Although starting a new business requires large amounts of capital that is often acquired through investors, bank loans, and other entrepreneurial lenders, it is possible for Florida business owners to obtain grants and financial incentives through a myriad of programs targeted to their specific business sector. Listed below are several local incentives and grants for Florida business owners.
Qualified Target Industry Tax Refund Program (QTI)
The QTI is a grant designed specifically to aid business in the creation of high-skill jobs in growing corporations in targeted industries. For every new job created in Florida, whether for a new business or in the growth of an existing one, the QTI will grant a $3,000 tax refund. For businesses in an Enterprise Zone or in a Rural County, the tax refund amount increases to $6,000 per new job created. If a business also pays a wage that is 150% over the minimum wage of the region, it will be eligible for an additional $1,000 per job bonus, and a $2,000 per job bonus is available for businesses paying 200% over the minimum wage.
Enterprise Zone Program
The Governor's Office of Tourism, Trade, and Economic Development (abbreviated as OTTED) has designated enterprise zones across the state of Florida to provide technological assistance to communities and businesses. The Enterprise Zone program is aimed at revitalizing economically depressed areas of the state by offering credit against Florida corporate income tax and sales tax to businesses started or expanded in these enterprise zones, depending on whether they expand into these zones or if they purchase building materials or business equipment for use within one of the enterprise zones.