FastTrack Economic Development Program offers grants or loans for equipment and other expenses related to businesses' relocation and expansion. Its objective is to encourage businesses to relocate and expand in Tennessee. Grant provided to local communities to reimburse a company for eligible expenditures not covered by infrastructure or job training grants. The grant can help offset expenses such as relocation of equipment, temporary office space, capital improvements, retrofitting, another expenditures not eligible under the FastTrack Infrastructure Program or Job Training Assistance Program.
Only used in exceptional cases where a company’s impact, such as net new full-time positions and capital investment, in a community is significant. These funds are available subject to terms of the Accountability Agreement executed by the state, community and company. TNECD is not able to provide incentives prior to the execution and approval of a contract.
FastTrack eligibility and funding levels are determined by: Number of new full-time jobs; Weighted averages wages of new full-time jobs; Amount of company investment; Types of skills and knowledge that must be obtained; Location of the project.
Eligible Recipients Detail:
Local governing bodies
Last Mile Infrastructure; Building Infrastructure; Broadband Enabled Devices; Related Industry Support
Eligible Purpose Detail:
Includes retrofitting building, acquiring real property, relocation of equipment, and other business expansion or relocation related expenditures.