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.
Below you'll find a vast amount of financial services available for business retention and expansion:
GRANTS
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.
Industrial Sites 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.
Job Creation Incentive Grant Grants provided to incentivize primary full-time employee job creation on a sliding scale, based on the economic impact on the community.
Workforce Training Funding for workforce training for skills development from the Texas Workforce Commission or the Amarillo EDC is available for qualifying projects.
TAX ABATEMENT
Tax Abatement The Amarillo EDC will support a client's application for tax abatement from participating taxing entities up to the maximum amount allowed by law for new manufacturing facilities.
LOAN PROGRAMS
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 asland 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 TPRDCloan 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.
Learn how the Amarillo EDC’s accelerated process can make a difference in how you do business
THE BENEFITS OF BUSINESS RETENTION AND EXPANSION PROGRAMS
The primary sources of job growth exist in every community:
Existing business expansions account for 80%
Incoming new businesses account for 11%
And start-up operations account for 9%
WHY WE SHOULD SUPPORT EXISTING BUSINESSES:
Existing businesses provide even more return on investment in smaller, rural market areas where entrepreneurial and recruitment opportunities are limited.
While customer attrition is a fact of life in both the private and public sectors, it's 10 times more cost-effective to work with existing customers than to continually cultivate new ones.
Business retention and expansion provide the customer -- the existing private sector firm in your market area -- with a seamless customer contact and service experience.
Less than 10% of business closures result from business failures. More than 90% are caused by work movement through mergers, consolidation, restructuring and deliberate decisions to relocate businesses.
DISCOVER HOW AMARILLO CAN HELP YOUR BUSINESS SUCCEED
