Economic Development

(919) 554-1863
112D Wheaton Drive
Youngsville, NC 27596

Economic Development

Tax Rates

Rate/$100 Valuation (Based on 2012 valuations)

Franklin County .8725
Bunn .69
Franklinton .70
Louisburg .535
Youngsville .59
Wake Forest .51
Solid Waste Availability Fee $55

Financial Assistance

Franklin County industries may qualify for a variety of incentives and financial assistance through several agencies and programs.

The Franklin County Economic Development Commission can help companies identify and connect with sources of financial assistance.

The state of North Carolina offers these incentive programs:

  • Certified Development Corporation – a nonprofit agency that administers the Revolving Loan Fund program created from matching federal and state grants. It funds 75 percent or $200,000 of project cost, whichever is less, for certain specified costs.
  • Dislocated Worker Program - reimburses a percentage of retraining costs.  For more info:  NC Workforce Development
  • Industrial Revenue Bond Financing - funds land and equipment purchases, as well as facility construction. It may be obtained through the Franklin County Industrial Facilities & Pollution Control Financing Authority.  For more info:  Industrial Revenue Bond
  • One North Carolina Fund –  may provide financial assistance to businesses and industries deemed by the governor to be vital to a healthy and growing state economy and making significant efforts to expand in North Carolina. The One NC Fund is a competitive fund and the location or expansion must be in competition with another location outside of North Carolina. Criteria for the program is available through the N.C. Department of Commerce Finance Center.
  • Article 3J Tax Credits - Article 3J Tax Credits offer several types of tax credits to eligible taxpayers that undertake qualifying initiatives. These credits may be used to offset up to 50% of the taxpayer’s state income and/or franchise tax liability, and unused credits may be carried forward for up to five years.
  • Job Development Investment Grant – this discretionary incentive may provide sustained annual grants to new and expanding businesses measured against a percentage of withholding taxes paid by new employees. The program is competitive and the Economic Investment Committee, which oversees it can award up to 25 grants in a calendar year. Criteria for the program is available through the N.C. Department of Commerce Finance Center.  For more info:  JDIG
  • Community Development Block Grants - Community Development Block Grant (CDBG) funds are available to local municipal or county governments for projects that enhance the viability of communities by providing decent housing and suitable living environments and by expanding economic opportunities, principally for persons of low and moderate incomes.

Franklin County Incentives

Franklin County government also offers financial incentives to assist selected companies that will improve the county’s economy and create jobs.

Franklin County Incentive Policy (PDF)

Franklin County Incentive Resolution (PDF)