The purpose of Golden LEAF is to fund projects that bring significant economic improvement to tobacco-dependent, economically distressed, and/or rural communities in North Carolina. The foundation focuses on strengthening the state’s long-term economy with a commitment to projects that support job creation, economic investment, workforce preparedness, and agriculture in these communities.
The Economic Catalyst Program by Golden LEAF is designed to support eligible state, regional, and local economic development entities through grants. These grants are aimed at projects committed to creating a specific number of full-time jobs in tobacco-dependent or economically distressed areas within North Carolina. To be eligible, projects must involve a company's commitment to creating full-time positions, with full-time defined as providing 1,600 hours or more per year of work. Furthermore, companies must cover at least 50% of the cost for employee-only health insurance for these full-time roles.
Key considerations for funding include the level of economic distress in the community, the number and quality of jobs (assessed by wages and skill levels), and the overall economic impact and strategic importance of the project to the state, region, or community. Other factors might include the viability of the company creating jobs, competition with sites outside of North Carolina, and whether the grant will prevent imminent job losses.
Grants can be used for various purposes, such as funding training programs (often in collaboration with local community colleges for transferable skills training), aiding public infrastructure improvements necessary for the project, and covering the costs for equipment purchases that will be leased to the business involved.
Golden LEAF may require evidence of inducement agreements from the companies benefiting from these projects, ensuring they meet job creation and wage goals, although specific clawback provisions for the grant funds might not be necessary. Proposals are accepted throughout the year, with the requirement that they be submitted at least six weeks before the next Golden LEAF Foundation Board meeting for consideration.
Applications that stand out will present evidence indicating that the projected job creation faces jeopardy without support from Golden LEAF. To illustrate that a project is jeopardized, an applicant should highlight a lack of necessary funding which would greatly hinder their capacity to secure the expected job opportunities without a grant from Golden LEAF.