When entrepreneurs are starting their business from the ground up and are considering where to start, they base their decision on business incentives and the amenities of where they live. Business incentives are one of the biggest factors that entrepreneurs look for in a place to call home.
You have to consider the cost of living as well as the location of where their business will thrive the most. These incentives are typically financial in nature but other considerations include permit assistance and even commute times. If you’re an entrepreneur considering cities for relocation, take a look at these cities that will incorporate business incentives while enhancing your quality of life.
1. Omaha Nebraska: The Cornhusker State
Nebraska is not new to business incentives. Yes, this state is widely known for its agricultural industry but it has been aggressively targeting the IT industry. Did you know that in 2014, Nebraska raked in $270 million in business incentives to business owners that relocated there? Instead of Silicon Valley, Nebraska has justly obtaineded the nickname of “Silicon Prairie.”
Some popular industries in Nebraska include:
- Agriculture (of course)
- Hospitality and Leisure
As an entrepreneur, if there’s one incentive to make you relocate here, it would have to be the Nebraska Advantage Package. This package was designed to boost Nebraska’s business ecosystem; this package is what makes it an ideal location for any entrepreneur to get their business started here.
The Nebraska Package offers entrepreneurs a focus on job creation, employee training, capital investment, and innovation by offering credits in all of these focus areas plus many more! In addition to those great business incentives, Nebraska offers entrepreneurs that choose to relocate there quality school districts, low crime rates, a rich historical background, and safe neighborhoods.
The safe neighborhoods are major selling points to entrepreneurs looking to relocate here. Whether you’re looking for a permanent residency or testing the waters and will only live here for a certain amount of time, a great tool to help you in your relocating efforts is rent.com. To find rental properties in Omaha, click here!
2. Memphis, Tennessee: The Volunteer State
For entrepreneurs, Memphis is definitely a great place for business incentives with a low cost of operation. As an entrepreneur, Memphis would be ideal, especially for job-creating projects with significant capital investment. These projects may qualify for a property tax abatement program through Payment in Lieu of Tax, also known as PILOT. This program along with other state incentives offer training grants, sales tax exemptions, and job tax credits for businesses and organizations that qualify.
If the PILOT program isn’t enough to bring you to this city, then maybe the mouthwatering barbecue hot spots, Elvis Presley’s home Graceland, or the legendary Lorraine Motel where Dr. Martin Luther King was assassinated will lure you in to check the rich history of Memphis.
3. Salt Lake City, Utah: The Beehive State
Salt Lake City is also a city that attracts entrepreneurs with property tax incentives. This city has two major development programs that are very enticing to entrepreneurs called The Salt Lake City Economic Development Loan Fund and the Redevelopment Agency.
Salt Lake City Economic Development Fund
This program stimulates a business’s growth, development, and expansion by way of investing, promoting, and improving the city’s neighborhoods through low-interest loans.
Redevelopment Agency (RDA)
This program was designed to improve the business environment and urban living conditions of affliction and blight.
In addition to the enticing incentives for entrepreneurs, this family-friendly city has an abundance of outdoor activities and a strong social scene. The University of Utah is a major factor in the city’s appeal in the job market. The notable university produces more businesses than any other university in the nation, says livability.com. The balance between work and life make it an ideal location for an entrepreneur to get their business off the ground.
4. Boca Raton, Florida: The Sunshine State
When people typically think of Florida, they either think of spring break or retirees, but what people don’t realize is that Florida is a thriving location for entrepreneurs, especially in Boca Raton, Florida. The city’s tech environment bloomed from the IBM factory that initially started in 1970.
In 2010 a boom in business incentives came about for companies looking to relocate or grow their existing business by way of an Economic Development Fund. This fund allows businesses to include grants, loans, and matching state economic development programs.