News
Incentive Program for Small Businesses
Published: Monday, November 02, 2009
Smaller businesses to be allowed in incentive program
BARTOW - The Polk County Commission on Wednesday approved a change in the Polk County Bonus Incentive Program (PCBI), allowing the Central Florida Development Council (CFDC) to include smaller businesses in the recruiting program.
With the commission's 5-0 vote, the CFDC now has greater flexibility and ability to attract smaller businesses, either domestic or international, to Polk County.
A company looking to open a business in the county with a minimum of five jobs will receive $2,000 for each job under the PCBI. The company will be paid $1,500 from a grant and a $500 match from the county.
CFDC Executive Director Tom Patton said the council is trying to attract more international businesses to Polk County and have them create a national or regional headquarters. Companies targeted by the CFDC are those starting with 10 to 15 jobs.
In the past, the PCBI was available only for larger businesses with larger capital. With a $2,000 grant per job, an incoming business with 10 jobs to fill will receive $20,000 to use toward first-year rent payments.
"This is a way of enticing a company to come and implant their business in our county," Patton said.
Currently, 91 foreign companies operate in Polk County, and with the euro currency trading at about $1.50 for every U.S. dollar, international businesses are getting a 50-cent savings for every dollar they spend in the United States.
Rodney Carson, the CFDC's director of economic development, is making a trip to Europe in three weeks to attend a trade show, and he's looking to bring more international businesses to Polk County.
"International companies come into business with a long-term plan and not just thinking about getting in for two or three years and getting out like some domestic businesses," Carson said. "So, when we have this carrot to give them, it brings in businesses with a long-term investment."
Carson said he had success with this plan when he was in Raleigh, N.C., recently, and he said he's excited about the prospects for Polk County.
The County Commission also voted to expand the CFDC's authority to implement the PCBI program. Previously, the CFDC was allowed to implement the program only if funds were available. With Wednesday's commission vote, the CFDC now can speak with businesses about the program and create an incentive plan even if funds aren't available.
Patton said he understands the parameters set by the County Commission regarding the PCBI and said he stays within those parameters when discussing an incentive plan with prospective new businesses.
"This is just one more tool in our tool chest," Patton said. "Companies do their business in private and don't want their intentions known until a plan is finalized, so that is why it's so important to talk to them on the side and show them our plan before approaching the board."
charles.gonzalez@newschief.com
Tagged: Polk County incentive program