The CDBG Economic Development Grant fund provides grants to local governments for creating and retaining jobs. Funding for projects is based on the number of jobs to be created and the level of distress in the community applying for the funds. Sixty percent of the jobs created or retained in a project must be for persons qualifying as prior low and moderate income (LMI). CDBG funds are granted to local governments for various types of infrastructure improvements to assist for-profit businesses create or retain jobs. A local funding match of at least 25% of the determined need is required. Under certain conditions, financial assistance to private companies is available as loans to be negotiated by the local government applicant and a participating North Carolina commercial bank at a level not to exceed 50% of the total loan need.
For additional information, visit www.nccommerce.com/cd/investment-assistance or contact George Sherrill, NC Commerce Finance Center Section Chief, at either (919) 715-6559 or email@example.com.