Companies in many counties can apply for grants, loans, and other assistance programs available through federal, state, and local government sources. Additional programs are funded by private providers, such as local foundations. Assistance may be available to municipalities to be used for site preparation, infrastructure projects, and project financing. For more information about the available assistance programs in Covington County, contact the CCEDC office at 334.222.7040.
Industrial Revenue Bonds (IRBs)
- Administered by local economic development organizations
- Available for qualifying new and expanding companies
- Can be used for land, building, and equipment purchases
- Have lower interest rates and offer tax benefits
Revolving Loan Funds
- State program
- Administered through local economic development organizations.
- Provides gap financing for qualifying new and expanding industries that are creating new permanent jobs
- Can be used for land, building, and equipment purchases, as well as working capital
Certified Capital Company Program (CAPCO)
- Open to qualifying businesses that are headquartered in Alabama or are moving their headquarters to the state
- Administered by the Alabama Department of Commerce and provides alternative funding to conventional bank financing
More information about this program can be found on the Alabama Department of Commerce website.
The Small Business Administration's HUBZone Program has contracting assistance available.
- Competitive and sole-source contracting
- 10% price evaluation preference in full and open-contract competitions
- Sub-contracting opportunities
USDA Rural Development
The USDA provides business assistance programs, including grants and loans for those companies looking to develop in rural areas. More information about these programs, including grant and loan information, can be found on the USDA Rural Development – Alabama website.
Site and Infrastructure Assistance
Local municipalities are willing and able to apply for site preparation and infrastructure grants to assist new and expanding companies in Alabama.
- Industrial Development Grant Program (Site Preparation)
- Used for land and labor surveys, site preparation, and road construction projects
- Based on amount of capital investment
- Alabama Infrastructure Grant Program
- Used to improve infrastructure on a site
- Alabama Industrial Access Road and Bridge Program
- Used to create industrial access to a site
- Includes construction of roads and bridges
- Grants from Alabama Department of Economic and Affairs