Limestone County offers business assistance ranging from site development resources to financing programs. To request more information about local and state businesses assistance programs, call the Limestone County Economic Development Association at 256-232-2386.
Click the tabs below to learn more about Business Assistance available in Limestone County, Alabama:
Site Preparation Grants (Industrial Development Grants)
Grant money is available to approved economic and industrial development organizations to help offset site preparation costs for property owned or leased by these organizations. The grants are designed to stimulate the development of new industries and to support the expansion of established businesses within Limestone County.
To qualify, the investing company must be:
- Headquarters for a national, regional or state investing company
- A process or treatment facility which recycles, reclaims or converts materials to a reusable product.
- An industrial, warehousing or research activity meaning any trade or business falling in the Standard Industrial Code classifications Major Groups 20 through 39, Major Groups 50 and 51, Industrial group 737, and Industry Numbers 0724, 8731, 8733 and 8734.
|Capital Costs Size of Grant||% of Project Cost or Limit|
|Less than $200,000||5%|
|$200,000- $499,999||3.5% (minimum $10,000)|
|$500,000- $999,999||2.5% (minimum $20,000)|
|$1,000,000- $1,999,999||1.5% (minimum $28,000)|
|$2,000,000- $9,999,999||1% (minimum $32,000)|
|$10,000,000- $24,999,999||.75% (minimum $100,000; maximum $150,000)|
|$25,000,000 or greater||Maximum $150,000|
Industrial Access Road and Bridge Program
The Alabama Department of Transportation provides industrial access funds to ensure adequate public access to new or expanding distribution, manufacturing and industrial firms. Funds are available for construction, construction engineering and inspection costs for the construction of new roads and bridges. The funding is provided to the city or county. Click here to visit the ALDOT website.
Industrial Revenue Bonds (IRBs)
Industrial Revenue Bonds are available to qualifying companies through the Limestone County Economic Development Association. IRBs help provide funding to new and expanding businesses for costs such as land, buildings, and equipment.
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.)
Tax-exempt IRBs typically have interest rates ranging from 70-85% of prime and are limited to $10 million per single issuance and $40 million total maximum per company.
The Valley Investment Initiative (VII)
Businesses in Limestone County have access to the Valley Investment Initiative (VII). 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:
- Customer Characteristics
- Minimum 250 kW peak monthly demand
- Minimum 25 employees and no plans to reduce workforce by 50% or more
- Financially sound
- Long-term Commitments
- 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
- 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
To learn more about VII resources, connect with the TVA’s Regional Development Specialist for Alabama by visiting the TVA website.
TVA – Low-Interest Loan
The Tennessee Valley Authority offers a low-interest loan to manufacturers. The terms are 1 to 2% below prime. Typically the terms are 7 years on equipment and 10 years on land and building.
USDA Rural Development
Funding, including grants and loans, may be available to businesses through the US Department of Agriculture (USDA). The USDA also provides technical and business support programs. Click here to visit the USDA website.
For a complete summary of Alabama Taxes and Incentives, visit the Economic Development Partnership of Alabama web site.