Intercontinental Capital Group Inc, a direct mortgage lender specializing in single-family residential properties, will significantly expand its operations in Charlotte, North Carolina. The company plans to invest $5.84 million and add 500 jobs over the next five years.
ICG will offer salaries averaging $87,500 per year, creating more than $47.3 million in annual payroll impact in the Charlotte Region after 2025. The company’s innovative ICG Academy provides paid training and ongoing professional development opportunities.
“For the experience of home financing to truly be delightful, it must be accessible, streamlined and simple, and that requires the best of marketing, technology innovation and people passionate about providing borrowers with excellent customer service every step of the way,” said ICG founder and CEO Dustin DiMisa. “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.”
“Growing companies like Intercontinental Capital Group choose North Carolina for their expansion plans because of our tech-ready workforce and strong leadership, even during a global pandemic,” Governor Roy Cooper said.
ICG’s new presence in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of the grant, the project is estimated to grow the state’s economy by nearly $1.34 billion. Using a formula that takes into account the new tax revenues generated by the 500 new jobs, the JDIG agreement authorizes a potential reimbursement to the company of up to $7,694,250 over 12 years. State payments occur only after verification by the departments of Commerce and Revenue that the company has met incremental job creation and investment targets.
Projects supported by JDIG must by law result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to the recipient company. The provision ensures all North Carolina communities benefit from the JDIG program. Moreover, ICG’s selection of Mecklenburg County, classified under the state’s economic tier system as Tier 3, means the company’s JDIG agreement will result in as much as $2.56 million in new funding for the state's Industrial Development Fund – Utility Account. The Utility Account helps rural and economically distressed communities finance infrastructure upgrades necessary in attracting jobs and capital investment.
“The significant expansion by this innovative name in mortgage lending shows that North Carolina remains an international leader in financial services,” said Commerce Secretary Anthony Copeland. “ICG provides valuable financial tools for U.S. consumers, and the Charlotte Region will be a key component of its continued success.”
In addition to the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in the project include the North Carolina Community College System, Mecklenburg County, the City of Charlotte, UNC Charlotte, Central Piedmont Community College and the Charlotte Regional Business Alliance.