TNECD awarded $28.8M in grants in first 7 months of '24

(The Center Square) – Tennessee has handed out $28.8 million over 35 projects in FastTrack grants this year.

The largest were $6.5 million to Greenheck Fan Co. for its Knox County expansion, $3.3 million to Avancez LLC in Haywood County and $3 million to Schneider Electric in Wilson County.

Fasttrack grants are state grants sent to companies to help offset the costs of expanding or moving into the state with the goal of increasing the number of full-time jobs and the average wages of jobs available in an area.

The grants are awarded through the Tennessee Department of Economic and Community Development.

The office had $139.2 million available for grants after its July meeting with $661.8 million of FastTrack balance and $520.7 million committed to projects in progress across the state.

Economists question the effectiveness of financial incentives to private businesses to expand or come to a new state but state and local governments continue to expand the incentives.