In Alabama companies are eligible to 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. The City of Elba may be able to assist businesses in site preparation, infrastructure projects, and project financing. For more information about the available assistance programs, contact the City of Elba at (334) 897-2333.
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.
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.
The Small Business Administration's HUBZone Program has contracting assistance available.
- Assistance includes:
- Competitive and sole-source contracting
- 10% price evaluation preference in full and open-contract competitions
- Sub-contracting opportunities
Site & Infrastructure Assistance
- 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