INCENTIVES AVAILABLE IN WEAKLEY COUNTY, TENNESSEE
LOW INTEREST LOANS: Loan programs are available from the Tennessee Department of Economic and Community Development, TVA, the Northwest Tennessee Development District and the Small Business Association. All programs offer interest rates below prime. Loan amounts vary and are based on the number of new jobs created.
INDUSTRIAL REVENUE BONDS: The Weakley County Industrial Board can issue up to $10,000,000.00 tax exempt Industrial Revenue Bonds (IRBs) to expanding or new industries in Weakley County. The IRBs can cover all project costs with the exception of working capital. The interest on the IRBs is tax free to the purchaser of the bonds, usually banks, and result in an interest rate lower than the prime rate. Attached is additional information on Industrial Revenue Bonds.
INFRASTRUCTURE GRANTS: Grants are available up to $750,000.00 to assist in the infrastructure cost of new or expanding industries. These are grants to Weakley County and are used for the development of sewer, water, natural gas, and electrical lines and site grading and rail spurs.
PRE-EMPLOYMENT TRAINING: The State of Tennessee has an excellent pre-employment training program that includes cost of instructional materials, training space and utilities, and instructors. The program is very flexible and is tailored to individual company's needs.
ON-THE-JOB TRAINING: Funds are available through the Work Force Investment Act (WIA) for individuals that qualify for WIA. The program reimburses a company one-half of an WIA eligible employee's wage for up to three months.
TVA ENERGY CREDITS: As a potential employer in Tennessee Valley, a company could be eligible for several programs that can benefit your company's operations, electric service, operating costs, and bottom line. Brief descriptions and potential benefits from the programs are as follows:
Enhanced Growth Credit (EGC)
The Enhanced Growth Credit program, available from TVA through Weakley County Municipal Electric System, provides credits on power bills to new or expanding industrial companies that create new, firm electrical demand of 100 kW or more. Customers may choose one of the following EGC options:
* Four-year "flat rate" option - allows a monthly $6 credit per new kW for the life of the credit.
* Eight-year "declining rate" option - allows a monthly $6 credit per new kW in the first year; monthly credit is reduced by $0.75 per kW in each subsequent year.
The credit amounts will vary based upon each month's actual demand, and there is no maximum credit amount. For expansions a demand baseline will be set at the highest demand over the previous twelve months. Below is an example of the amount of credit received based on new firm demand:
| New Firm MW Demand |
Four Year Option Savings |
Eight Year Option Savings |
| 100 kW |
$28,800 |
$32,400 |
| 300 kW |
$86,400 |
$97,200 |
| 500 kW |
$144,000 |
$162,000 |
| 1,000 kW |
$288,000 |
$324,000 |
Small Manufacturing Credit
The Small Manufacturing Credit is available to manufacturers who create contract demand of more than 1,000 kW but not more than 5,000 kW. In any month when the metered demand for firm power exceeds 1,000 kW, a credit is applied to each kW of metered demand and each kWh of firm energy. This credit does not expire under the current rate plan. The credit is calculated as follows:
$1.38 per kW for the first 1,000 kW of metered demand, plus $1.63 per kW for metered demand in excess of 1,000 kW and $0.0054 per kWh of firm energy.
TAX ABATEMENT: A tax abatement program is available for industries with substantial jobs and capital investment in all municipalities of Weakley County.
TENNESSEE TAX INCENTIVES: Tennessee offers numerous tax incentives. You can find those on Tennessee's Business Development website located here:
http://www.tnecd.gov/bizdev_tax.htm#sales
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