The Seminole Economic Development Corporation is all about growing business. We offer an array of state and local incentives including low interest loans, equipment grants, and ad valorem and sales tax rebates.
Companies in the greater Seminole Region are located in one of Texas’ strongest agricultural regions and one of the countries international commodity trade corridors. Companies here receive the benefits of:
- a highly skilled and motivated workforce with an outstanding work ethic;
- one of the highest concentration of workers with top skills in carpentry, woodworking, metalworking and construction trades;
- a family oriented community with family values;
- a low crime high-security community;
- a community centered in civic involvement;
- excellent schools; a local priority on education and young people;
- a strong and successful diverse business community and;
- a community willing to go out of the way to ensure your business is successful.
Incentives include financing and grant programs, as well as opportunities through Odessa College, the Texas Manufacturing Assistance Center, the Small Business Development Center (SBDC), Service Corp of Retired Executives (SCORE), and the Seminole Marcos Area Chamber of Commerce.
- 2017 Application for Financial Assistance
- 2017 Application for Financial Assistance (Spanish)
- 2017 Application for Financial Assistance (German)
Chapter 380 & 381 Agreements
Communities are authorized to use Chapter 380 Agreements to attract capital investment to their area and to promote job creation. Specifically, this statute provides for incentives that include property and sales tax rebates, loans, grants of city funds and services. Chapter 381 Agreements are used by counties to make loans or grants of public money to promote local economic development and to encourage new business activity in the county. These two types of agreements can be used in tandem for the same project.
EB-5 & Targeted Employment Area (TEA)
EB-5 is a federal Immigrant Investor Program that provides developers with an additional financing option and allows foreign investors to obtain citizenship through U.S. Citizen and Immigration Services by investing in new commercial enterprises within a Targeted Employment Area (TEA). The entire City of Seminole would qualify as a TEA area as it is a community under 20,000.
Enterprise Zone Program
The Texas Enterprise Zone Program is an economic development tool that allows local communities to partner with the State of Texas to promote job creation and capital investment in economically distressed areas of the state. Designated projects are eligible to apply for refunds of state sales and use tax on qualified expenditures. The level and amount of the refund is related to the amount of capital investment and jobs created or retained at the qualified business site.
The statewide Historically Underutilized Business (HUB) Zone Empowerment Contracting Program facilitates the use of HUBs in federal, state, and local procurement to minority and woman- owned businesses.
The program aims to increase employment opportunities, stimulate capital investment in HUB areas, increase employment opportunities, and offer economic leveraging in the community.
Eligible businesses must be registered as a small business by U.S. Small Business Administration (SBA) standards, be owned and controlled by a U.S. citizen, and be located in a HUB zone with at least 35% of its employees also residing in the zone. The UTPB Small Business Development Center can help assist eligible companies register with the SBA.
Texas Enterprise Fund
The 78th Texas Legislature establish the Texas enterprise fund (TEF) to provide financial resources to help strengthen the state’s economy. The Governor, Lieutenant governor, and Speaker of the House must unanimously agree to support the use of the TEF for each specific project.
Projects that are considered for the TES support must demonstrate a projects worthiness, maximize the benefit to the state and realize a significant rate of return of the public dollars being used for economic development in Texas. Capital investment; job creation; wage generated; applicants financial strength; applicants business history; Analysis of the relevant business sector; and federal and local government and private sector financial support of a project or all significant factors in approving the use of TEF.
Skills Development Fund
The Skills Development Fund is an innovative program created to assist Texas public community and technical college finance customized job training for their local businesses. The fund was established by the Legislature in 1995 and is administered by the Texas Workforce Commission. Grants are provided to help companies and labor unions form partnerships with local community colleges and technical schools to provide custom job training. Average training cost is $1800 per trainee; however, the benefit may vary depending on the proposal.
For more information, please contact Dale Robertson with the Texas workforce commission at (512) 463–8844 or visit http://www.twc.state.tx.us/svcs/funds/skills-development-fund.html
Texas Enterprise Zone Program
Under the statewide cap of 105 projects per biennium a community with less than 250,000 in population may have up to six enterprise projects a community with 250,000 in population or greater may have up to nine enterprise projects. Upon a community designating a business as an enterprise project, and up on the projects designation being approved by the state, the business would be eligible for the following incentives:
State Sales and Use Tax Refunds
And enterprise project is eligible for a refund for all state sales and use taxes paid and used at the qualified business site. The total amount of any refund will continue to be predicated on investment amount and number of jobs created/retained.
The refund for each designation can be an amount ranging from a minimum of $2500 per job to a maximum of $7500 per job as follows:
1.Half Enterprise project:
a. If project investment amount is greater than 40,000 in less than 400,000 then refund amount is $2500 per job based on minimum of 10 jobs created/retained;
b. If project investment amount is equal to or greater than 400,000 and less than 1 million then refund amount is $2500 per job up to A maximum of 25 jobs created/retained
c. If the project investment amount is equal to or greater than 1 million and less than 5 million, then refund amount is 2500 per job up to a maximum of 125 jobs created/retained;
d. If project investment amount is equal to or greater than 5 million or more then refund amount is 2500 per job up to maximum of 250 jobs created/retained;
2. Enterprise project: if project investment amount is equal to or greater than 5 million or more, then refund amount is 2500 per job up to a maximum of 500 jobs created/retained;
3. Double jumbo enterprise project: if project investment amount is equal to or greater than 150 million in less than 250 million, then refund amount is $5000 Per job up to a maximum of 500 jobs created;
4. Triple jumbo enterprise project: if project investment amount is equal to or greater than 250 million then refund amount is $7500 per job up to the minimum of 500 jobs created. Maximum refund available is 3.75 million;
Receipts for purchase of building materials and machinery and equipment and payroll information are required to be retained as part of the audit process. (Note: All contracts should separate the cost for building materials and/or equipment from the cost of the labor and services in order to be eligible.)
The refund for sales and use tax must be for all eligible items for use at the qualified business site. For more information please visit https://texaswideopenforbusiness.com/services/txa-incentives
Governor's University Research Initiative
The Governor's University Research Initiative (GURI) was enacted in 2015 by the 84th legislature with a goal to bring the best and brightest distinguish researchers in the world to Texas. This program is a matching grant program to assist eligible institutions of higher education in recruiting distinguished researchers.
The GURI grant program is operated with the Office of The Governor in the economic development and tourism division. For additionally information please visit http://Gov.texas.gov/ecodev/GURI/home
Texas Capital Fund Infrastructure Program
The Texas Capital Fund Infrastructure Program is an economic development tool designed to provide financial resources to non-entitlement communities. Funds for this program can be utilized for public infrastructure (water, sewer, roads, ect.) needed to assist a business, which commits to create and/or retain permanent jobs, primarily for low and moderate income persons. The minimum award is $50,000 in the maximum award is $750,000. The award may not exceed 50% of the total project cost.
The Texas department of agriculture administers the Texas capital fund program. For more information please visit the following link: http://texasagriculture.gov/grantsservices/ruraleconomicdevelopment/texascapitalfund.aspx
Texas Capital Fund Real Estate Development Program
The Texas Capital Fund Real Estate Development Program is designed to provide financial resources to non-entitlement communities. Funds must be use for real estate development (acquisitions, construction and/or rehabilitation) to assist a business, which commits to create and/or retain permanent jobs, primarily for low and moderate income persons. This program encourages business development and expansion located in not entitlement communities. The minimum award is $50,000 in the maximum is $750,000. The award may not exceed 50% of the total project cost. Funds are provided with no interest accrued and with payments based on a 20 year amortization schedule.
The Texas department of agriculture administers the Texas capital fund. For more information, please review the following link: http://texasagriculture.gov/grantsservices/ruraleconomicdevelopment/texascapitalfund.aspx