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Posted on: April 27, 2021

North Wilkesboro Approves Guidelines For Two Economic Development Grants

April 27, 2021

FOR IMMEDIATE RELEASE

NORTH WILKSBORO APPROVES GUIDELINES FOR TWO ECONOMIC DEVELOPMENT GRANTS

 

[NORTH WILKESBORO, NC, APRIL 27, 2021] – Last Thursday evening the North Wilkesboro Board of Commissioners approved two new policies designed to encourage job growth and investment in the town: the Industrial Development Incentive Grant program and the Small Business Development Grant program. 

Each program is designed to induce job growth and investment within town limits by making businesses that meet certain investment and job growth criteria eligible for a tax incentive or cash grant.

“Nothing benefits the town more than job opportunities for our residents and investment,” said Commissioner Debbie Ferguson, North Wilkesboro’s voting member of the Wilkes Economic Development Corporation Board of Directors. “These types of programs are common across the state, and are necessary to stay competitive. It’s my hope that our new guidelines send the message that the Town of North Wilkesboro is open for business.” 

Industrial Development Incentive Grant

Though these grants have been available, this is the first update to the criteria since 2001. 

This grant will provide an incentive of up to 80% of a company’s town-tax liability for 5-7 years depending on their level of investment. New businesses must create 20 new jobs, invest a minimum of $1M, pay their employees 100% of the average county wage, and pay at least 50% of the health insurance costs for their employees. Existing businesses must create at least 10 new jobs, invest a minimum of $750,000, and meet the same wage and health cost requirements. Additional points are awarded for job creation, investment, and wage figures in excess of these minimums. 

Eligible industries are manufacturing, distribution, corporate of divisional headquarters, back-office operations, research and development, air courier hub, or businesses which utilize high technologies of innovative new technologies. 

Small Business Development Incentive Grant

This grant is $5,000 payable after the company completes the new investment and makes their first tax payment on the new investment. 

New or existing businesses must create at least 5 jobs, invest at least $250,000 in taxable improvements including business personal property, and pay 100% of the Wilkes County average three-digit NAICS code of the company. 

Eligible sectors include manufacturing, services, R&D, distribution, headquarters, back office, transportation, and outdoor economy. Tourism, retail, and restaurant businesses that are locally owned are also eligible. 

The number of grants that are available will be determined as part of the town’s budget to be passed in June. 

“I’m so proud of the Board of Commissioners for approving these guidelines,” said Town Manager Wilson Hooper. “These grants should enhance our competitiveness as a place where businesses want to invest, and give our residents a clear picture of the benefits to the community that businesses will bring in exchange for government assistance.” 

For more information, prospective grantees who wish to be considered for these grants may call the Wilkes Economic Development Corporation at (336) 838-1501 

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