Site Preparation Grant Program
The site preparation grant program was established to help communities attract new industries and provide assistance to existing industries. Grant money is awarded to counties, municipalities, airport authorities, and other approved economic development and industrial development organizations to assist with the cost of site preparation for land owned or possessed by lease by these entities.
- Site Preparation Grants are Available for:
- Accessing, excavating, surveying, clearing, grubbing, and draining the site
- Providing reasonable rehabilitation of buildings and other structures
- Other necessary and appropriate site preparation
Industrial Revenue Bonds
In Alabama, Industrial Revenue Bonds (IRBs) may be used as long-term financing of up to 100% of a project for:
- Acquisition of land, buildings, site preparation and improvements
- Construction of buildings
- Acquisition and installation of furnishings, fixtures, and equipment
- Capitalizable soft costs (e.g., architectural and engineering, interest incurred during construction, cost associated with bond insurance, etc.)
The Valley Investment Initiative (VII)
The Valley Investment Initiative (VII) is an economic development incentive program jointly conducted by the Tennessee Valley Authority (TVA) and distributors of TVA power. VII offers competitive incentives to eligible customers who make multi-year commitments to invest in the Tennessee Valley.
The program has enjoyed great success with existing power customers since October 2009 and was recently expanded for use as a recruitment tool to attract new customers, investments and jobs to the Valley.
Customers in targeted sectors whose facilities meet the following qualifiers may be evaluated for a VII award:
- Minimum 250 kW peak monthly demand
- Minimum 25 employees and no plans to reduce workforce by 50% or more
- Financially sound
- Projected capital investment over a five-year period of 25% of an existing facility’s book value or $2.5 million in a new facility
- Standard power contract with a remaining term at least as long as the five-year VII award period
Projects & Performance
Award amounts are based on a customer’s five-year projections and actual performance in these categories:
- Capital investment
- Jobs added or retained
- Average wages paid
- Load factor
TVA - Low Interest Loan
The Tennessee Valley Authority offers a low interest loan to manufacturers. The terms are 2 to 4% below prime. Typically the terms are 7 years on equipment and 10 years on land and building.
Learn more about available TVA Programs from the TVA Economic Development site.
USDA Rural Development
The U.S. Department of Agriculture (USDA) provides technical and business support programs for businesses. More information about these programs, including grant and loan information, can be found on the USDA website.