State and Local Incentives Played Role in Navy FCU's Florida Expansion

State and local incentives played a direct role in Navy Federal Credit Union's choice to expand in the Pensacola (FL) region.

As part of an incentive package, the credit union committed in 2014 to adding 5,000 jobs at its operations in Beulah by 2026. The growth would coincide with the completion of its $1 billion campus at the location.

Through the governor's Quick Action Closing Fund, jointly administered through Enterprise Florida, the state agreed to give the credit union about $20 million over a 10-year period for its pledge to expand in the region. The company also received a 10-year tax exemption for all new capital structures built on the campus.

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