New York-based mortgage lender InterContinental Capital Group plans to make a big investment in Charlotte, North Carolina.
The lender will add 500 jobs in Charlotte over the next five years as a part of a $5.8 million capital investment, North Carolina Gov. Roy Cooper said in a news release on Tuesday.
Overall, $8.45 million in incentives has been offered by the state, including $7.7 million through the Job Development Investment Grant program, $650,000 from the community college system and $109,661 in city investment grants.
The North Carolina Department of Commerce, who spearheaded the agreement with ICG, was in competition with several other cities, such as Indianapolis, which offered the company $15 million, and Richmond, Virginia, which offered $4 million.
“As we evaluated different locations, it became clear that whether we were looking for marketing talent to better connect with customers, engineers eager to build tomorrow’s solutions today, sales and operations talent passionate about customer service or a budding workforce eager to make a transition, they were all here in Charlotte,” said ICG founder and CEO Dustin DiMisa.
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According to the release, the company’s new job offerings in 2021 include sales, marketing, fulfillment, tech, administration and executive management and will average its salaries at $87,500 per year. By 2025, the state estimates more than $47.3 million in annual payroll will have impacted the Charlotte region.
ICG, headquartered in Long Island, New York, currently has approximately 2,000 employees nationwide with 179 stationed in the Charlotte location. ICG’s chief operating officer and chief marketing officer, Daniel Wilson and Laura Ashley, told Charlotte Business Journal on Tuesday that no decisions have been made yet on additional space to accommodate the growth or the 500 new hires promised over the next five years.
Founded in 2005, ICG currently operates in 46 states and the District of Columbia and also operates a military focused arm known as Veterans Community Home Loans.
Charlotte has proved to be a hot market in recent years with companies such as Better.com, BB&T and SunTrust, Beeline, Knock and Zillow.
At the time of its expansion into the city, Better.com CEO and founder Vishal Garg said, ”we see an entrepreneurial hunger and spirit in the city of Charlotte that is akin to what we used to see in places like downtown Manhattan in the 1980s and Silicon Valley in the 1990s.”
A December Realtor.com report also predicts Charlotte as the number three hottest housing market for 2021 as both a popular destination for millennials and retirees.
