310 Evernia St.
West Palm Beach, FL 33401
Access to Capital
If you are interested in relocating your company to Palm Beach County, your company may qualify for certain business incentives depending on the wage scale and number of jobs created. Local and State government provide various types of assistance to new and expanding businesses that create employment. The level of assistance depends on the number of jobs created and the wage/benefits provided.
Early stage companies have numerous resources to finance their business, from government funding to regional matching grants to local investment firms. Below, you will find quick guide into the finance world as well as helpful links to guide you.
Click here to access the Palm Beach County Business Assistance Guide
EnterpriseFlorida Bond Program
Government Funding
Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) – three phased federal funding programs specifically for small businesses to perform R&D needed by the participating agencies.
Enterprise Florida SBIR/STTR Phase 0 Grant Program – provides grants of up to $3000 to support preparation of a Phase I SBIR or STTR proposal.
SBA 504 Loan Program – U.S. Small Business Administration (SBA) approved loan program designed to help owners of small and mid-size businesses purchase commercial real estate. (Note: Over 98% of companies in Florida are viewed as “small businesses” by the SBA.) A major benefit of the SBA 504 Loan is that it finances as much as 90% of a borrower’s “total project cost”, including land, acquisition/construction, equipment, soft costs and closing costs. This, combined with longer amortizations (up to 30 years) and long-term fixed interest rates, allows business owners to enjoy the advantages of owning commercial property with minimal impact on cash flow.
Start-up Financing – funding provided for product development and initial marketing (which means the company has key management, market research and a business plan in place).
Small Business Investment Companies – licensed by the U.S. Small Business Administration, these privately owned and managed investment firms combine their own capital with funds borrowed from the government and invest as venture capital in small businesses.
Florida First Capital Finance Corporation (FFCFC - has been established to assist companies in the packaging of SBA 504, SBA 7A, Recycling Loans and Energy Loans. The EDC is available to facilitate meetings with FFCFC and the company.
Industrial Development Revenue Bonds (IDRB) - IDRB financing is a federal program, administered by the state at the local level. The bonds can be used for the purpose of financing or refinancing expansion of two types of companies: manufacturers and non-profit organizations. Bond financing can provide up to 100 percent funding of a qualified project within federally specified dollar limits.
IDRBs are beneficial to qualified companies as they are longer term and available at a lower interest rate than most commercial loans. The interest on the bonds has preferable income tax treatment by the IRS and those savings are passed along to the user. Like commercial loans, IDRB approval is related to the company’s credit worthiness.
Contact the Business Development Board of Palm Beach County (561) 835-1008
EnterpriseFlorida Bond Program
This program is available for manufacturing projects between $800,000 and $2 million. The guidelines are similar to the regular Industrial Revenue Bond Program. These issues are pooled with other projects and approved on a quarterly basis.
Other Government Grants – come from local, state and federal agencies that spend billions of dollars each year for procurement, research and consultant services. Startup companies may wish to partners with a larger company and serve as a subcontractor or pursue small business set aside contract/grant opportunities.
Equity Capital
Angel Investors – An angel investor generally wants less control of your company and a slower return on investment,
however the criteria for investment are likely to be similar. Angel investor groups are great sources of private capital and frequently invest angel money into new companies.
The Business Development Board has a team of experts to assist you with your Business relocation and expansion needs in Palm Beach County. Contact us with your needs and let us show you why, in Palm Beach County: Innovation. Starts. Here.
Where can you get more information?
Contact: Business Development Board of Palm Beach County
310 Evernia Street, West Palm Beach, FL 33401
Kelly Smallridge, President and CEO
(561) 835-1008, Email
Gary Hines, Senior Vice President, Administration
(561) 835-1008, Email
Andrew Duffell, Senior Vice President Business Recruitment, Retention & Expansion
(561) 835-1008, Email
Becky Magaw, VP, Business Retention and Expansion
(561) 835-1008, Email
Phone: 561 835-1008