LendingTree loses more North Carolina incentives over missed job goals
LendingTree has missed out on another round of state economic tax incentives after failing to meet job creation goals.
The Charlotte-based financial tech company won’t receive its performance-based incentive grants for 2022 and 2023 under the Job Development Investment Grant program, N.C. Economic Investment Committee officials said last week.
“The incentive agreement is still in place, but the company was under performance on those two years, so they don’t qualify for a payment,” said David Rhoades, a spokesman for the North Carolina Department of Commerce.
The JDIG is a performance-based incentive program that provides cash grants to a company, typically over 12 years, if they meet state-verified milestones for job creation and investment.
LendingTree’s grant was tied to its 2016 agreement with company pledging to create 314 jobs at its Charlotte headquarters, making it eligible to receive $4.9 million in state incentives, Rhoades said. The company fell short of its goal.
In 2022, the company achieved 63% of its hiring target, adding 198 jobs, according to the JDIG annual report summary findings. That dropped significantly in 2023, when the company created only 29 jobs — or just 9.24% of its annual goal — according to the report.
LendingTree officials did not respond to requests for comment Friday.
For both years, LendingTree met its retention goal of 296 employees. The company also exceeded its required average annual wage of $81,857, reporting average salaries of $157,725 in 2022 and $200,658 in 2023, according to the reports.
This is not the first setback LendingTree has faced regarding state incentives. Just over a year ago, the company requested to terminate a separate JDIG agreement from 2018. That deal had promised $8.37 million in grants in exchange for creating 436 high-paying jobs over five years in Mecklenburg County.
More about LendingTree
LendingTree, once ranked No. 3 on Forbes’ 2017 list of fastest-growing U.S. companies, has faced financial struggles. In 2018, its stock price peaked at $370 a share. On Friday, June 11, shares were trading at about $39.
In 2023, LendingTree reduced its workforce by over 30%, saying it was confronting “a difficult revenue environment.”
Still, LendingTree has been on an upward trajectory, with total revenue climbing 43% from $167.80 million to $239.7 million in the first quarter this year compared to last year.
Founded in 1996, LendingTree offers online tools to connect borrowers with lenders on financial services, like credit cards, mortgages or personal loans.
In 2021, LendingTree moved its headquarters from Ballantyne to a 175,000-square-foot office in South End. LendingTree has about 940 employees companywide with more than 300 in Charlotte.
This story was originally published July 14, 2025 at 5:00 AM.
