One North Carolina Fund
The One North Carolina Fund helps recruit and expand quality jobs in high value-added, knowledge-driven industries. It also provides financial assistance to those businesses or industries deemed vital to a healthy economy that are making significant efforts to expand in North Carolina.
The fund currently consists of nonrecurring appropriations made by the North Carolina General Assembly for companies seeking to undertake new expansion or locate new operations in the state. The fund is designed to increase the state’s competitiveness, so the project location or expansion must be in competition with another location outside the state.
Companies can receive money for:
- Installation or purchase of equipment.
- Structural repairs, improvements, or renovations of existing buildings to be used for expansion.
- Construction of or improvements to new or existing water, sewer, gas or electric utility distribution lines, or equipment for existing buildings.
For a company to be considered:
- The company must agree to meet an average wage test.
- Local units of government (city or county) must agree to match financial assistance to the company.
Helpful Resources | One North Carolina Fund
Factors in award decisions:
The following factors determine allocation, with special consideration given to companies that locate or expand in areas that have experienced sudden and severe economic disruptions:
- Economic impact of project, including costs and benefits to the state.
- Strategic importance of the project to the state, region, or locality.
- Quality of jobs.
- Quality of industry and project.
- Environmental impact of project.
- Project must be competitive with another state or country.
Applications are accepted subject to availability of funds. After the application has been completed and reviewed, the governor conveys the commitment to the company. The jobs must be created and company must meet all criteria set out in the performance agreement before disbursement is made. For more information, download One NC Guidelines, a comprehensive description of the program.
Links to Relevant North Carolina General Statutes:
- § 143B-437.07. Economic development grant reporting.
- § 143B-437.70. Legislative findings and purpose.
- § 143B-437.71. One North Carolina Fund established as a special revenue fund.
- § 143B-437.72. Agreements required; disbursement of funds.
- § 143B-437.73. Program guidelines.
- § 143B-437.74. Reports.
The One North Carolina Fund was once known as the Governor's Industrial Recruitment Competitive Fund.