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Seminole, where sunshine and
opportunity mix.
Business Retention and Expansion
Business retention efforts are a vital aspect of developing a successful,
growing community. Approximately 80-90% of community job growth occurs through
the expansion of existing businesses. Effective retention efforts lead us to
assist with physical plant expansion and increased levels of employment. A
healthy business leads to an improved sense of community morale and well-being.
Many of the conditions that must be met to successfully attract a new business
must also be in place to retain an existing company. This means that the
relationship created between a business (existing or newly recruited) and the
SEDC doesn't end when the company first opens its doors. In fact, it should grow
stronger as the SEDC staff come to better understand the environment in which
each business exists.
Retention efforts follow many different paths. The use of monetary incentives
such as tax abatements or grants can be crucial in helping to promote growth and
expansion or even just allowing a company to remain in business.
The SEDC can act as an intermediary between businesses and the government (local,
state, or federal) or organizations such as utilities. Because the SEDC has
relationships with individuals at most levels of government the SEDC helps
promote the needs of a local business to these organizations.
The common theme through any retention activity is that it meets a need that
the local business has identified, such as workforce or government issues. The
SEDC ascertains these needs by continuing to build its relationship with the
business. It does this through retention calls which are made yearly to
businesses in the area.
Business Recruitment
Seminole has a strong commitment to
diversifying her economy.
Seminole has an array of local and state incentives available to qualified
companies. These include tax abatements and refunds, job training grants,
and project financing options.
Local Financial
Assistance - Based on a due-diligence process
including a credit check, references and 3-year financial
analysis, a qualified company could receive an upfront
forgivable loan with a three to five-year term of job
creation and maintenance. A recapture clause will be
included for the term of the forgivable loan. To apply for
local financial assistance contact our offices -
432.758.8804 or send an email to
director@seminoleedc.org.
Local Enterprise Zone
Enterprise Zones allow local
communities and the State of Texas to work together to encourage job creation
and capital investment in areas of economic distress. Changes to the State
Enterprise Zone program have increased the benefits companies can receive.
New regulations no longer require that enterprise projects be located within
the boundaries of an Enterprise Zone. Businesses located outside zone
boundaries must hire at least 35% of their new employees from a pool of either
economically disadvantaged persons or Enterprise Zone residents, compared to
25% for businesses located within the zone.
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