The city is expanding economic development opportunities to draw businesses to the Twin City.
Here comes the Spec (Speculative) Building Loan Program, an interest-free loan assistance program for developers. It incentivizes them to build industrial or commercial spaces that will attract new tenants. The goal is by giving businesses ready-made places to call home, the tax base will grow, jobs will be created, and Winston-Salem’s industrial development will expand.
“With this program we are being proactive in letting businesses know we are ready for them to succeed here,” says Winston-Salem Mayor Allen Joines.
The City Council approved $7.5 million for the Spec Building Loan Program. Here are the project requirements:
- Each developer can apply for a loan up to $3.5 million per project
- Qualifying projects must have a $10 million minimum total investment
- The project must be completed within 24 months
The city is partnering with Greater Winston-Salem, Inc. to establish the incentive. The Spec Building Loan Program is based on similar projects issued by the city in the past, which have generated $50+ million in capital investment and over 175 jobs. In 2024, 61% of Greater Winston-Salem, Inc.’s economic development prospects said they prefer existing buildings versus shovel-ready land.
“By increasing the availability of high-quality industrial space, we can attract new businesses, support existing industries, and drive economic prosperity in our community,” said Ellis Keifer, Vice President of Economic Development for Greater Winston-Salem, Inc.
