Business Assistance

Click the tabs below to learn more about Business Assistance available in Alabama


Industrial Revenue Bonds

IRBs are administered by local economic development organizations and are granted to qualifying new and expanding industries. These bonds can be used for land, building, and equipment purchases. Some IRBs have a lower interest rate than other forms of funding and may be exempt from property and sales & use taxes.

Industrial Development Grant Program (Site Preparation)

Site preparation grants help communities prepare sites for new and expanding industries. The grants are used for land and labor surveys, site preparation, and road construction projects.

Grants are based upon the amount of capital investment:

Capital CostsPercentage of Capital Costs
Less than $200,000 5.0%
$200,000-499,999 3.4% (minimum $10,000)
$500,000-999,999 2.5% (minimum $20,000)
$1,000,000-1,999,999 1.5% (minimum $28,000)
$2,000,000-9,999,999 1.0% (minimum $32,000)
$10,000,000-24,999,999 0.75% (minimum $100,000; maximum $150,000)
$25,000,000 or greater Maximum $150,000

Alabama Infrastructure Grant Program

This grant program provides funding for communities to improve infrastructure on a site, preparing the site for a new or expanding industry.

Alabama Industrial Access Road and Bridge Program

This program provides funding to communities to create industrial access to new and expanding industries, including the construction of roads and bridges.

Alabama Economic Development Loan Program

This program helps provide funding from commercial lenders for new and expanding companies not located in a community that does not receive federal Community Development Block Grants. The funding can be used to purchase land, buildings, machinery, and equipment. It is often used for gap financing.

Revolving Loan Funds

This program is administered on a regional basis and provides gap financing for new and expanding industries that are creating new permanent jobs. The funding received through the program can be used for the purchase of land, buildings, and equipment, as well as renovations and expansions. It can also be used as working capital.

Certified Capital Company Program (CAPCO)

This program is administered by the Alabama Development Office and provides alternative funding to conventional bank financing. Businesses must meet certain requirements to qualify for this program, including being headquartered within the state of Alabama (or relocating to Alabama).

Industries that qualify for the program include:

  • Manufacturing, processing, or assembling products
  • Conducting research and development
  • Providing services

HUBZone

This Small Business Administration Program provides contracting assistance to qualifying companies located in designated areas.

Assistance includes:

  • Competitive and sole source contracting
  • 10% price evaluation preference in full and open contract competitions
  • Subcontracting opportunities

PowerSouth counties that are designated as HUBZones or include designated HUBZone areas include:

  • Barbour
  • Bibb
  • Bullock
  • Butler
  • Chambers
  • Clarke
  • Clay
  • Conecuh
  • Coosa
  • Covington
  • Crenshaw
  • Dallas
  • Escambia
  • Etowah
  • Geneva
  • Lowndes
  • Macon
  • Monroe
  • Montgomery
    (Former SCREWS USARC)
  • Pike
  • Randolph
  • Talladega
  • Tallapoosa
  • Washington
  • Wilcox

USDA Rural Development

Many of the counties in central and south Alabama are considered rural communities and businesses located within these areas can receive assistance from the local USDA Rural Development office. Assistance includes loans (both private and U.S. Treasury), grants, and technical assistance programs.