Burke County and its municipal partners have a history of providing strong support to both new and existing companies that are looking to expand within its borders. Each opportunity is reviewed based on the merits of the project and an incentive program is crafted that will provide the maximum benefit to the company while looking to increase the local tax base and create job opportunities for the county’s residents. Contact BDI in the early stages of the expansion process to help determine if one of the following programs could strengthen your project.

Click here for information on North Carolina Incentives

Job Development Investment Grants

  • A discretionary incentive that provides sustained annual grants to new and expanding businesses measured against a percentage of withholding taxes paid by new employees.
  • Project must meet a rigorous set of criteria including a net increase in employment
  • A cost benefit analysis is done for each project
  • Agreement includes a claw-back provision to recapture all or part of the grant if the business fails to remain at the site for the required years

One North Carolina Fund

  • Helps recruit and expand quality jobs in high value-added, knowledge-driven industries
  • Provides financial assistance to those businesses or industries deemed vital to a healthy economy that are making significant efforts to expand in NC
  • The fund is designed to increase the state’s competitiveness, so the project location or expansion must be in competition with another location outside the state
  • Companies must agree to meet an average wage test and local units of government must agree to match financial assistance to the company

Building Reuse and Restoration Grants Program

  • Assists communities in maximizing the economic potential of existing structures
  • Offers grants for the restoration and upfitting of vacant buildings; also, the expansion and renovation of buildings currently occupied by manufacturing type businesses
  • Projects must lead to the creation of private sector jobs by new or expanding businesses

Community Development Block Grant – Economic Development Program

  • Program that lends financial support to projects where jobs will be created or retained for low and moderate income persons
  • Support may come in the form of a direct loan to the company or the program may pay for the cost of a public infrastructure improvement
  • Program is offered throughout Burke County except Morganton (which is no longer eligible due to its size but operates its own fund which is similar to the state program)

SBA

  • The SBA-504 is a direct loan program that offers partial financing to growing small businesses (it can fund fixed assets and other specified fees but not working capital, inventory and operating expenses)
  • Companies have successfully used the SBA-7A program for working capital, inventory and operating expenses
  • Operated by The Region E Development Corporation

Industrial Revenue Bonds

  • A form of long-term financing for fixed assets (only for manufacturing projects)
  • Can be used to purchase land, new or existing buildings and equipment, and to pay certain related fees and costs
  • Income on the debt obligation is exempt from income taxes
  • It is absolutely critical that BDI is contacted and an Agreement be signed before any commitment of funds is made towards the project
  • Goal of the program is to raise the average wage; therefore, a company must pay a higher wage than the average manufacturing wage in Burke County

Roads

  • North Carolina’s Industrial Access Roads Program assists with road construction to industrial locations
  • Key factor is number of jobs created versus the cost of the road

Loans