JetZero Files $3 Billion Application with U.S. Export-Import Bank for North Carolina Plant Financing
JetZero signed a letter of intent with the U.S. Export-Import Bank on Monday, planning to seek up to $3 billion in financing for its $4.7 billion manufacturing campus in Greensboro, North Carolina. The letter of intent is part of EXIM's "Make More in America" initiative, aimed at evaluating construction funding options. The campus spans 8 million square feet, is expected to create 14,500 jobs, and will produce the Z4 all-body aircraft. Construction was previously delayed due to a state budget impasse, but Governor Josh Stein signed a budget on July 7 that includes $133.9 million in earmarked funds, and the company says construction plans remain on track.
Key points at a glance:
- JetZero signed a letter of intent on Monday with the U.S. Export-Import Bank (EXIM) seeking up to $3 billion in financing for its $4.7 billion aerospace manufacturing campus in Greensboro, North Carolina.
- According to a press release, the letter of intent lays the groundwork for JetZero and EXIM to evaluate financing options, covering the construction of the startup's facilities, production systems and equipment, as well as "other eligible project costs."
- The letter of intent falls under EXIM's "Make More in America Initiative." This program aims to help businesses secure capital for facilities, equipment, and infrastructure within the United States while enhancing the global competitiveness of American manufacturers.
In-depth analysis:
The signing of this letter of intent comes about a month after the federal export credit agency expanded its "Make More in America" program (MMIA). The expanded program adds support for equipment financing to benefit small and medium-sized U.S. manufacturers.
According to the agency's June 23 press release, EXIM will provide guarantees of up to 90% for equipment loans and operating leases. The initiative will enable small and medium-sized manufacturers to access private capital and reduce borrowing costs. EXIM Chairman John Jovanovic said this will "make it easier for businesses to expand operations and compete globally."
JetZero broke ground in June on its multi-billion-dollar manufacturing and assembly campus. The campus spans 8 million square feet and is expected to create 14,500 jobs over the next 10 years. This massive facility will produce JetZero's Z4 blended-wing-body aircraft for the commercial mid-market, accommodating 250 passengers. The Z4 can fly nonstop up to 5,000 nautical miles and uses 50% less fuel than larger commercial aircraft—which typically consume 15,000 to 22,000 gallons when flying from the U.S. to Europe, Asia, or the Middle East.
The startup initially announced plans for the Z4 manufacturing campus in June 2025. Subsequently, the state's Economic Investment Committee awarded JetZero over $1 billion in potential compensation through a job grant incentive program.
However, before the groundbreaking ceremony, the project faced setbacks. According to The Carolina Journal, in May, the company wrote to the state Department of Commerce requesting an accelerated grant schedule, citing that "delays in state budget funds have affected our ability to start construction." The agency approved JetZero's request.
According to WRAL on July 2, North Carolina lawmakers spent more than a year negotiating and passing the state budget. According to NC Newsline, the budget impasse led to various issues, including leaving construction projects like the JetZero manufacturing campus in limbo.
Governor Josh Stein signed the 2026-2027 fiscal year state budget into law on July 7. The legislation includes $133.9 million in funds specifically allocated for JetZero's upcoming campus. JetZero spokesperson Jenny Dervin said in an email that the funds could be used for "land grading and construction preparation."
Dervin added that the company's campus plans are "still on track" and that it "looks forward" to relocating its headquarters from California to Greensboro in early 2027.