Incentives and Grants
Businesses that locate or expand an industrial or office enterprise in Randolph County may qualify for the following incentives. These are in addition to incentives offered by the State of North Carolina. Incentives are awarded based on the performance of the company in adding capital investment and creating quality jobs. Final approval is subject to the governing authority.
Economic Development Grants
Randolph County and its individual municipal governments support and encourage the location and expansion of manufacturing, distribution, and office enterprises within the county. Businesses may be eligible for economic development grants that are structured to meet specific needs and take into consideration approximately three to five years of prospective property tax revenue.
Local governments work in partnership with state and private allies to improve and extend utility access to service the needs of companies that are locating or expanding in the county.
Assistance may be provided to improve and extend road access to an eligible business that locates or expands in the county. Assistance is available to construct rail spur tracks to service new or expanding businesses.
Companies may be eligible for discounted energy rates if they meet certain usage and job creation thresholds. Discounted rates are also available for eligible businesses that locate or expand into industrial buildings that have been vacant for two months.
Businesses will receive assistance in the recruitment and screening of potential employees. Companies that are creating new jobs may receive state funded customized worker training.
These funds may be accessed by local government applicants (municipal or county, excluding entitlement cities or designated urban counties) with proposed projects that involve a specific business creating or retaining jobs. For additional information, contact George Sherrill, NC Commerce Finance Center Section Chief, at either 919-715-6559 or email@example.com.
The One North Carolina Fund may provide financial assistance to those businesses or industries deemed by the Governor to be vital to a healthy and growing State economy and are making significant efforts to locate or expand in North Carolina. The fund is a competitive fund and the location or expansion must be in competition with another location outside of North Carolina. Criteria for the program is available through the NC Department of Commerce Finance Center.
This discretionary incentive may provide sustained annual grants to new and expanding business measured against a percentage of withholding taxes paid by new employees. The program is competitive and the Economic Investment Committee, which oversees it, can award up to 15 grants in a calendar year.
North Carolina’s Industrial Development Fund (IDF) provides incentive industrial financing grants and loans to local municipal or county government applicants located in the 80 most economically distressed counties in the State. IDF provides funding for infrastructure and program funds are tied to job creation. Public facility projects require a minimum local government match of 25%. All applications must be reviewed and approved by the Secretary of Commerce.
The NC Commerce Building Reuse Program provides grants/loans to local governments to renovate vacant buildings and/or renovate, expand or construct health care facilities that will lead to the creation of new, fulltime jobs. Vacant buildings must be vacant for at least three months prior to application deadline. Spec shell buildings that have never been inhabited are not eligible, unless the building is at least five years old and has never had a tenant. Health care projects may include the renovation, expansion or construction for rural health care facilities. Priority is given to projects that create five or more new fulltime jobs and also to projects supporting a company that has paid unemployment taxes or income taxes in NC and whose principal place of business is located in the State. Priority is also given to projects in towns and communities with populations of less than 5,000. Local governments in Randolph County are eligible applicants. Depending on levels of eligibility, the grant provides between $5,000 and $12,500 per newly created fulltime job, with a maximum grant award of either $500,000 or one-half of the project cost, whichever is less. The program requires a cash match equivalent to at least 5% of the total proposed eligible renovation cost. The cash match cannot be derived from other State or federal grant funds. There is also an Existing Business Building Category which provides $10,000 per employee to eligible businesses to support renovation or expansion of occupied buildings. Contact program director Hazel Edmond at 919-715-0061 or firstname.lastname@example.org.
The NC Commerce Economic Infrastructure Program provides grants to local governments to assist with infrastructure projects that will lead to the creation of new, fulltime jobs. Eligible projects include but are not limited to: upgrades or repair of public drinking water or wastewater treatment plants; upgrades, extensions, or repair of public water or sewer lines; extensions of publicly owned natural gas line (with an executed Pipeline Construction, Operating and Resale Agreement); installation or extension of public broadband infrastructure; construction of publicly owned access roads not funded or owned by NCDOT; and construction of public rail spur improvements. Local governments in Tier 1 and Tier 2 counties are eligible applicants. Randolph County is designated as a Tier 2 county. The grant provides $10,000 per newly created fulltime job, with a maximum grant award of $500,000. The program requires a cash match equivalent to at least 5% of the total grant amount request. Contact program director Melody Adams at 919-814-4661 or email@example.com.
Attracting and training a skilled and motivated workforce is crucial to any new or expanding company. No state has more experience helping companies with these important issues than North Carolina. The state pioneered free, customized job training for new and expanding businesses in 1958 and continues to provide the nation's most recognized customized job training service. Helping businesses maintain their competitive edge is a primary role of the North Carolina Community Colleges and their NC Works Customized Training Program. This specialized workforce-training program has helped build success for companies that now call North Carolina home, and has contributed to the multiple rankings that list North Carolina's business climate as one of the best in the nation. For additional information contact Bob Durand, Director of Customized Training, at either 336-633-0260 or firstname.lastname@example.org.
The Incumbent Workforce Development Program supports training that results in lay-off aversion through skill attainment for employees. North Carolina for-profit and not-for-profit businesses that are at risk of a lay-off, have been in operation for a minimum of one year prior to the application date, are current on all federal and state tax obligations, and are financially viable are eligible to apply. IWDP funds are limited, and are therefore awarded on a competitive basis. The maximum amount is $25,000 per grant, with a lifetime funding limit of $40,000. Businesses with locations in multiple areas of the state will be treated as a single company for the purposes of determining when the lifetime maximum has been met. The IWDP is administered through the Regional Partnership Workforce Development Board in Asheboro. For more information, contact James Bain at either 336-629-5141 or email@example.com.