Economic Development

The Development Division provides economic development assistance throughout Winston-Salem through various programs that aim to promote business vitality, job creation, and an increased tax base. Ongoing projects are located in:

• Brookwood (Airport) Business Park
• Downtown business district
• Union Cross Business Park
• Wake Forest Innovation Quarter
• Other areas

Target Area Business Assistance Program

The Target Area Business Assistance program is designed to provide incentives to encourage businesses to locate within distressed areas of the city and to create job opportunities. Minimum qualifications for the program are that:

• The Company creates or retains at least four permanent jobs
• The Company invests at least two dollars of private fund for every one dollar of city funds requested
• The Funds are necessary for the company to move into or expand within the target area

The funds may be used for site, facility or structural improvements, facade or signage and the purchase of capital equipment. The resulting revitalization will, in turn, increase the tax base within these areas of the city.

All assistance must be approved by the City Council following a public hearing. The assistance may be given as a loan or grant, which is determined by the city on a case-by-case analysis. The maximum assistance for any project is $50,000 total. Assistance may be based upon job creation or tax base investment.

Guidelines

To learn more about the program and approved areas, read the Target Area Assistance guidelines (PDF). Approved areas:

• Liberty Street Corridor (South Central Segment (PDF)) between 12th Street and 21st Street.
• Liberty Street Corridor (Southern Segment (PDF)) between 8th Street and 12th Street.
• Waughtown Street and Sprague Street (PDF) between Old Lexington Road and Thomasville Road.
• 100 to 200 Blocks of Kapp Street (PDF) between Patterson Avenue and Mineral Avenue.
• The east side of Spruce Street on the west, the west side of Linden Street on the east, the south side of Fifth Street on the north and the north side of Fourth Street between Spring and Cherry Streets, and the north side of Third Street between Cherry and Linden Streets on the south. Central Business District (CBD) 1 (PDF).
• The west side of Cherry Street on the west, the south side of Eighth Street on the north, the east side of Main Street on the east and the north side of Fifth Street on the south. Central Business District (CBD) 2 (PDF).

For more information, contact Steven Harrison at 336-747-7474.

Sister Cities Program

Sister Cities Winston-Salem is affiliated with Sister Cities International an organization that advances peace and prosperity through cultural, educational, humanitarian, and economic development exchanges. It serves as a hub for institutional knowledge and best practices in the field of citizen diplomacy. Please visit the Sister Cities Pages.