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Economic Development Incentives
Federal Program

Small Business Administration (SBA) Loans

SBA provides financial assistance to small businesses to start up or expand, programs include microloans (up to $50,000), general small business loans, real estate and equipment loans for job create, surety bond guarantees, and venture capital equity financing.


https://www.sba.gov/loanprograms


State Programs (via Enterprise Florida)

Brownfields Program 

Incentives for redevelopment of designated brownfield sites, including assistance for clean-up costs, liability protection, tax credits based on clean-up costs, and loan guarantees.

http://www.enterpriseflorida.com/why-florida/business-climate/incentives/brownfield-incentives/ 

Qualified Target Industry (QTI) Tax Refund

Tax refunds for businesses that locate in Florida, create 10 or more jobs in a targeted industry, demonstrate a need for the refund in order to relocate or expand, provide an annual wage at 115% the average of the metropolitan area.  Local government (County or City) commits to fund 20% of tax refund.

http://www.enterpriseflorida.com/why-florida/business-climate/incentives/ 

State Small Business Credit Initiative (SSBCI)  

These programs are designed to assist small businesses in obtaining loan approvals and leverage private capital for use in startup costs, working capital, business procurement, franchise fees, equipment, inventory, or the purchase of owner-occupied commercial real estate. The program provides a lender with the necessary security, in the form of a partial guarantee, for the lender to approve a loan or line-of-credit.

https://www.enterpriseflorida.com/small-business/state-small-business-credit-initiative-ssbci/ 

Florida Development Finance Corporation (FDFC) 

This agency was created to be a conduit issuer (not direct issuer) of industrial revenue bonds (IRBs) for small manufacturers and 501(c)3 organizations. The advantage of IRBs is the potential to provide borrowers significant interest and state tax savings. IRB proceeds may be used for capital expenditures only, such as the purchase of land, new long-term equipment, and building construction/renovations.

https://www.enterpriseflorida.com/small-business/florida-development-finance-corporation/ 

SBIR/STTR Phase 0 Program 

This program helps Florida’s small businesses improve their chances of submitting a successful Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) Phase 1 proposal for federal research and development funds.  Eligible expenses include market research, technology consulting services, grant writing assistance, related travel and legal/accounting fees.

https://www.enterpriseflorida.com/small-business/sbirsttr-phase-0-pilot-program/


County Programs

Sec 108 Loan Program 

Federal funding administered by the County for eligible businesses that create new jobs.  These loan funds are federal dollars that are provided as fixed or floating rate loans.  Eligible activities include: Land acquisition, real property acquisition, utility and road infrastructure improvements, new construction of commercial and industrial buildings, rehabilitation of commercial and industrial buildings, purchase and installation of equipment and fixtures, refinancing of existing debt (as part of a new project creating new job opportunities), working capital needed to create new jobs.

http://www.pbcgov.com/des/programs/Local/108Loan.htm 

Industrial Development / Revenue Bonds (IDB/IRBs)

Low-interest loans on long-term financing for businesses in consideration of job creation and increase in property valuation (average loan is $30 million and the term can be as long as 35 years)

http://www.flvec.com/palmbeach/content/UrlView.aspx?id=5654 

Revolving Energy Fund

Low-interest loans for businesses to install energy conservation measures (insulation, HVAC systems, new windows and doors, etc.).

http://www.pbcgov.com/des/energyfund.htm 

Job Growth Incentive Grant 

Per-job awards to businesses locating in Palm Beach County to reimburse relocation/expansion costs such as impact fees, land costs, environmental compliance costs, construction costs, local match for State incentive program (minimum 50 jobs with salaries above the County average)

http://www.pbcgov.com/des/programs/Local/jgip_criteria.htm 

Ad Valorem Tax Exemption

Exemption on County taxes for a 1- to 10-year period in consideration of new jobs created in a target industry

http://pbcgov.com/des/programs/Local/tax_exemption/ 

Community Development Block Grant (CDBG)

Federal funds distributed through Palm Beach County to aid in the elimination of slum or blight in areas characterized by low to moderate income families.  Programs include:   demolition of unsafe structures, infrastructure and community improvements to improve qualified neighborhoods, code enforcement to eradicate conditions contributing to blight.  There is a new CDBG micro-loan program for entrepreneurs and small businesses (criteria not yet available).

http://pbcgov.com/des/Programs/Local/comm_dev.htm 

HOME / SHIP

Programs administered by the County to provide affordable housing or assist income-qualified individuals with guaranteed mortgages to promote home ownership.

http://pbcgov.com/des/Programs/Housing/Home.htm 

Brownfield Revolving Loan Fund

Financial assistance through Palm Beach County to eligible property owners (contract purchasers) to cleanup properties, creates employment opportunities, and revitalizes the community.

http://www.pbcgov.com/des/programs/Local/brlf.htm


FPL

Economic Development Rider:

Discount on electric rates for a 4-year period is available for new or expanding businesses that create 25 or more new jobs and generate at least 350 kilowatt demand of new energy load, or a 5-year period for a business occupying a vacant, existing building.

http://www.poweringflorida.com/fpl-incentives/ 

Commercial Industrial Service Rate:

A flexible, negotiated rate was initiated to attract new, large power users to the State.

http://www.poweringflorida.com/fpl-incentives/


Lake Worth Electric

Economic Development Electricity Incentive Rate Program:

Provides a discounted rate for commercial electric to job creation for new or expanding business establishments, commercial or industrial space that has been vacant more than one month, and creates 10 new full-time jobs and adds 150kw of new load to the Lake Worth electrical grid.

https://www.lakeworth.org/business/economic-development/


Others

PACE – Property Assessed Clean Energy Program

This program provides long-term financing for structural improvements that encourage renewable generation, energy efficiency and wind-resistance.  The financing is repaid over an agreed term (up to 20 years, based on the useful life of the qualifying improvements) via an annual assessment on their property tax bill. One of the most notable characteristics of PACE programs is that the financing is attached to the property rather than an individual.  Property Owners may realize reduced insurance premiums for wind resistance improvements.  The PACE program has the potential to stimulate significant local economic activity, increase taxable values, and put contractors back to work.


http://floridapace.gov/ 

Center of Enterprise Opportunity – non-traditional lender loans for small businesses and sponsors of community development initiatives which benefit low and moderate income persons

http://www.ceoventures.org/ 

Treasure Coast Enterprise Fund – provides small and micro loans (up to $35,000) for start-up and expansion of small businesses that create jobs in low- and moderate-income communities

http://www.treasurecoastfund.com/


Local Programs

Village of Palm Springs Property Improvement Program (Matching Grant)

This proposed program will provide a 50% matching grant (up to $5,000) for structural improvements to residences and businesses that 1) are readily visible, 2) improve the property’s aesthetics from the public street, and 3) necessitate a building permit.  Eligible improvements include façade renovations, roof line modifications, etc.  This program will increase property values, reduce code enforcement issues, and increase building permit revenues.

http://www.villageofpalmsprings.org/index.aspx?NID=429


Small Business Resources

Advice on starting or enhancing your small business, and other small business resources:

http://www.expertise.com/small-business