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Cumberland County business community receives massive investment from state budget

By Jenna Shackelford, posted Dec 1, 2021 on BizFayetteville.com

State Rep. Billy Richardson, chairman of the Cumberland County Legislative Delegation along with several members of the Delegation, Sen. Kirk deViere, Sen. Rep. John Szoka and Rep. Diane Wheatley, met with Greater Fayetteville Business Journal yesterday to discuss the massive and historic investment of over $412 million dollars into the Cumberland County community from the state budget. 

The community investments are allocated as followed: $198,020,000 for higher education; $64,085,801 for local government; $11,100,000 for health care; $4,250,000 for economic equality; $550,000 for human services; $27,512,162 for military and veterans; $19,440,350 for flood mitigation and resiliency; $87,625,000 for other capital investments. 

These allocations mean that $352 million of capital investments are coming to the area to drive construction and job growth. Additionally, corporate income tax will be eliminated by 2030, state income tax on military pensions will cease to encourage the retention of military talent here and personal income tax rates will be cut, starting with a cut from 5.25 percent to 4.99 percent in 2022. 

Another investment in the business community includes a grant that the Center for Economic Empowerment and Development will receive  for $750,000. It will be used for funding and training for minority-owned businesses, as well as to create a Community Development Financial Institution for minority business capital. 

In another effort to grow minority companies, $2.5M will go toward the Economic Equity Venture Capital Fund, with a goal of funding ten businesses that employ over ten employees over five years. 

This is a developing story. To read more in-depth coverage of the $412 million dollar investment into Cumberland County and details from the local delegation, subscribe to our Daily Emails and print edition at BizFayetteville.com/subscribe.

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