You’ve done the leg work: started your business, worked on your business, gained valuable employees and now you’re ready to expand.
We couldn’t be more thrilled for you! Here are some resources ready and waiting in Abilene, Texas.
Development Corporation of Abilene
The Development Corporation of Abilene (DCOA) is the economic development driver of Abilene with the goal to increase job opportunities and capital investment, as well as recruit and retain companies for the community. The DCOA leverages a one half-cent sales tax as revenue to fund and support economic development efforts in the Abilene area. Our community is committed to securing expansion projects that benefit Abilene residents.
Chapter 380 Agreements
Chapter 380 of the Local Government Code authorizes municipalities to offer incentives designed to promote economic development, such as commercial and retail projects. Specifically, it provides for offering loans and grants of city funds or services at little or no cost to promote state and local economic development and to stimulate business and commercial activity.
Historic Tax Credits
Federal, state, and local tax incentives exist for owners of historic properties. The Federal Historic Preservation Tax Incentives Program includes a 20 percent income tax credit for the rehabilitation of historic, income-producing buildings. The new Texas Historic Preservation Tax Credit Program offers a 25 percent tax credit for the rehabilitation of historic buildings.
Neighborhood Empowerment Zone
Designation allows the city manager to negotiate and enter into agreements with developers for economic development incentives including sales tax rebate, property tax abatement, and a reduction in cost for water/sewer line extension.
Qualified Opportunity Zone
Within this zone, encompassing the SoDA District, investors can defer tax on any prior capital gains until no later than December 31, 2026 so long as the gain is invested in a Qualified Opportunity Fund.
America’s Small Business Development Center at Texas Tech
America’s SBDC at Texas Tech offers confidential business consulting at no cost to clients. Their team will help you define your goals and objectives for expansion while dusting off your business plan to ensure you’re prepared to go identify sources of capital.
Central Texas Angel Network
Their mission is two-fold - Provide quality early-stage investment opportunities for accredited angel investors. Assist entrepreneurs and early-stage growth companies by serving as a key source of funding, mentorship, strategic advice, and educational resources. To learn more about how you can partner with the Central Texas Angel Network, reach out to our team.