Economic Catalyst Program

The Golden LEAF Foundation Economic Catalyst program is a private grant initiative designed to support economic development efforts across North Carolina, particularly in tobacco-dependent and economically distressed communities. Golden LEAF is a nonprofit organization focused on long-term economic advancement in the state, often funding projects that stimulate job creation, workforce development, and infrastructure improvements. Through this program, the foundation partners with governmental and nonprofit entities to attract and retain businesses that will generate measurable employment opportunities in targeted regions. The primary purpose of the Economic Catalyst program is to incentivize companies to locate or expand in North Carolina by supporting projects that directly result in job creation. Funding is contingent upon a company’s formal commitment to create a specified number of full-time jobs, defined as positions providing at least 1,600 hours of work annually. These jobs must also meet quality standards, including employer contributions of at least 50 percent toward employee-only health insurance. The program is structured to fill critical funding gaps that could otherwise prevent a project from moving forward, making it especially focused on projects deemed “at risk” without financial assistance. Eligible applicants include governmental entities and nonprofit organizations with 501(c)(3) status. These applicants must demonstrate that the proposed project aligns with charitable, educational, or scientific purposes as defined by federal tax code and that the funding will be used for activities directly tied to job creation. Projects must be submitted prior to any public announcement of a company’s decision to locate in North Carolina, ensuring that Golden LEAF funding serves as a true inducement. Applicants are also encouraged to coordinate with state and regional economic development partners and to consult with Golden LEAF staff before submission. Allowable uses of funds include workforce training programs, public infrastructure improvements, and equipment purchases. Training-related funding typically supports community college programs and must be accessible to the public while teaching transferable skills. Infrastructure funding may cover public systems such as water and sewer but cannot be used for private property improvements. Equipment purchases must be owned by the grantee and leased to the benefiting company under terms that allow cost recovery with interest. In many cases, agreements are required to ensure that companies meet job creation targets, with penalties or repayment obligations tied to underperformance. Applications are evaluated based on several criteria, including the economic distress level of the community, the number and quality of jobs to be created, and the broader economic impact of the project. Additional considerations include the strategic importance of the industry, the competitiveness of the project relative to out-of-state locations, and the financial stability of the company involved. Demonstrating urgency, securing local and external funding, and proving that the project would not proceed without Golden LEAF support are all critical to a competitive application. The application process is rolling, with proposals accepted throughout the year. Submissions must be completed and reviewed at least six weeks prior to a scheduled board meeting for consideration, although earlier review may be possible depending on readiness. Applicants are encouraged to identify any urgency in their proposal. While no fixed deadlines exist, timing is closely tied to board meeting schedules. Golden LEAF operates under North Carolina public records and open meetings laws, which may affect confidentiality and disclosure of project information during the review process.

Demonstrate that the project is at risk without funding by clearly identifying a funding gap and urgency; show strong local and external support; emphasize job quality and economic impact