Industrial Development Fund
North Carolina's Industrial Development Fund (IDF) provides incentive industrial financing grants and loans available to local municipal or county government applicants located in the 80 most economically distressed counties in the State. All applications must be reviewed and approved by the Secretary of Commerce.
Before the approval of an application, the Secretary must determine that:
- The funds shall be used for construction of or improvements to new or existing water, sewer, gas, telecommunications, high-speed broadband, electrical utility distribution lines or equipment, or transportation infrastructure for existing or new or proposed industrial building.
- The project is in a Tier 1 or Tier 2 county. (Each year, the Secretary ranks all counties and assigns tiers based on adverse economic data.)
- Jobs created (in no more than three years) will have a measurable, favorable impact on the project’s immediate area commensurate with the size of the grant. The application must show the number and type of jobs created.
- Applicant has demonstrated capability to operate the facility.
- Funding will not result in abandonment of an existing facility, except for obsolescence, lack of labor, or site limitations.
- The proposed project will not have a significant adverse effect on the environment.
IDF incentive industrial financing is provided in the following ways: