Newberry County is getting a $2 million loan from Santee Cooper to construct a spec building at the Mid-Carolina Commerce Park.
The spec building will be between 50,000 and 100,000 square feet and will be able to be expanded.
Some 70 percent of industries locating to the state are looking for a building and not just land, so county leaders hope the new facility will attract new industry.
In the deal that was approved Monday night by the Santee Cooper board, the electric producer will lend the county 60 percent of the funding and the county will pay two percent interest and only pay the interest for the first five years.
The county will need to put in 40 percent of the cost which can include the cost of the land, according to Newberry County Economic Development Director Teresa Powers.
County administrator Wayne Adams says that the loan should be available the the county quickly.
Once the county secures the land they will work with Alliance engineering to proceed with the facility.
A survey will take about two weeks to complete and within 14 weeks the project should go out for bids.
Newberry County Council Chair Buddy Livingston suggested that the county also work to get a virtual tour of the building so that it can be marketed and hopefully sold before the building is completed.
Also to get the loan, the Newberry County Electric Cooperative board had to sign off of the project and state that the project would bring economic development to the area.
Also the Mid-Carolina Commerce Park located on Highway 773 at I-26 will start a re-certification process with the S.C. Department of Commerce.
The certification will let potential businesses know the park is ready for building in and will include issues like soil drillings and test.
The cost of the certification will be around $75,000 but the could should be able to pay for much of it through grants and other incentives.