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If you are interested in relocating your company to Palm Beach County, your business may qualify for certain incentives; the level of assistance depends on the wage scale and number of jobs/benefits provided. Local and state governments provide various types of assistance to new and expanding businesses that create employment.
There are numerous resources for early stage companies to finance their business, from government funding to regional matching grants to local investment firms. Below, you will find a downloadable “quick guide” to the financial resources available, as well as helpful links to guide you.
Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR): Three-phased federal funding programs specifically for small businesses to perform R&D needed by the participating agencies.
Enterprise Florida SBIR/STTR Phase “0” Grant Program: Provides grants of up to $3000 to support preparation of a Phase I SBIR or STTR proposal.
SBA 504 Loan Program: U.S. Small Business Administration (SBA)-approved loan program designed to help owners of small- and mid-size businesses purchase commercial real estate. (Note: Over 98% of companies in Florida are viewed as “small businesses” by the SBA.) A major benefit of the SBA 504 Loan is that it finances as much as 90% of a borrower’s “total project cost,” including land acquisition/construction, equipment, soft costs, and closing costs. This, combined with longer amortizations (up to 30 years) and long-term fixed interest rates, allows business owners to enjoy the advantages of owning commercial property with minimal impact on cash flow.
Start-up Financing: Funding provided for product development and initial marketing (which means the company has key management, market research, and a business plan in place).
Small Business Investment Companies: Licensed by the U.S. Small Business Administration, these privately owned and managed investment firms combine their own capital with funds borrowed from the government and invest as venture capital in small businesses.
Florida First Capital Finance Corporation (FFCFC): Established to assist companies in the packaging of SBA 504, SBA 7A, Recycling Loans, and Energy Loans. The Business Development Board is available to facilitate meetings with FFCFC and the company.
Industrial Development Revenue Bonds (IDRB): IDRB financing is a federal program, administered by the state at the local level. The bonds may be used for the purpose of financing or refinancing expansion of two types of companies: Manufacturers and non-profit organizations. Bond financing can provide up to 100% funding of a qualified project within federally specified dollar limits. IDRBs are beneficial to qualified companies as they are longer term and available at a lower interest rate than most commercial loans. The interest on the bonds has preferable income tax treatment by the IRS, with those savings passed along to the user. Like commercial loans, IDRB approval is related to the company’s credit worthiness.
Enterprise Florida Bond Program: This program is available for manufacturing projects between $800,000 and $2 million. The guidelines are similar to the regular Industrial Revenue Bond Program. These issues are pooled with other projects and approved on a quarterly basis.
Other Government Grants: Issued by local, state, and federal agencies that spend billions of dollars each year for procurement, research, and consultant services. Start-up companies may wish to partner with a larger company and serve as a subcontractor or pursue small business set-aside contract/grant opportunities.
Angel Investors: An angel investor generally wants less control of your company and a slower return on investment; however, the criteria for investment are likely to be similar. Angel investor groups are great sources of private capital and frequently invest angel money into new companies.
Launch Your Project
The Business Development Board’s team of experts is ready to assist you with your business relocation and expansion needs in Palm Beach County. Contact us with your requirements and let us show you why, in Palm Beach County: Innovation. Starts. Here.
Where can you get more information?
Business Development Board of Palm Beach County
310 Evernia Street, West Palm Beach, FL 33401
Kelly Smallridge, President and CEO
Gary Hines, Senior Vice President, Administration
Shawn Rowan, Vice President – Business Retention and Expansion