Georgia Direct Financial Incentives 2010
Georgia's economic development, finance and tax organizations provide a range of incentive programs to initiate new business and commercial investment. Specific programs include the Business Development Corporation of Georgia, Georgia Department of Technical and Adult Education, and the Department of Community Affairs.
Area Development Research Desk (Feb/Mar 10)
Tax-exempt industrial development bonds:
Small issue (up to $10 million) industrial development bonds are issued by local industrial development authorities after allocation is approved by the Georgia Department of Community Affairs. Larger scale projects such as pollution-control equipment, solid waste projects, and other projects qualifying under federal and state regulations can get allocations from the Department of Community Affairs on a first-come-first-served basis after meeting job creation and retention criteria.
Privately sponsored development credit corporation:
The Business Development Corporation of Georgia makes loans to new and existing small businesses. Direct loans range from $100,000 to $500,000, with a term from five to 20 years.
Besides direct loans for business expansions, BDCG will also consider loans for sound new ventures backed by a guarantee from SBA. SBA-guaranteed loans may go as high as $1.25 million. The term of the loan may range from five to 20 years, depending upon collateral and circumstances, but only loans for real estate may be made for the maximum 20-year term. Interest rates are based at a percentage over prime and float with the prime. As of March 1986, SBA established the interest rate at 2.75 percent over prime for guaranteed loans over seven years and 2.25 percent over prime for guaranteed loans under seven years.
Customized industrial training:
The Georgia Department of Technical and Adult Education provides customized no-cost pre-employment as well as on-the-job training for new and expanding industrial facilities. Recruiting, screening, and selection of trainees are coordinated with the company.
QuickStart is America's top-ranked program for production training and ICAPP, the Intellectual Capital Partnership Program is a comparable, no-cost program for specialized training for college graduates to meet the specific needs of companies.
Federally funded financing:
Through the Department of Community Affairs, Regional Development centers, and local Certified Development corporations, Georgia offers numerous financing options to new and expanding businesses. Packaged in a variety of programs, they can provide access to funding from the U.S. Small Business Association, Department of Housing and Urban Development, Economic Development Administration, and USDA Rural Development. In addition, enhancement programs are available from several sources to assist local communities with workforce training or infrastructure such as wastewater treatment facilities, underground utilities, street lighting, etc.
Georgia State Contact:
Georgia Department of Economic Development
75 Fifth St., N.W.
Atlanta, GA 30308
Incentive and tax information is provided to Area Development by each state's economic development or commerce agency for information purposes only and is subject to revision at any time by the state government. Please contact the state agency directly for full requirements and offerings.