Economic Development Incentives
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.
At this time, there are five (5) approved PACE Providers:
For more information:
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.
State Programs (via Enterprise Florida)
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.
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.
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.
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.
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.
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.
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)
Revolving Energy Fund
Low-interest loans for businesses to install energy conservation measures (insulation, HVAC systems, new windows and doors, etc.).
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)
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
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).
HOME / SHIP
Programs administered by the County to provide affordable housing or assist income-qualified individuals with guaranteed mortgages to promote home ownership.
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.
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.
Commercial Industrial Service Rate:
A flexible, negotiated rate was initiated to attract new, large power users to the State.
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.
Center of Enterprise Opportunity – non-traditional lender loans for small businesses and sponsors of community development initiatives which benefit low and moderate income persons
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
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.
Small Business Resources
Advice on starting or enhancing your small business, and other small business resources: Small Business