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3� <br />NORTH CAROLINA <br />the state of minds <br />INCENTIVES - INDUSTRIALIDEVELOPMENTFUNP <br />The Industrial Development Fund provides grants <br />and loans for infrastructure development in the <br />65 most distressed counties. Eligible units of <br />local government may apply for the funds in <br />conjunction with a company that commits to <br />create new jobs in North Carolina. To qualify,,:;, <br />companies must meet the same eligibility . !` <br />requirements as those outlined in the Article 3) <br />Tax. Credits for Growing Businesses <br />Funding Level and Use i',:4 <br />i <br />Funding is based on th%.Avidbility of monies <br />and the merits of...a:::p""WE' t. IDF grants and loans <br />,,. <br />for any one protect cannot exceed a total of <br />lob created up to a maximum of <br />$;500;0{10 per project. <br />Grants may be awarded to local governments for <br />11!1!2!4n stru ctu re improvements that are publicly <br />p "owned and maintained ,mcludine construction <br />or improvement of wgter,.sewer gas, rail and <br />electrical utility systems. <br />Loans with a 4 percent fixed interest rate may <br />be awarded to the project business - through <br />the unit of local government applicant — for <br />investments in privately owned or maintained <br />assets such as the purchase of machinery and <br />equipment, or building renovations. OF loan <br />funds may not be used to acquire land or <br />North Carolina,Deparhnent of Commerce <br />buildings, or to construct new buildings. All IDF <br />loans must be made in participation with a North <br />Carolina bank that originates 50 percent of the <br />loan, and shares equal risk and collateral with the <br />unit of local government. <br />Match Requirements . <br />In the 25 most distressed counties, there is no <br />local match requirement. Federal or state grant <br />funds may not be used to meet the local match <br />requirement, with the exception of funds granted <br />through the N.C. Rural Economic Development <br />Center. <br />Utility Account <br />Units of local government in the 65 most <br />distressed counties• may apply for utility account <br />funding. Most requirements of the utility account <br />are the same as the Industrial Development <br />Fund. However, as there is no job commitment <br />requirement, it is not necessary to apply for <br />the funds in conjunction with a company. <br />The applicant must demonstrate the project <br />is expected to lead to job creation in eligible <br />industries in the near future. No local match is <br />required for utility account funding. <br />North Carolina offers grants and loans for <br />infrastructure development to eligible companies <br />committed to creating new jobs in distressed <br />counties. <br />Incentives 1 20 <br />