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NC New Markets Jobs Act Promotes Rural Job Creation and Entrepreneurship

The NC Chamber actively supports legislation to help entrepreneurial small business owners in rural and other low-income areas create jobs and expand their businesses by focusing on providing the most efficient way to broaden their access to affordable capital. Today, Senate Bill 522: NC New Markets Jobs Act, which carried over from the 2013 Legislative Session, was rolled into House Bill 680: Jump-Start Our Business Start-Ups Act. The Senate Commerce Committee approved the measure, which will now be sent to the Senate Finance Committee for consideration.

The measure creates public-private partnerships (P3) to enhance capital investments in rural areas of the state. Unlike other programs, this partnership encourages more than $300 million of private sector capital to flow into North Carolina, therefore growing the economic pie of the state. Additionally, it requires that private capital be invested and reinvested for a minimum of seven years, ensuring long-term growth for the state.

While North Carolina has significantly grown in entrepreneurship and innovation over the past decades, North Carolina needs to push long-term initiatives to be a leader in this area. The NC New Markets Jobs Act would attract hundreds of millions of in private sector money and expand the flow of capital into rural regions of the state.

The North Carolina Chamber appreciates the leadership of Senator Rick Gunn (R-Alamance, Randolph) for his work on legislation that will develop positive economic and job creation opportunities for our state.

Gary J. Salamido
Vice President, Government Affairs
North Carolina Chamber