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Powerful Incentives that Attract and Support Companies

Powerful Incentives that Attract and Support Companies

 

 

Burke County, North Carolina, welcomes new businesses and supports existing companies in their efforts to grow.  We’re eager to help companies that mesh well with the fabric of our healthy business community, enhancing its rich diversity and improving the lives of local residents. Our team delivers the specific assistance each company needs, from identifying potential partners, to fostering community relations, assisting with site selection, discovering cost-saving measures, assisting with workforce training, and developing the optimal package of funding and incentives.

STREAMLINING GOVERNMENT SUPPORT

Our state and local government leaders work hard to keep taxes low and create a business-friendly climate. Burke Development, Inc. partners with them to provide valuable support every step of the way when companies choose to locate or expand in Burke County and continue to be responsive to their evolving needs as they grow.

IDENTIFYING THE RIGHT INCENTIVES

Local governments provide strong support to both companies that are new to our county and existing employers with plans to grow. Our team reviews the specifics of each project and develops the optimal package of incentives that will help the company achieve its goals while strengthening the local tax base and creating new job opportunities for residents. By involving the Burke Development, Inc. team early in the planning process, you allow us to consider programs such as these listed here (click on each for details).

Click here for information on North Carolina Incentives.

 

JOB DEVELOPMENT INVESTMENT GRANTS (JDIG)

  • 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 performed for each project.
  • Agreement includes a provision to recapture all or part of the grant if the business fails to remain at the site for the required number of years.

ONE NORTH CAROLINA FUND

  • Helps recruit and expand quality jobs in high value-added, knowledge-driven industries.
  • Provides financial assistance to businesses or industries deemed vital to a healthy economy that are making significant efforts to expand in North Carolina.
  • Project location or expansion must be in competition with another location outside the state.
  • Companies must agree to meet an average wage test.
  • Local units of government must agree to match financial assistance to the company.

Customized Training with Western Piedmont Community College (WPCC)

  • Provides education, training and support services for new, expanding and existing business and industry.
  • Fosters and supports job growth, technology investment, and productivity enhancement.
  • Provides resources to support training needs assessment, instructional design, development and delivery.
  • Offers customized media development and delivery, including process manuals, orientation and process DVDs and interactive learning solutions.

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 and the expansion and renovation of buildings currently occupied by manufacturing businesses.
  • Projects must lead to the creation of private sector jobs by new or expanding businesses.

Community Development Block Grant – Economic Development Program

  • 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 operates its own similar fund).

U.S. Small Business Administration (SBA) Loans

  • SBA-504 is a direct loan program that offers partial financing to small businesses.
  • Eligible expenses include fixed assets and other specified fees (but not working capital, inventory, and operating expenses).
  • SBA-7A is a direct loan program for working capital, inventory, and operating expenses.

Industrial Revenue Bonds

  • A form of long-term financing for manufacturing projects.
  • Can be used to purchase fixed assets, including 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.
  • Company must pay a higher wage than Burke County’s average manufacturing wage.
  • It is absolutely critical to contact Burke Development, Inc. to sign an agreement before any commitment of funds can be made. 

North Carolina’s Industrial Access Roads Program

  • Assists with road construction to industrial locations.
  • Assistance is determine based on the number of jobs created versus the cost of the road.

Local Loan Programs

Various loan programs that provide access to a flexible source of capital are available. Learn more about VEDIC loan programs and the City of Morganton Small Business Loan Program.

Burke County Small Business Center

Operated by Western Piedmont Community College, Burke County’s Small Business Center offers assistance with starting a new business venture or expanding an existing business. The Center offers one-on-one counseling, and training and seminars on topics ranging from marketing, social media and e-commerce to business planning, proformas and taxes. Click here to schedule a session with the local SBC Director.



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