Local Job Creation Incentives
The Newport Economic Development Commission (NEDC) offers incentives based on job creation to qualifying manufacturing, warehousing, distribution and non-locally competitive business. Incentive funds are in the form of a forgivable loan that can be repaid through the creation of jobs or cash payment at the end of the agreement period. The amount of incentive is based on a per job calculation that varies according to average wage, corporate investment, length of the contract and other factors. Incentives are given solely at the discretion of the NEDC and require a vote of the Commission to be approved.
To inquire about incentives for your business contact the Newport Economic Development Commission for more information. Applications for incentives include a narrative of the project, a business plan, business and personal financial documents and tax returns for existing businesses. All information given to the Newport Economic Development Commission is considered confidential.