The Currituck County Economic Development Department is responsible for aligning the resources that are available to businesses looking to located or expand within our county and leveraging those resources to enhance your project's bottom line. The Department does this by working closely with our clients and partners to develop a shared vision of where the public can best assist businesses and engender job creation and capital expenditure.

Our main partners in aligning business resources are the State of North Carolina Department of Commerce and the Northeast Economic Development Commission, a group of 16 counties in Northeast North Carolina with a shared vision for enhanced economic growth. Combine these state and regional resources with the County's infrastructure and workforce assets and you have a strong development advocate for your project.

By aligning and leveraging resources from state, regional and non-profit development agencies, Currituck County is your partner in building a successful business.

STATE:
The following is a list of programs and incentives administered by the NC Commerce Finance Center. For detailed information and forms, click on the program title. For an overview of North Carolina incentive programs, please click here.

Tax Credits
Article 3J Tax Credits offer several types of tax credits to eligible taxpayers that undertake qualifying initiatives. These credits may be used to offset up to 50% of the taxpayer’s state income and/or franchise tax liability, and unused credits may be carried forward for up to five years.

Industrial Revenue Bonds
The State's principal interest in Industrial Revenue Bonds is assisting new and expanding industry while seeing that North Carolinians get good jobs at good wages.

Community Development Block Grants
These funds may be accessed by local government applicants (municipal or county, excluding entitlement cities or designated urban counties) with proposed projects that involve a specific business creating or retaining jobs.

The Industrial Development Fund
IDF provides incentive industrial financing in the form of grants and loans. These funds may be accessed by local government applicants (municipal or county).

One North Carolina Fund
The One North Carolina Fund may provide financial assistance to those businesses or industries deemed by the Governor to be vital to a healthy and growing State economy and ones which are making significant efforts to expand in North Carolina. The fund is a competitive fund and the location or expansion must be in competition with another location outside of North Carolina. Criteria for the program is available through the NC Department of Commerce Finance Center.

Job Development Investment Grant
This discretionary incentive may provide sustained annual grants to new and expanding business measured against a percentage of withholding taxes paid by new employees. The program is competitive and the Economic Investment Committee, which oversees it, can award up to 15 grants in a calendar year. Contact the NC Department of Commerce Finance Center for the detailed criteria.

Accessibility Rail
Rail access is vital to many prospective industries. The NC Department of Transportation began the rail industrial access program to help ensure that companies have the railroad tracks needed to transport freight and materials. The program uses state funds to construct or refurbish tracks required by a new or expanded industry to encourage economic development.

Small Business Services
The Economic Development Department works with the North Carolina Small Business and Technology Development Center (SBTDC), helping small business owners (and those interested in starting a business) meet the challenges of today's business environment, manage that ever-changing world, and plan for the future of their business. SBTDC provides management counseling and educational services to small and mid-sized businesses helping them grow and create new jobs. The regional SBTDC Center is located on the campus of Elizabeth City State University in nearby Elizabeth City, North Carolina.

CURRITUCK COUNTY:

Currituck County Economic Development Incentive Grant
This grant requires a contractual agreement between the County and any new or existing industry and/or business, which would allow for a financial incentive grant up to five years. If the business has met specific criteria as outlined in a formal agreement, the County will make an economic development grant to the company for a period of five consecutive years, which will be based on a percentage of the total tax assessed value of property investment in the County and jobs created and retained.

Currituck County Infrastructure Improvements
Currituck County will consider, on a case-by-case basis, working with clients to provide utilities and traffic improvements to help secure jobs and investment.

OTHER PROJECT PARTNERS:

The North Carolina Rural Center

The Golden Leaf Foundation

NC DOT