NC Commerce

North Carolina Department of Commerce

(919) 814-4600 Location Parking

General Requirements

  • Applications must show that IDF funding is necessary for job creation, that any non-IDF funding source is in place, and that the project is authorized by the local government. For grants, the Department requires that local units of government match three state dollars with one local dollar.
  • Pertaining to Basic IDF financing and the Utility Account financing there is no local match requirement if the project is located in a county that has one of the 25 most economically distressed ranking as defined under G.S. 143B-437.08 after adjustments are applied.
  • For Basic IDF financing, the participating private entity must provide a statement of commitment to create the jobs, with a timetable and parties responsible, and must state that private money has not been expended on the project and that the project has not yet begun.
  • For grants, the project owner or operator must establish financial capability by furnishing three years' financial and operating statements or, in the case of a new business, three years' pro forma statements and a business plan.
  • All grantees must comply with North Carolina Environmental Policy Rules in the North Carolina Administrative Code unless the activity is a non-major activity (per NCAC T15A:01C.1504).
  • The Department may review a project at any time during the first two years. If a project has not made reasonable progress in creating jobs or has misspent funds, or if its benefiting company has closed or moved without having accomplished its commitments, the Department may require repayment of a grant or may accelerate loan repayments.
  • •A pre-application conference is necessary to discuss a proposed IDF application. Attendees will include representatives from the Department of Commerce, the applicant and the benefiting firm. This conference may be waived for a project using less than $50,000 of IDF funds.

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