What is the Business Investment Grant? What is the criteria for evaluating projects? What are the eligible business growth clusters?
The Business Investment Grant (BIG) is a discretionary incentive program that provides cash grants to new and existing businesses that will provide economic benefits to the City of Raleigh, are competitive with other locations, and need the grant to carry out the project in the City. Grants are based on new job creation and new ad valorem taxable investments made by companies.
What is the Business Investment Grant?
The Business Investment Grant (BIG) seeks to encourage the creation, retention and/or expansion of new or existing businesses and jobs within the community. The program provides grants to companies, usually based upon the amount of new ad valorem taxable investment to the city generated from the private business investment made. The BIG policy aligns with the goals and objectives of the City of Raleigh’s 2030 Comprehensive Plan and Strategic Plan.
What is the criteria for evaluating projects?
In making a recommendation for grant approval, the City’s Office of Economic Development and Innovation will consider various factors, including whether there is demonstrated competition from other cities and whether the company’s planned relocation or expansion enhances the economic profile of the priority area given the company’s product and market.
Business Investment Grants are subject to final approval by the full City Council. Any grant awarded is performance-based and tied to job creation and new ad valorem taxable investment to the city generated from the private business investment made.
Grant recipients will be encouraged to hire residents of Raleigh and to use local small, minority and women-owned businesses when such goods or services can be obtained at competitive prices. This supports the city’s Minority and Women-owned Business Enterprise initiatives.
City Council has, at its sole discretion, the ability to provide a grant to a business that is not reflected in the Business Investment Grant policy but has a positive impact on the City of Raleigh.
What are the eligible business growth clusters?
Companies from the identified business growth clusters that are relocating or expanding to or within the program’s geography may be eligible for participation in the program.
- Automotive/Transportation Equipment
- Energy Medical Devices
- Industrial Machinery
- Defense and National Security
- Consumer Products and Food Processing
- Research and Development Facilities
- Truck Transportation
- Support activities for Transportation
- Warehousing and Storage
Financial Services and Insurance:
- Financial Investment and Related Activities
- Credit Intermediation and Related Activities
- Insurance Carriers and Related Activities
- Funds, Trusts and Other Financial Vehicles
- Professional and Technical Services
- Back Office Operations
Information Technology (IT)
- Software Development
Design and Creative Industries
- Art and Design (Animation, Interactive Media, Fashion and Fibers)
- Graphic Design and Industrial Design
Emerging Technologies and Industries
- Clean Technology
- Alternative Energy
- Film and Video Production Facilities
Biotechnology and Pharmaceuticals
- Research and Development
- Contract Research Organization (CRO) and Others as Identified by the N.C. Biotechnology Center
- Industries That Create Synergy with Programs of Focus at Local Colleges and Universities.