Fintech: Southeast News

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Posted September 23, 2021

 

The performance-based package includes up to $120,000 in grants paid to the unknown company in five annual installments of up to $24,000. NEW HANOVER COUNTY — The New Hanover County Board of Commissioners approved a six-figure incentive agreement for an unnamed software company at its regular meeting Monday morning.

Wilmington Business Development, helmed by Scott Satterfield, is spearheading the recruitment. Satterfield told the board “Project Manage” is a company “that we have been working with for several years that’s an existing business in New Hanover County.”

Public documents refer to the company as “Project Manage.” State law allows for secrecy when businesses are staking out opportunities that involve incentives paid for with public funds, as in this case. The name will be released once the deal is finalized, or if it falls through. The company in question is a “software development firm,” according to chairwoman Julia Olson-Boseman’s comments during the meeting.

The company employees 100 people and is looking to double its workforce. The financial incentives are contingent on the company creating 104 new jobs in the region over the next five years, with an average salary of $80,000.

{mprestriction ids="1,4,9"}Satterfield added the company operates “in a sector that, quite frankly, we are extremely excited about pursuing: the fintech, financial technologies sector.”

“The state of North Carolina is also agreeing to offer participation in this project, as well as the community college system,” he told the board. “Through the state they also have vetted the project and looked at the financials, and agreed that this company is something the state would like to pursue.” The specific state package or program under consideration is not immediately clear.

The City of Wilmington is looped in too. Council will vote on an incentive agreement of its own Tuesday, relevant to “Project Manage.” Through its proposed agreement, council could authorize an $80,000 incentive package for the same company over a five-year period. In total, the company could receive $200,000 in incentives from local governments –– not including any state funding it may be approved for.

 

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