Financial Incentives

Offered by the City of Gainesville

  • NEW! Company Relocation Incentive: Offers eligible companies a 50 percent match on eligible business relocation costs, up to a maximum award of $50,000. The program will reduce costs associated with physically relocating an eligible company into a Redevelopment Area.
  • NEW! High-Wage Job Creation Incentive: Incentivizes the creation and maintenance of high-wage jobs within the Gainesville CRA districts by offering a grant payment for companies that create or relocate a minimum of 5 full-time jobs within a Redevelopment Area. The grant is paid out over a 2-year period after the employees have been hired and/or relocated.
  • Retail Assistance Program: Offers financial assistance and incentives to retail businesses that are locating within the CRA. The program has five goals: encourage the upgrade of exterior and interior appearance of retail space, encourage new retailers to locate within the CRA, encourage the creation and retention of permanent jobs, encourage private investment in the physical infrastructure of the business, and encourage the best and highest use of vacant and semi-occupied properties. The program offers retailers up to a 50 percent reimbursement, to a maximum of $30,000, on eligible improvement costs.
  • Tax Increment Financing (TIF): Available to new construction in the CRA districts.
  • Grow Gainesville Fund: An SBA-backed loan program that provides favorable loan terms to established businesses (at least three years of operations) located within one of the CRA areas. Loans may be used to purchase buildings or land, acquire equipment or inventory, as working capital or to refinance existing debt. Loan amounts range from $100,000 - $500,000 with terms up to 25 years and competitive interest rates ranging from Prime + 1 percent to Prime + 2.75 percent.
  • Capital Access Program (CAP): Helps reduce the 10 percent equity requirement of a borrower with an SBA 504 loan structure. The typical SBA 504 loan structure is: 50 percent Primary Bank Lender, 40 percent SBA-approved Lender, 10 percent Borrower Equity. Borrowers may borrow a maximum of 50 percent or $35,000 (whichever is less) to help reduce the 10 percent borrower equity requirement.
  • Fa├žade Grant Program: A competitive, matching grant program that is designed to encourage reinvestment in building facades of businesses located in highly visible target corridors within the CRA redevelopment areas. Applicants must commit to expending (at a minimum) a cash match equal to the grants funds sought in the application.

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