Business roundup: Rowan County once again becomes top food processing location – Salisbury Post
KANNAPOLIS — business equipment magazine, a source of business information for national economic development site selection professionals, has ranked Rowan County among the top 10 metropolitan areas in North America for food processing sites for the second year in a row.
Rowan County earned the #8 ranking in North America. Rankings are based on Bureau of Labor Statistics employment data, new projects, expansions, available workforce, and programs for the industry.
“Rowan County is a prime location for AgBiosciences and we are proud to receive national recognition for our food processing potential,” said Rod Crider, Chairman of the Rowan Economic Development Commission. “We’ve had tremendous interest from food processing companies interested in moving or expanding here, and this ranking shows why.”
Rowan’s ranking was earned through a multitude of assets in the community. The entire Charlotte area is being transformed into a world-renowned bioscience research, development and production center. This is triggered by the North Carolina Food Innovation Lab in Kannapolis, a new current Good Manufacturing Practices pilot plant that offers services for every stage of product development and brings together the latest food processing equipment, expert food scientists and partners across the state.
The county is also rich in natural resources, particularly its water supply, thanks to its location on the Yadkin River, which generates an average flow of two billion gallons per day. North Carolina farmers have 400 different soil types and more than 90 crop varieties, making the state a top 10 producer of 19 commodities and home to 24 of the top 50 food and beverages in the United States.
North Carolina will receive up to $201.9 million to promote small business growth and entrepreneurship
WASHINGTON, DC – The United States Department of the Treasury announced the approval of North Carolina’s request for funding under the state’s Small Business Credit Initiative for up to $201, $9 million.
President Biden’s US bailout reauthorized and expanded SSBCI, which was originally created in 2010 and has been very successful in increasing access to capital for small businesses and entrepreneurs. The new SSBCI builds on this successful model by providing nearly $10 billion to states, the District of Columbia, territories and tribal governments to increase access to capital and promote entrepreneurship, especially in communities. traditionally underserved as they emerge from the pandemic.
Deputy Secretary Wally Adeyemo announced the approval of North Carolina’s plan alongside North Carolina Commerce Secretary Machelle Baker Sanders at the North Carolina Rural Center. The North Carolina Rural Center administers small business funding from local and federal sources, including the SSBCI program. As part of the announcement, Adeyemo and Sanders participated in a roundtable with small businesses and financial institutions that participated in the first round of SSBCI.
“This historic investment in entrepreneurship, small business growth and innovation funded by the U.S. bailout will help reduce barriers to accessing capital for traditionally underserved communities across the state,” said Adeyemo. “I was pleased to have the opportunity to hear from North Carolina small business owners and financial institutions during my visit today and look forward to seeing the impact of these funds on the promoting equitable economic growth in North Carolina.”
North Carolina, approved for up to $201.9 million, will operate three different programs, including a loan participation program to which it has allocated $160 million. The Loan Participation Program expands access to capital by purchasing subordinated equity interests in small business loans made by financial institutions. The program helps lenders engage in small business lending and provide support to underserved businesses. The state has partnered with the North Carolina Rural Center to administer the program, which aims to support communities in their efforts to revitalize central business districts, strengthen neighborhoods, promote small business recovery and support economic growth.
“The state’s Small Business Credit Initiative provides vital support to our small businesses, especially those that often face challenges accessing capital,” said the North Carolina Commerce Secretary. , Machelle Baker Sanders. “I am excited to see how this upcoming round of funding will help many of our state’s women-owned and minority-owned small businesses in our rural communities grow and become more resilient. »
SSBCI’s funding is expected to catalyze up to $10 of private investment for every $1 of SSBCI’s capital funding, amplifying the effects of this funding and providing small business owners with the resources they need to grow and prosper. sustainable. State governments have submitted plans to the Treasury on how they will use their SSBCI allocation to provide financing to small businesses, including through venture capital programs, loan participation programs, guarantee programs loans, collateral support programs and access to capital programs. To date, the Treasury has approved state plans totaling more than $1.7 billion in funding to promote small business growth through SSBCI.
A White House report released in June found that more Americans are starting new businesses than ever before. In 2021, Americans asked to start 5.4 million new businesses, 20% more than any other year on record. It also found that small businesses are creating more jobs than ever before, with businesses with fewer than 50 workers creating 1.9 million jobs in the first three quarters of 2021, the rate of job creation in highest small business on record in a single year.
Investments made through SSBCI are a key part of the Biden administration’s strategy to sustain this small business boom by expanding access to capital and providing entrepreneurs with the resources they need to succeed. The work that the Treasury has done throughout the implementation process to ensure that SSBCI funds reach traditionally underserved small businesses and entrepreneurs will also be essential in ensuring that the small business boom not only continues, but continues. also to uplift communities disproportionately affected by the pandemic. The Treasury intends to continue to approve state plans on an ongoing basis.
Economic Investment Committee to discuss economic development proposals
RALEIGH — The Economic Investment Committee will meet at 11 a.m. Tuesday to consider one or more economic development proposals.
The EIC provides a public teleconference method to participate in this meeting.
To participate in this public meeting, call the teleconference:
• Teleconference number: +1-415-655-0003 (toll charges may apply).
• Conference call access code: 2431 346 9227
The meeting will be held in the Commerce Board Room, located on the fourth floor of the New Education Building, 301 North Wilmington Street in Raleigh.
The public teleconference line will open from 10:50 a.m.