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News Golden LEAF Funds N.C. Aerospace Alliance and Other Initiatives to
Create and Preserve Jobs in the Military Sector Background Ribbon cuttings In April, 2005, the Golden LEAF Foundation made $9.3 million in grants to the newly created North Carolina Aerospace Alliance to help North Carolinians get into the business of manufacturing spare parts for aging military aircraft. North Carolina State University, the North Carolina Community College System, and Neuse River Development Authority - in conjunction with the US Navy and other strategic partners - created the Alliance to provide entrepreneurs assistance in three critical areas: certification and engineering, workforce training, and access to capital. Eastern North Carolina has two major facilities for overhauling aircraft - Cherry Point's naval air depot and the US Coast Guard air center in Elizabeth City. They have multimillion dollar annual payrolls. The backlog of orders for structural components, electrical parts, engine components, and hydraulic systems presented a unique opportunity for North Carolina to create what is essentially a new industry at a time when the state is making the transition from a tobacco and textile-based economy. North Carolina Aerospace Alliance Workhorse Aviation Manufacturing Previously, The Golden LEAF Foundation had awarded a $250,000 grant to the Neuse River Development Authority to provide infrastructure for Workhorse Aviation Manufacturing to establish an operation in Lenoir County to manufacture structural components for current and out-of-production military aircraft and for commercial passenger/cargo aircraft. Workhorse will employ the first machinists trained at the Advanced Machining Center and provide jobs for approximately 50 people within the next three years. Other Golden LEAF grants to preserve and create jobs in military sector Golden LEAF has made other grants in support of the military presence in North Carolina and to protect and expand the jobs and business opportunities related to that presence. The Foundation has made $300,000 in grants to the Foundation of Renewal for Eastern North Carolina to expand the services of the Virtual Incubator Platform for Eastern North Carolina to the region's citizens, businesses and institutions. This web-based business tool fosters the growth and sustainability of new and existing small businesses by providing technology to help them become competitive in accessing contracts and business opportunities in industries including aviation and military procurement. Golden LEAF also made a $250,000 to The Conservation Fund to allow the fund to work with landowners to create "military friendly" agricultural areas around military bases in communities that heavily depend on military jobs. "The Golden LEAF grant to the North Carolina Aerospace Alliance, as well as other grants related to the military presence in North Carolina, demonstrates that this state values these facilities, wants them to remain in North Carolina, and will provide needed support," said Valeria Lee, President of the Golden LEAF Foundation. "The Foundation and other participants in the Alliance took advantage of a significant opportunity to create new businesses and new jobs in this niche, spare-parts manufacturing area - not only in eastern North Carolina but throughout the state." The Golden LEAF Foundation was established in 1999 and administers half of the money received by the State of North Carolina from the master settlement with cigarette manufacturers. Since its inception, the Foundation has made 428 grants totaling $147,095,025 to nonprofit organizations and government entities throughout North Carolina to help communities make the transition from a tobacco-dependent economy and to create new job opportunities. # # # For additional information, please contact Email: info@goldenleaf.org
Golden LEAF Foundation |