
Eligibility Requirements: 2) Must be a local unit of government that within the past 12 months either a loss of 500 or more manufacturing jobs in the county--if there is a material impact on the county's economy--or a loss of manufacturing jobs equal to at least 10 percent of the manufacturing force in the county. must alleviate a jobs dislocation problem by saving jobs or by leading to new jobs.
Geographic Restrictions: Statewide
Granting Authority: Department of Commerce


The information which you have reviewed is a summary of the benefits and savings which may be available for your company. To receive a more detailed analysis of valuable opportunities for your company, please forward your contact information to Larry Kramer at lkramer@incentisgroup.com

Impotant Legal Information
Information is provided in summary form and should not be considered legal, investing, or other business advice. Its receipt does not create a relationship between Incentis Group and recipient. All information is believed to be accurate at the time of printing but should not be relied upon, and no decisions should be made, without consulting the full text of the applicable statutes and seeking independent counsel. Incentis Group and FastFacility make no representation as to the eligibility of a company or person to receive any incentives.