Our Financial Services division taps into several programs to help drive your business forward, such as expanding facilities or your workforce, retooling your equipment, and training your staff.
RETENTION & EXPANSION
In economic development, Business Retention and Expansion (BRE) is a program designed to strengthen the connection between companies and the community while encouraging each business to continue to grow in the community. Through direct interactions, events, and research, the program seeks to gain insight into business practices, planned future actions, as well as the challenges of targeted companies. Then, to turn this “business intelligence” into value-added services, programs, and/or products that address individual and shared company opportunities and problems.
Available in Amarillo EDC owned and operated business parks for projects that require new construction and provide a significant level of capital investment. Rail-served sites are also available.
The Amarillo EDC and local governing entities offer local incentives to companies on a project-by-project basis. Final commitments are evaluated by criteria including but not limited to the Amarillo EDC Guidelines.
Job Creation Incentives
Incentives provided to encourage primary full-time employee job creation on a sliding scale, based on the economic impact on the community.
Specialized financial tools for manufacturing businesses looking to lessen your tax liabilities
New Market Tax Credit
Incentives for investors interested in supporting opportunities in low-income communities
Tax Enterprise Zone
Access to tax refunds based on creating and retaining jobs
Texas Enterprise Fund
The Texas Enterprise Fund (TEF) was established to provide financial resources to help strengthen the state’s economy. The Governor, Lieutenant Governor and the Speaker of the House must unanimously agree to support the use of TEF for each specific project. Projects that are considered for TEF support must demonstrate a project’s worthiness, maximize the benefit to the state and realize a significant rate of return of the public dollars being used for economic development in Texas. Capital investment; job creation; wages generated; applicant’s financial strength; applicant’s business history; analysis of the relevant business sector; and federal and local government and private sector financial support of a project are all significant factors in approving the use of TEF. The Amarillo EDC can provide guidance through the application process to your company if you are interested in pursuing TEF support.
Texas Enterprise Zone Program
Under the statewide cap of 105 projects per biennium, a community with less than 250,000 in population may have up to six enterprise projects. Upon a community designating a business as an enterprise project, and upon that project’s designation being approved by the state, the business would be eligible for State Sales and Use Tax refunds. An enterprise project is eligible for a refund for all state sales and use taxes paid and used at the qualified business site. The total amount of any refund will continue to be predicated on investment amount and number of jobs created/retained.
Texas Skills Development Fund
The Skills Development Fund is Texas’ premier job-training program providing local customized training opportunities for Texas businesses and workers to increase skill levels and wages of the Texas workforce. Through collaboration among businesses, public community and technical colleges, Workforce Development Boards and economic development partners, the Skills Development Fund pays for the training, the college administers the grant, and businesses create new jobs and improve the skills of their current workers.
Economic Development Administration (EDA) Grant
Grants available through the U.S. Department of Commerce EDA. Our staff can assist you in applying for these grants on behalf of your business.
Small Business Administration (SBA)
504 Loan Program
Enables expanding businesses or business start-ups to secure long-term, fixed-rate financing for major fixed assets, such as land and buildings through loans made by the Texas Panhandle Regional Development Corporation (TPRDC) The program is designed to enable small businesses to create and retain jobs; therefore, SBA requires TPRDC to document the small business job creation/retention and meet the standard of one job created or retained for every $50,000 of loan proceeds. This requirement is waived for loans meeting public policy goals. The maximum TPRDC loan amount is generally $1.5 million (up to $2 million for public policy projects and up to $4 million for small manufacturers).
City of Amarillo Community Development Micro-Loan Program
Designed to provide small businesses with increased access to capital in the City of Amarillo. This program creates job opportunities and provides a means for businesses to grow. The City of Amarillo Community Development Micro-Loan Program will exclusively target low to moderate-income individuals in the City of Amarillo. Business loans from $2,000 to $35,000 can be used for business purposes.