Companies that meet certain requirements can take advantage of tax credits and other incentives including sales and use tax discounts, exemptions and refunds, discretionary programs, and other cost-saving programs. Some of these programs are highlighted below.
Loans
- Biotechnology Center Business Loans - Program offers loans to biotechnology companies operating in the State. For more information, https://www.ncbiotech.org/funding#business
- Business and Industry Guaranteed Loans (B&I) - USDA Loan Program designed to improve, develop, or finance business & industry, that foster employment opportunities and improve the economic and environmental climate in rural communities. For more information, http://www.rurdev.usda.gov/BCP_gar.html
- SBA 7 (a) Loan Program – Operated by the US Small Business Administration, the program helps to connect existing small businesses and start-ups with financing to foster investment and entrepreneurism in local communities. For more information, visit the program’s website https://www.sba.gov/funding-programs/loans or contact the SBA’s North Carolina District Office at (704) 344-6563.
- SBA Microloan Program – Provides loans up to $50,000 to help small businesses and certain not-for-profit childcare centers start up and expand. The average microloan is about $13,000. Funds can be used for: working capital, inventory or supplies, furniture or fixtures, and machinery or equipment. For more information, visit the program website - https://www.sba.gov/funding-programs/loans
- Real Estate and Equipment Loans (CDC/504) - SBA administered loan program which assists business owners to invest in real estate and long-term machinery & equipment. For information, https://www.sba.gov/funding-programs/loans.
GRANTS
- Town of Yadkinville- Business Improvement Grant (BIG)- Grant provides funding to Yadkinville businesses & property owners to make enhancements and renovations. For more information, read the guidelines provided on this page or contact Town Hall at (336) 679-8732.
- One North Carolina Fund- Assists firms that are expanding or locating a new facility in North Carolina by providing financial assistance. For more information,
http://www.thrivenc.com/incentives/financial/discretionary-programs/one-north-carolina-fund - Job Development Investment Grants (JDIG) - Provides grants to new and expanding businesses measured against a percentage of withholding taxes paid by new employees. For more information, http://www.thrivenc.com/incentives/financial/discretionary-programs/job-development-investment-grant
- Rural Business Investment Program (RBIP) - USDA program that promotes economic development in mostly rural areas by helping to meet the equity capital investment needs of smaller enterprises & firms. For more information, http://www.rurdev.usda.gov/BCP_RBIP.html
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Rural Business Enterprise Grants (RBEG) Program- Provides grants to projects that finance & facilitate the development of small or emerging rural businesses. The Grant Program also helps to fund distance learning networks and employment related adult education programs. For more information, http://www.rurdev.usda.gov/BCP_rbeg.html
Tax Credits
- Article 3J Tax Credit - Provides tax credits to qualifying businesses for job creation, investment in business property and in some cases investment in real property. For more information, http://www.thrivenc.com/incentives/financial/tax-credits/article-3j-tax-credits.
- Research and Development Tax Credit - Provides tax credits for qualified North Carolina research expenses during a taxable year. For more information, http://www.thrivenc.com/incentives/financial/tax-credits/technology-development-tax-credit
- N.C. Ports Tax Credit - Provides tax credits towards income taxes paid by businesses or individuals using NC port facilities at Morehead City and Wilmington. For more information, http://www.thrivenc.com/incentives/financial/tax-credits/nc-ports-tax-credits
- Renewable Energy Tax Credit - Provides a tax credit of 35% of the cost of renewable energy property. For more information, http://www.thrivenc.com/incentives/financial/tax-credits/renewable-energy-tax-credits
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State Film Incentives- Provides tax credits and sales and use tax discounts to encourage film and television production in North Carolina. For more information, http://www.ncfilm.com/incentives.html
Other Programs
- Industrial Road Access Program- Provides funds to help construct roads to provide access to new or expanding industrial facilities. For more information, contact the NC DOT at (919) 707-2800.
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Industrial Development Fund (IDF) - State funded program provides funding to help construct and upgrade infrastructure systems for industrial sites. For more information, https://www.nccommerce.com/research-publications/incentive-reports/industrial-development-fund.