Incentives

Local Incentives

The Town of North Wilkesboro and Wilkes Economic Development Corporations (EDC) can assist companies in finding low-cost financing programs and/or grants. The Small Business Administration, U.S. Department of Agriculture Rural Development, and Industrial Revenue Bonds are a few examples of financing programs available to expanding companies.

Business Loan Program

Financial assistance for businesses is available through a business improvement revolving loan fund serving for-profit businesses located within the town limits of North Wilkesboro.

The minimum city loan amount is $5,000
The maximum city loan amount is $15,000
Interest rate 1% above prime.
Loan term, 5 years or less

Pre-Application , Business Loan Guidelines and Full Application, Spanish Pre-App, Spanish Guidelines

Small Business Micro Grant

Open Nov. 8, 2021 - Dec. 6, 2021

The Downtown North Wilkesboro Partnership (DNWP) Small Business Micro Grant program is open to businesses with fewer than 20 employees, full or part-time. Eligible businesses must be located in the designated downtown district (CBD) or be directly adjacent to the district (GB). (see map)

It is intended to help small businesses recover or pivot as a result of the pandemic. This may include adding enhanced service or commerce opportunities, such as modifying physical space, improving e-commerce site for online sales, or expanding capacity for delivering goods and services.

In addition, funds may be used to support storefront beautification projects, but pandemic recovery projects will be prioritized. For storefront projects, DNWP Façade Grant guidelines must be followed. At the discretion of the review committee, awards can be used to reimburse for expenses already incurred since start of pandemic. Awards range from $500 to $2,500. Payroll, rent and utilities are excluded. Grants are reimbursable, so recipients must submit paid receipts prior to receiving funds.

Email tourism@north-wilkesboro.com for information

Downtown District Façade Grant Program

The architectural quality of North Wilkesboro’s downtown area is important to the entire town, its history, image and economy. The appearance of downtown is largely determined by the condition of its buildings, which also forms the basis of the public’s overall impression of downtown. The Downtown North Wilkesboro Partnership and the Town of North Wilkesboro would like to encourage all downtown property owners to participate in this façade grant program. Annually we are able to fund $15K in approved downtown property rehab projects.

Wilkes Economic Development Corporation

Offers incentives to businesses. Click here for their website

State and Federal Incentives

North Carolina’s targeted, performance-based incentive programs help companies and communities grow and thrive in our state.

Historic Rehab Tax Credits

Income tax incentives for the rehabilitation of historic structures are important tools for historic preservation and economic development in North Carolina. A federal income tax credit for the rehabilitation of historic structures first appeared in 1976, and today consists of a 20% credit for the qualifying rehabilitation of income-producing historic properties.

Since 1976, over 1,300 completed "certified rehabilitation" projects have been reviewed by the N.C. State Historic Preservation Office, representing over 500 million dollars of investment in historic properties. The spinoff from all this activity includes job creation, downtown and neighborhood revitalization, improved community appearance, and greater community pride. Historic preservation is smart growth, and smart investment. However, as of January 1, 2015 NC no longer offers tax incentives for the restoration of historic properties.

Federal Historic Tax Credits

NC State Historic Tax Credits

Community Development Block Grant

Community Development Block Grant (CDBG) funding comes from the Federal government and is funneled through the State government with the requirements that it provides assistance to low and moderate income families. Specifically, CDBG grants provides funding for infrastructure such as water, sewer and roads for businesses committed to a site.

Job Development Grant Program

During the 2002 Legislative Session, North Carolina adopted a new job development grant program. Only 15 individual grants will be given per year at a maximum total of $10 million per year. Incentives will be given on a case by case basis and are based on income taxes paid by the company’s new employees.

One North Carolina Fund

The One NC Fund provides funding for the purchase of equipment, structural repairs, improvements or renovations of existing buildings, expansion and construction of or improvements to new or existing water, sewer, gas or electric utility distribution lines, or equipment for existing buildings.

Article 3J Tax Credits

The Article 3J Tax Credits legislation provides three types of tax credit incentives for eligible new and / or expanding businesses. To be considered eligible, "the primary activity at the businesses establishment" must involve: "aircraft service and repair; air courier service hub; company headquarters creating at least 75 new headquarters jobs; customer service call centers; electronic shopping and mail order houses; information technology and services; manufacturing; motor sports facility; motor sports racing team; research and development; warehousing; and wholesale trade."

In North Wilkesboro, eligible businesses could qualify for up to a $14,500 tax credit for each full-time job created and up to 7% tax credit on business property investments. Note, additional eligibility requirements apply.

Industrial Revenue Bonds

Industrial Revenue Bonds (IRBs) or Industrial Development Bonds may be used by companies engaged in some type of manufacturing for the acquisition of real estate, facility construction, and / or equipment purchase. IRBs fall under three issuance types: