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One North Carolina Fund
The One North Carolina Fund is a discretionary program that encourages recruitment and quality job expansion in high value-added, knowledge-driven industries. It provides financial assistance to those businesses or industries determined vital to a healthy economy that are making significant efforts to expand in North Carolina. The fund currently consists of nonrecurring appropriations made by the North Carolina General Assembly for companies considering new expansion or new location or operation in the State. The fund is designed to increase the State's competitiveness when companies are considering expansion or location in a competitive State.
Assistance can be provided to companies for: 1) Installation or purchase of equipment; 2) Structural repairs, improvements, or renovations of existing buildings to be used for the expansion, 3) Construction or improvements to new or existing water, sewer, gas or electric utility distribution lines, or equipment for existing buildings.
To be considered for the One North Carolina Fund, the company must agree to meet an average wage test. This program requires Hertford County to agree to provide a local match of financial assistance to the company.
Job Development Investment Grant Program (JDIG)
JDIG is a discretionary incentive that provides annual grants to new and expanding businesses relative to the percentage of withholding taxes (from 10% to 75%) paid for the company's new employees. These grants can result in payments to a business for up to 12 years. To qualify, a company must meet specific criteria, which includes the following:
- Net increase in employment
- Increase opportunities for employment and strengthening the State's economy
- Is consistent with economic development goals of the State and local community
- Is competitive with another State(s) or country
- The JDIG grant is necessary for completion of the project in the State
- Project meets health insurance and workplace safety requirements
- Other criteria
Application Fee - A fee of $10,000 is due and payable to the NC Department of Revenue for each application submitted for this grant program.
Hertford County Economic Development Incentive Grant
Hertford County offers an economic development incentive grant designed to provide an inducement for qualifying new businesses to located in Hertford County. This grant is also available to qualifying existing businesses that expand their operations in Hertford County. The amount of the grant is determined on a case-by-case basis in consideration of new jobs and taxable investment to be created in Hertford County. The grant is generally payable over a 5-year period.
For additional information regarding these financing sources, contact Hertford County Economic Development at 252-358-7801 or email us at email@example.com