One North Carolina Fund (OneNC)

One North Carolina Fund (OneNC) is sponsored by North Carolina Department of Commerce. The One North Carolina Fund is a discretionary cash-grant program that allows the Governor to respond quickly to competitive job-creation projects in North Carolina. Awards are based on factors such as jobs created, investment level, project location, and economic impact.

One North Carolina Fund | NC Commerce The One North Carolina Fund (OneNC) is a discretionary cash-grant program that allows the Governor to respond quickly to competitive job-creation projects. The North Carolina Department of Commerce administers OneNC on behalf of the Governor.

Awards are based on: The number of jobs created The location of the project The economic impact of the project The importance of the project to the state and region. The OneNC program utilizes North Carolina's economic development tier system in its operations. This tier system is incorporated into OneNC to encourage economic activity in the less prosperous areas of the state.

The North Carolina Department of Commerce annually ranks the state’s 100 counties based on economic well-being and assigns each a tier designation. More details on how the economic development tier system operates is available . Guidelines & Statutes: One North Carolina Fund One North Carolina awards are allocated to local governments as part of a negotiated challenge grant.

By statute, OneNC requires that a local government provide an incentive to match the OneNC funding. The required local match depends on the tier designation of the county . In a Tier 1 county, the local government must provide no less than one dollar for every three dollars provided by One NC.

In a Tier 2 county, the local government must provide no less than one dollar for every two dollars provided by One NC. In a Tier 3 county, the local government must provide no less than one dollar for every one dollar provided by One NC.

Funds awarded from the One North Carolina Fund to a company must be used for: Installation or purchase of equipment Structural repairs, improvements or renovations of existing buildings Construction of or improvements to water, sewer, gas or electric utility distribution lines or associated equipment for existing buildings Construction of or improvements to water, sewer, gas or electric utility distribution lines or associated equipment for new or proposed buildings to be used for manufacturing and industrial operations Basic Requirements for Eligibility In order for a project to be considered for OneNC, the following criteria must be met: The project must be competitive with locations outside North Carolina and remain competitive until the grant is formally awarded.

The project must meet the county average wage requirement. The local government must match the grant via cash, fee waivers, in-kind services, infrastructure improvement or donations of land, buildings or other assets. The company must provide health insurance and pay at least 50% of the premiums for participating employees.

The company must meet statutory occupational safety and environmental compliance requirements. Applications are accepted on an ongoing basis and subject to availability of funds. The North Carolina Department of Commerce reviews applications and makes recommendations for funding to the Governor.

OneNC funding is dispersed in 25% increments as the company creates new jobs. For instance, if a company commits to creating 100 jobs over three years, as soon as the company has created the first 25 jobs, it is eligible to receive 25% of the award.

North Carolina statute requires that the company maintain at least 90% of the new jobs in operation at the project location, or at another approved site in North Carolina, for a period of up to two years after the grant end date. Guidelines & Statutes: One North Carolina Fund § 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; study § 143B-437.

75. Cash flow requirements § 143B-437. 07.

Economic development grant reporting This page was last modified on 08/10/2022