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
Downtown District Facade 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 facade 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
North Carolina’s targeted, performance-based incentive programs help companies and communities grow and thrive in our state.
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.
This state workforce system assists businesses with recruiting and screening new employees. For today’s employers, the ability to list jobs in a timely manner and to identify the best qualified job seekers efficiently is critical. NCWorks has the tools to match workers with available jobs efficiently and effectively.
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:
- Pollution Control / Solid Waste Disposal Bonds
- Tax Exempt Bonds
- Taxable Bonds
Regulations governing bond issuance are a combination of federal regulations and North Carolina statutes.