While there are no grants for small businesses per say, the government does offer, through its business developement division, several incentives to business owners. These programs are designed to help lower the costs of business developement and help put money back in your pocket.
The Business Development Division facilitates the retention of jobs and the creation of new employment opportunities, particularly for economically disadvantaged individuals, works to expand the city's tax base through commercial and industrial development, particularly in the city's neighborhood business districts, and strives to diversify the regional economy by providing assistance to small businesses. Here are some programs offered by The Business Developement Division:
- Neighborhood Business District Improvement Program, which provides public improvements to complement private investment within a neighborhood business.
- Industrial Redevelopment/SPUR Program, which works to return vacant, contaminated or underutilized land to productive use.
- Tax credits, exemptions and abatements that provide incentives to businesses for creating jobs.
- Serving as a liaison among developers, businesses and government.
- Providing small business loans and capacity building service.
Programs for Business Owners
Commercial Tax Abatements-encourages the rehabilitation and new construction of structures through property tax incentives. Property tax is available for any increased value that results from the improvements to the property for both new construction and renovation.
Type of Assistance: Temporary elimination of increased real property taxes. Up to 75% for 8 years.
Enterprise Zone-real or personal property tax exemption of new facilities built and rehabbed in an enterprise zone.
Type of Assistance: Tax exemption of 36% for up to 10 years (remaining 64% must be paid to school districts.)
Job Creation Income Tax Credit-tax credit for businesses that create at least 25 jobs in the city, within 3 years of agreement. Jobs to be created must be on average at least 200% of minimum wage and have been retained for at least twice the period of agreement.
Type of Assistance:Tax credit up to 75% for up to 10 years.
Property Investment Reimbursement-direct payment on annual basis for companies that create jobs within city limits within 3 years of agreement. The company must also invest in furniture, equipment, fixtures, and/or real estate improvements in an agreed upon amount.
Type of Assistance:Reimbursement up to 54%.
Technical Assistance-professional consultant provides free technical assistance and advice for recipients and or potential applicants of city’s small business loan programs and neighborhood business district programs.
So while there are no small business grants, per say, there are a lot of government incentives designed to help you grow and invest in your business. Check with your local Business Developement Division (through the Department of Community Developement and Planning) regarding government programs and guidelines in your area.
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