MYRTLE BEACH, SC (WMBF)- Economic development leaders say three companies will create about 300 jobs in Horry County in 2012.
Brad Lofton, president of the Myrtle Beach Regional Economic Development Corporation, says his team approved incentives packages for all three companies, which all but secures the jobs.
The MBREDC is not naming the companies until official announcements can be made, but the first is expected next week. For now each project has a code name.
AV2 is expected to create 150 jobs and is an expansion of a company already operating in the area. AF should create about 80 jobs and is also an expansion, while BL is a new project slated to create 50 brand new jobs and bring a new company to the Myrtle Beach area.
Lofton says the incentives packages are made up of tax credits and state and local grants.
Those incentives are familiar to Dodd Smith, president and COO of Metglas, an electrical equipment manufacturer based in Conway. Smith oversaw a major expansion a few years ago aided by the benefits.
"When you're starting up a new project you're basically digging into your piggy bank and you don't have a lot of money in the very beginning," Smith said.
Before the MBREDC offers incentives to the new companies, Horry County Council will need to give final approval. That's expected in the first few weeks of January.
"I don't see any reason why they wouldn't approve this because it's not going to cost the county a whole lot in the end," said Councilman Gary Loftus.