If there is one thing we’ve learned over the years, we’re in business because you’re in business.
Long-term growth meets increased profitability with competitive grants for workforce training, public infrastructure and economic development. Our commitment doesn’t stop there. We offer incentives to help make your decision an easy one.
FastTrack Infrastructure Program
- Grants made to local governing bodies for public infrastructure improvements must be for specific infrastructure projects benefiting one or more companies committed to creating new jobs and/or making new capital investments
- Covers infrastructure such as rail, public roadway, port, airport, site, water, sewer, gas and telecommunication improvements
- Requires local matching funds based on a community’s ability to pay
- Requires a Payment In Lieu Of Tax (PILOT) for at least 5 years on real property
FastTrack Job Training Assistance Program
- Grant assisting new or expanding companies with funding to support the training of net new full-time employees
FastTrack Economic Development Fund
- Has the ability to offset costs companies incur when expanding or locating a business operation in Tennessee with reimbursable grants made to local governing bodies
- Can offset the costs in a variety of ways, including retrofitting building, acquiring real property, relocation of equipment, and other expenditures not otherwise eligible under the FastTrack Infrastructure Program or Job Training Assistance Program
- Only used in exceptional cases where the impact of the company on a given community is significant
FastTrack eligibility and funding levels are determined by:
- Number of new full-time jobs
- Weighted average wages of new full-time jobs
- Amount of company investment
- Types of skills and knowledge that must be obtained
- Location of the project
- At-Risk County: 35% premium to projects that locate in a county defined by the Appalachian Regional Commission as “at-risk”
- Distressed County: 50% premium to projects that locate in a county defined by the Appalachian Regional Commission as “distressed”
In order to receive either premium, the project must provide an average starting wage that meets or exceeds the median county wage. TNECD reserves the discretion to approve or deny the premium based on the facts and circumstances of the project.