Assistance Programs
There are many programs available to companies located in Alabama to assist with new construction, expansion projects, workforce training, and other business needs. For more information or assistance with these programs, contact the Marshall County Economic Development Council staff at 256-582-5100.
Industrial Revenue Bonds (IRBs)
Industrial Revenue Bonds may be secured through the local Industrial Development Boards and the Marshall County Economic Development Council will assist as needed in securing the bonds. IRBs provide financial assistance to new and expanding industries by providing funding for land, buildings, and equipment. IRBs may be exempt from property, sales and use tax and have an interest rate below conventional rates (for tax-exempt bonds).
Revolving Loan Funds
The revolving loan funds program provides gap financing for start-up and existing businesses creating permanent jobs. Funds received through the program can be used to purchase land, buildings, and equipment, as well as for renovations and working capital.
SBA504
The SBA504 provides long-term financing with lower interest rates and some fixed rates for new and expanding businesses. The loan program is used for the purchase of land, buildings, machinery, and equipment.
SBA 7a Loan Program
The SBA 7a Loan Program provides financial assistance for businesses unable to obtain long-term financing from conventional sources.
Funds from the program can be used for:
State Economic Development Grants
Local governments may apply for state economic development grants to be used to provide public infrastructure for new and expanding industries.
Public Works Grants
Public works grants are made available to distressed communities.
Funds from the grants are used for:
Industrial Energy Services Program
The Industrial Energy Services Program provides assistance to industries, including low interest financing for qualifying improvements.
Program services include:
Alabama Economic Development Loan Fund
The Alabama Economic Development Loan Fund can be used by new and expanding industries to purchase land, buildings, machinery, and equipment. Loans received from the program are generally used for gap financing, and can be used as such for up to the $400,000 limit.
The Wallace Plan for Linked Deposits
The Wallace Plan for Linked Deposits is a public/private partnership that provides financial assistance for small businesses and farmers.
The loan program has lower interest rates and provides funding for:
RDA Business and Industry Program
The RDA Business and Industry Program provides financing for new and expanding businesses in towns with populations of 50,000 or less.
Funds from the program can be used for:
Site Preparation Grants
Site preparation grants are provided to county and local municipalities to help attract new industries and assist existing industries.
The grants are used for:
State Economic Development Grants
Local governments may apply for state economic development grants to be used to provide public infrastructure for new and expanding industries.
The Appalachian Regional Commission (ARC)
The ARC provides supplemental funding for other federal or state-administered federal funds.
Funds from the grants are used for:
TVA Programs
The Tennessee Valley Authority (TVA) has several programs that provide assistance to new and expanding businesses located in the Tennessee Valley. Visit the TVA Economic Development website for more information.
Programs include:
