BUSINESS ASSISTANCE
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
Click here to download Site Preparation Grant qualifications and award amounts in pdf format.
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.)
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Credit Schedule
4-year option
$6.00 per kW per month for the 1st year
$6.00 per kW per month for the 2nd year
$6.00 per kW per month for the 3rd year
$6.00 per kW per month for the 4th year
8-year option
$6.00 per kW per month for the 1st year
$5.25 per kW per month for the 2nd year
$4.50 per kW per month for the 3rd year
$3.75 per kW per month for the 4th year
$3.00 per kW per month for the 5th year
$2.25 per kW per month for the 6th year
$1.50 per kW per month for the 7th year
$0.75 per kW per month for the 8th year
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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.