GREAT 54 IDEA: Check Out Economic Development Incentives

If you are thinking of relocating or expanding your business, it's time to investigate a variety of economic incentives and tax breaks. Hundreds of local, state, federal, and private agencies offer scores of programs designed to entice business owners to move into economically disadvantaged areas.

Former President Bill Clinton supported a high-profile initiative that designated distressed communities across the country as Empowerment Zones and Enterprise Communities (EZs and ECs).

In 2001, he moved his office into one of the first EZs in Harlem, which had been selected for $1.2 million to stimulate tourism by developing a tour package and gift shop for the Apollo Theater.

Similar initiatives rely on public and private partnerships to attract the investment necessary for economic and community development. Billions of dollars have been poured into communities in the past 10 years.

New or expanding companies can qualify for programs where the state helps pay part of the cost of training workers. There are thousands of state, local, and federal tax credits and incentives available for employers. For more information about initiatives in your area, contact the Department of Housing and Urban Development web site at www.hud.gov, or contact your local SBA office.