Incentive Programs

FastTrack Infrastructure Development Program

The state of Tennessee’s FastTrack Infrastructure Development Program provides matching grants to local governments to assist in meeting infrastructure requirements for locating and expanding industries.  Project funding is determined by evaluating each project in terms of capital investment, jobs created, and the community in which the project locates. Once a targeted funding amount is established, final approval is subject to FDIP funding appropriated by the Tennessee General Assembly and approval by the Department of Economic and Community Development's Loan &Grant Review Committee. There is an established application process, and program regulations that apply relative to bidding procedures and distribution of funds.

FastTrack Training Assistance Program

The Department of Economic and Community Development, through its Industrial Training Service Division works with companies to provide customized training programs.  These training programs are developed through an integrated approach featuring pre-employment, on the job training and specialized vendor training. The FastTrack Training Program is a quick start program that is able to move quickly with few constraints, and prides itself on delivering what the industry needs in an appropriate time frame.

Financial assistance through the program is in the form of reimbursement of instructional costs.  The department will work with the company for reimbursement costs of the company person's time while teaching; outside costs for instructors by public institutions or private firms and individuals; printing, binding training materials and employee handbooks; production of video training tapes; providing training facilities and other service costs. The ITS team has years of experience in supplying training for the type jobs and skill levels that will be required of the Tennessee new hires.  A wide range of technical institutes, area vocational technical schools, community colleges and four year universities are available to the company within the state. As the ITS program is assisting with the start up, relationships with these institutions can be fostered for any long term training objectives the company might have.

Labor Availability and Employee Screening

The Tennessee Department of Labor and Workforce Development can provide your client with applicant screening and a referral service. Applicant testing may be available on a selective basis provided there is a validated test for the occupations that the company is requiring.

State Industrial Access Program

The Tennessee Department of Transportation may provide transportation improvements for projects through the State Industrial Access Program (SIAP).  Local governments must submit their requests on behalf of new and or expanding industries in their communities which the Department of Transportation reviews to determine the most feasible design and construction

Community Development Block Grant Program

If the project will require improving the local community infrastructure, i.e., water line upgrade, water storage facilities, etc., the Community Development Block Grant Program could be an option to explore. Under this federally funded program, a community would be eligible to receive up to $500,000 to use for economic infrastructure upgrade. CDBG funds are federal and have several federal regulations attached to their use. The Company would need to assure that they would hire 51% of their employees from low to moderate income ranks, and an
environmental review would have to be completed prior to any funds being obligated or spent on the project.

Industrial Revenue Bonds

Industrial revenue bond financing is available in Tennessee for both taxable and tax free
situations.

Tennessee Valley Authority

TVA's Economic Development Funds provide low interest loans to manufacturers creating new jobs. The loan can be used for the purchase of an existing building or underwrite the construction of a new facility. Local power boards, governments or industrial development boards apply for the loan on behalf of the locating or expanding company.  TVA's Enhanced Growth Credit Program reduces power costs for new industrial customers.