Top Financial Tools
U.S. Small Business Administration (SBA)
The U.S. Small Business Administration is a small, independent federal agency created by Congress in 1953 to assist, counsel and champion the millions of American small businesses. The mission of SBA is to help people get into business and stay in business. To do this, SBA acts as an advocate for small business. At the direction of Congress, the Agency promotes the cause of small business, explains small businesses role and contributions to our society and economy and advocates policies that help small business. The agency also provides new and established small business owners with financial assistance, management counseling and training. SBA helps small firms get a fair share of government contracts and assists in the bonding process.
DCA Downtown Development Revolving Loan (DDRLF)
The purpose of the Downtown Development Revolving Loan Fund (DD RLF) is to assist cities, counties and development authorities in their efforts to revitalize and enhance downtown areas by providing below-market rate financing to fund capital projects in core historic downtown areas and adjacent historic neighborhoods where DD RLF will spur commercial redevelopment.
GA Cities Foundation Revolving Loan Fund (GCFRLF)
Applications are evaluated based on leadership, accountability, long-term sustainability, and potential for private investment. Projects should encourage spin-off development, add jobs, promote downtown housing, or add to the cultural enrichment of the community. Each application must also undergo credit underwriting. Eligible Projects include real estate acquisition, building rehabilitation, new construction, green space and parks. Ineligible uses of funds are operating expenses and administration, local revolving loan funds, public infrastructure projects, streetscapes, and facade projects.
Georgia Cities Foundation Green Communities Fund
Made possible through a grant from the Georgia Environmental Facilities Authority (GEFA), the Green Communities Fund will provide low interest financing to business and/or property owners for energy efficient and sustainable improvements to their downtown commercial properties. As with the Foundation’s downtown loan program, the Green Communities Fund program will target downtown buildings. These low interest loans will range in loan size from $10,000 to $250,000.
Rural Business Enterprise Grant
The RBEG program is a grant program used to support development of small emerging private business enterprises in rural areas. Rural areas include all territory of the state not within the outer boundary of any city having a population of 50,000 or more and its immediately adjacent urbanized and urbanizing areas with a population density of more than one hundred persons per square mile. Small and emerging private businesses are those that employ 50 or fewer new employees and have projected gross revenues of less than $1,000,000. These grants can be made to public bodies and private nonprofit corporations that serve rural areas.
Local Revolving Loan Funds (RLF)
Local Revolving Loan Funds (RLF) are potential sources of funding for new or expanding businesses in select areas throughout Georgia. The goal of each RLF is the creation of job opportunities, primarily for low- and moderate-income persons. Funds for each RLF are capitalized with a Community Development Block Grant (CDBG) Employment Incentive Program (EIP) grant that is loaned to a private business or a Redevelopment Fund (RDF) loan(s). As loan repayments are made, the RLF is capitalized by the local government that was the recipient of the initial CDBG EIP or RDF award. RLF loan applications are received and reviewed by the local RLF committee and government that operate the RLF.
Equity Fund (One GA)
The purpose of the Equity Fund is to provide a program of financial assistance that includes grants, loans and any other forms of assistance authorized by (O.C.G.A.50-34-1 et seq.) to finance activities that will assist applicants in promoting the health, welfare, safety, and economic security of the citizens of the state through the development and retention of employment opportunities in areas of greater need as defined by the Georgia Business Expansion and Support Act of 1994, as amended (O.C.G.A.48-7-40).
Employment Incentive Program (E.I.P.)
The EIP is a financing program that may be used in conjunction with traditional private financing to carry out economic development projects which will result in employment of low and moderate income persons. Many types of projects can be financed with EIP funding. However, projects creating opportunities for low and moderate income persons to advance themselves by obtaining employment, greater job security, better working conditions, job training, enhancement of workplace skills and advancement opportunities receive the greatest consideration.
State Historic Preservation Tax Incentives
The Georgia State Income Tax Credit Program for Rehabilitated Historic Property allows eligible participants to apply for a state income tax credit equaling 25% of qualifying rehabilitation expenses capped at $100,000 for personal, residential properties, and $300,000 for income-producing properties. The credit is a dollar for dollar reduction in taxes owed to the State of Georgia and is meant to serve as an incentive to those who own historic properties and wish to complete a rehabilitation. The Georgia Preferential Property Tax Assessment Program for Rehabilitated Historic Property allows eligible participants to apply for an 8-year property tax assessment freeze. This incentive program is designed to encourage rehabilitation of both residential and commercial historic buildings by freezing property tax assessments for eight and one-half years.
Federal Rehabilitation Investment Tax Credit Program (RITC)
The Federal Rehabilitation Investment Tax Credit Program (RITC) provides owners of "certified historic structures" the opportunity to apply for a federal income tax credit equal to 20% of the rehabilitation cost. Only income-producing properties are eligible to participate in the program and the National Park Service must certify the rehabilitation in order to receive the credit.
GA Environmental Finance Authority (GEFA)
GEFA is a state agency that administers a wide variety of programs that provide financial assistance and other support services to improve Georgia’s environment. GEFA’s program focus areas are water, wastewater, solid waste, recycling, land conservation, energy efficiency and fuel storage tanks for local governments, other state agencies and non-profit organizations.
Economic Development Growth & Enterprise (EDGE) Program
The purpose of the EDGE Fund is to provide financial assistance to eligible applicants that are being considered as a relocation or expansion site and are competing with another state for location of a project; and, where the EDGE Fund is used when the health, welfare, safety and economic security of the citizens of the state are promoted through the development and/or retention of employment opportunities.
Rural Economic Development Loan & Grant Program (REDLG)
The REDLG program provides funding to rural projects through local utility organizations. Under the REDLoan program, USDA provides zero-interest loans to local utilities which they, in turn, pass through to local businesses (ultimate recipients) for projects that will create and retain employment in rural areas.
Broadband Rural Initiative to Development Georgia’s Economy Fund (BRIDGE) Program
BRIDGE provides grants and loans for publicly owned infrastructure for new or enhanced high speed broadband services. Based on need, funding is also available to cover all or a portion of costs for technical assistance. Funding amounts are up to $200,000 for a single county and $400,000 for two counties.
Appalachian Regional Commission Economic Development Grant Program
This program is funded by the Appalachian Regional Commission and is designed to provide matching grant funds to eligible applicants in support of economic development projects. There are 4 goal areas that potential projects should relate to: 1) Increase job opportunities and per capita income in Appalachia to reach parity with the nation, 2) Strengthen the capacity of the people of Appalachia to compete in the global economy, 3) Develop and improve Appalachia's infrastructure to make the Region economically competitive and 4) Build the Appalachian Development Highway System to reduce Appalachia's isolation.
Local governments which undertake redevelopment and revitalization efforts in certain older commercial and industrial areas can now qualify those areas for the State’s maximum state job tax credit of $3,500 per job. The incentive which is available for new or existing businesses which create two or more jobs are credits which can be taken against the business’s income tax liability and state payroll withholding. The credits are available for areas designated by DCA as “Opportunity Zones”. DCA will consider designations for areas that are within or adjacent to a census block group with 15% or greater poverty where an enterprise zone or urban redevelopment plan exists.
“Freeport” Inventory Tax Exemptions for Georgia Industries
Georgia’s Freeport law offers manufacturers, distributors, wholesalers, and warehouse operations an attractive inventory tax exemption. Three classes of property are eligible: 1) Manufacturer’s raw materials and goods-in-process; 2) Finished goods held by the original manufacturer; and 3) Finished goods held by distributors, wholesalers, and manufacturers destined for out-of-state shipment. The law further defines finished goods as “goods, wares, and merchandise of every character and kind, but shall not include unrecovered, unextracted, or unsevered natural resources, or raw materials, or goods in the process of manufacture or production, or the stock-in-trade of a retailer.”