CPS 05-2021, Change 1 - Attachment 2 - NC Job Ready Workforce Investment Grants - Updated Distribution Framework.pdf

NC Job Ready Grants – Updated Distribution Framework

Purpose

NC Job Ready Grants supports new economic development projects by providing grants based on workforce impact. The updated framework balances job creation, county economic need, and capital investment while ensuring fiscal responsibility through a $50,000 cap.

Key Features

  1. Base Award (by New Hires)
    • 10–50 hires → $5,000
    • 51–100 hires → $10,000
    • 101–300 hires → $20,000
    • 301–500 hires → $30,000
    • 501–999 hires → $40,000
    • 1,000+ hires → $50,000
  2. County Tier Bonus (Equity for Distressed Areas)
    • Tier 1 (most distressed): +25% of base
    • Tier 2 (moderate): +10% of base
    • Tier 3 (least distressed): no bonus
  3. Capital Investment Bonus (Encourages Long-Term Growth)
    • $10M–$49M → +$5,000
    • $50M–$99M → +$10,000
    • $100M+ → +$20,000
  4. Maximum Award Cap
    • No project may exceed $50,000, regardless of size, tier, or capital investment.

Example Scenarios

  • Project A (220 hires, Tier 1, $75M investment): $35,000
  • Project B (1,200 hires, Tier 3, $120M investment): $50,000 (capped)
  • Project C (80 hires, Tier 1, $15M investment): $17,500

This updated model makes NC Job Ready Grants transparent, equitable, and strategic, aligning workforce development with economic development priorities.

Commission Policy Statement: CPS 05-2021, Change 1
Attachment 2

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