Local Government

 The East Montgomery County Improvement District has approximately $500,000 per year to offer direct cash incentives to companies who locate or expand within the boundaries of the East Montgomery County Improvement District. This money can be used for training, building improvements, furniture, equipment, fixtures, etc.

Kingwood College will help train all employees and will assist with obtaining job training dollars from the State of Texas Smart Jobs Program. The Workforce Commission will also provide assistance with job advertising and pre-screening of applicants as well as job training of up to $2,000 per job through the Skills Development Fund.

The Splendora Independent School District has adopted a Freeport Exemption for businesses within its district ' s boundaries. Under this program, Freeport property qualifies for an exemption from ad valorem taxation so long as it had been detained in the state for 175 days or less for the purpose of assembly, storage, manufacturing, processing, or fabricating, as provided under Tax Code Section 11.251 of the Texas Constitution. Some types of companies currently receiving Freeport tax exemptions include automakers, computer manufacturers, beverage producers, iron works, warehousing and distribution facilities, and medical supply companies.

Texas Department of Economic Development

Texas Capital Fund Infrastructure Program

This program provides grants for the construction of first-time public infrastructure projects incidental to an incoming business or a business expansion. Eligible projects include water, sewer, streets, gas lines, drainage, treatment facilities, landfills, railroad spurs, traffic signals, dredging of harbors or channels, telecommunications and electric lines, and acquisition of real estate for infrastructure.

Texas Capital Fund Real Estate Development Program

This program provides funding to nonentitlement communities to construct, acquire, or rehabilitate real estate so that it may be lease to a company. Awards range from $50,000 to $500,000.

Texas Manufacturing Assistance Center (TMAC)

TMAC was designed to help Texas small manufacturing companies remain competitive in the ever changing global marketplace. The TMAC Center provides technical assistance at a discounted rate for process improvements, environmental regulations upgrades, changes in the technology and the marketplace.

Smart Jobs

The Smart Jobs fund is an innovative program providing direct grants to Texas businesses for customized training in occupations that are manufacturing, emerging and in demand. The program allows the employers to determine what training is needed for their work force.

Skills Development Fund

This is a new program designed for business and labor unions to form partnership with Community Colleges and Technical Colleges to provide customized job training for employers.

Rural Economic and Community Development Services

USDA Business and Industry Loans

The Business and Industry Loan program provides loans from $1 million to $10 million for business and industrial acquisitions; land purchase, machinery and equipment; construction, enlargement, or modernization; pollution control or abatement; working capital; and refinancing when necessary to save jobs. There is no requirement the business be related to agriculture. Manufacturing, retail, wholesale and services are eligible.

Small Business Administration Finance Programs

SBA 504 Program

This program provides fixed asset financing at below-market fixed rates of interest. The loan may be used to acquire land, construct buildings, purchase land, buildings, machinery and equipment. The 504 loan is coordinated between the SBA and a private lender with the lender covering 50 percent of the project and the SBA 40 percent and the borrower 10 percent. The maximum participation by the SBA is $1 million.

SBA 7(a) Program

The 7(a) program guarantees commercial lending institutions up to 80% for loans under $100,000 and up to 75% for loans over this amount and up to $750,000. Funds can be used to finance working capital, fixed asset acquisition, including land, buildings and equipment.

SBA Low Doc Program

The Low Doc program was designed to simplify the SBA application process and shorten the processing time for smaller loans. To be eligible a business must have 100 or fewer employees; and annual sales for the past three years must be less than $5 million. The maximum loan amount is $100,000.