Financial Programs

City of Raleigh Facade Grant Program
The city of Raleigh’s Facade Grant Program helps businesses and property owners in older commercial areas upgrade and improve their building’s exterior appearance. Since the program’s inception in the early 1980s, it has assisted in the rehabilitation of more than 100 buildings, increasing their attractiveness to new customers and contributing a positive influence toward revitalization of their respective areas. The different types of grants available include both Downtown Core Rehabilitation Grants and Downtown and Pedestrian Overlay District Facade Grants.

Planning Department
222 W. Hargett St.
Raleigh, NC 27601
919.516.2626
www.raleighnc.gov/planning

City of Raleigh Small Business Success Program
This specialized loan fund provides financing for an important segment of Raleigh’s small businesses: those with viable growth plans that are unable to obtain a bank loan. With strong support from the Southeast Raleigh Improvement Commission, the City of Raleigh Small Business Success Program was formed by the area’s major banks and the city of Raleigh to stimulate business development and the creation of jobs primarily in the southeast Raleigh area. By providing debt financing, the program assists businesses in securing conventional loans and allows new and expanding businesses to grow and prosper.

Administrative Services Department
222 W. Hargett St., Room 302
Raleigh, NC 27601
919.996.3840
www.raleighnc.gov

Energy Improvement Loan Program
The Energy Division of the North Carolina Department of Administration, in conjunction with the Commerce Finance Center, administers this low-cost loan program. It provides funds for the implementation of eligible energy conservation/efficiency measures by industrial or commercial firms. The minimum loan amount is $100,000, with a maximum total loan indebtedness of $500,000 for a single business at any given time. Interest charged is between 3.75 percent and 5 percent, tied to average rates for 90-day Treasury bills.

Energy Improvement Loan Program
1830-A Tillery Place
Raleigh, NC 27604
919.733.2230
www.energync.net

Interactive Digital Media Tax Credit
Effective Jan. 1, 2011, North Carolina taxpayers that develop Interactive Digital Media within the state are awarded a 15 – 20 percent tax credit for compensation paid to employees and expenses paid to universities or community colleges. Eligible expenses must exceed $50,000 paid during the taxable year in development phases and may not exceed $7.5 million. Certain restrictions apply. To determine if your product is eligible for this incentive, contact the NC Department of Revenue, Corporate Tax Division.

North Carolina Department of Commerce Tax Credit for Growing Businesses/Article 3J Tax Credits
In January 2007, the North Carolina General Assembly passed this tax credit program to replace the William S. Lee Quality Jobs and Expansion Act. This tax credit program provides three types of tax credits to eligible taxpayers that undertake certain activities in North Carolina. These activities include: the creation of jobs, investing in business property, or investing in real property. These credits may be used to offset up to 50 percent of the taxpayer’s state income and/or franchise tax liability, and unused credits may be carried forward for up to five years. (Note: These are general guidelines. Please contact the Department of Commerce for specific details.)


Technology Development Tax Credit
The Technology Development Tax Credit is a 1.25 – 3.25 percent tax credit allowed to small businesses and is determined by county tier and research expenses. Businesses with North Carolina university research expenses for the texable year are allowed a tax credit of 20 percent of those expenses.

North Carolina Department of Commerce
301 N. Wilmington St.
Raleigh, NC 27601-1058
919.733.4151
www.nccommerce.com

For specific details on these incentives, contact the NC Department of Commerce or NC Department of Revenue at:

North Carolina Department of Revenue
Corporate Tax Division
501 N. Wilmington St.
Raleigh, NC 27604
919.733.8510
http://www.dor.state.nc.us/taxes/corporate/

Small Business Administration
The Small Business Administration works with intermediaries, banks, and other lending institutions to promote loans and venture capital financing for small businesses.

Small Business Administration
6302 Fairview Road, Suite 300
Charlotte, NC 28210
704.344.6563

Work Opportunity Tax Credit/Welfare-to-Work Tax Credit
The Work Opportunity Tax Credit is a federal tax credit program available to all private-sector employers who hire new employees from nine “targeted” groups, which have historically experienced high rates of unemployment and have had difficulty in securing employment due to a variety of employment barriers. Due to the Tax Relief and Health Care Act of 2006, this tax credit program now includes the Welfare-to-Work Tax Credit.

The consolidated WOTC for hiring most target group members can be as much as $2,400 for each new adult hire, $1,200 for each new summer youth hire, $4,800 for each new disabled veteran hire, and $9,000 for each new long-term TANF recipient hired over a two-year period. The exact amount of net savings depends upon each employer’s tax bracket plus the amount of qualified wages paid. Participation in the WOTC requires specific documentation from employers and certain retention periods from employees.

North Carolina Employment Security Commission
700 Wade Ave.
Raleigh, NC 27605
1.888.737.0259 – Customer Service
919.707.1150 – Tax information
www.ncesc.com

U.S. Department of Labor
Employment and Training Administration
1.877.872.5627
www.doleta.gov/business/incentives/opptax