Driving Economic Development in Macon: A Perfect Blend of Incentives and Opportunities
/As commercial real estate agents for Fickling and Cmpany, Trip Wilhoit and Patty Burns are well aware of the numerous factors that attract businesses to a specific location. One of the key considerations for any business is the economic development prospects in a particular area. Fortunately, Macon-Bibb County Industrial Authority (MBCIA) is working diligently to create a competitive business environment that fosters success. In this blog post, we will shed light on the variety of customized incentive packages offered by MBCIA, which seek to attract businesses and propel economic growth in Macon.
Customized Incentive Packages
One of the biggest advantages of partnering with MBCIA is their commitment to developing bespoke incentives for qualifying businesses and industry partners. MBCIA works closely with the State of Georgia, as well as regional and local partners, to create precisely tailored solutions that meet the specific needs of each business. By understanding the unique requirements of every industry, MBCIA ensures that no opportunity is missed when it comes to driving economic growth in Macon.
1. Property Abatement:Customized Incentive Packages:
MBCIA offers property abatement as part of their incentive package, enabling qualifying businesses to receive tax exemptions on their property improvements for a certain period of time. This allows businesses to invest in their infrastructure without the burden of immediate tax obligations, thereby freeing up resources for further expansion and development.
2. Grant Financing / Discretionary Funding:
In addition to property abatement, MBCIA assists businesses in accessing grant financing and discretionary funding. These funds can be instrumental in covering various costs associated with starting or expanding a business, such as equipment purchases, workforce training, or infrastructure improvements. This financial support can inject momentum into businesses, enabling them to realize their full potential in Macon.
3. Tax-Exempt Industrial Revenue Bonds:
MBCIA also offers tax-exempt industrial revenue bonds, providing eligible businesses with an advantageous financing option. These bonds allow businesses to secure low-cost capital for investment in manufacturing facilities, equipment acquisitions, or research and development initiatives. By leveraging this funding mechanism, businesses can make significant strides in their growth while maintaining financial stability and flexibility.
4. Foreign Trade Zone 104
One of Macon's unique advantages is its inclusion in Foreign Trade Zone 104. This designation allows businesses engaged in international trade to take advantage of certain benefits, such as duty-free treatment on imported goods and deferred payment of customs duties. Businesses operating within this area can streamline their import and export processes, reduce costs, and enhance their global competitiveness.
5. Business Retention & Expansion
MBCIA recognizes the importance of supporting existing businesses in Macon. To that end, they offer business retention and expansion programs. These initiatives aim to assist local businesses in overcoming challenges, expanding their operations, and maximizing their potential. By fostering long-term partnerships with local businesses, MBCIA supports their growth and contributes to the overall economic vitality of the region.
6. Infrastructure Assistance
To facilitate business growth and attract new investments, MBCIA provides infrastructure assistance to qualifying businesses. This may include assistance with site selection, access to utilities, transportation infrastructure improvements, and other necessary amenities. By addressing infrastructure needs, MBCIA ensures that businesses have the necessary resources to thrive and contribute to the economic development of Macon.
7. Sales Tax Exemption
MBCIA helps businesses reduce costs by providing sales tax exemptions on certain eligible purchases. This incentive allows businesses to allocate their funds towards other critical areas, such as research and development, marketing initiatives, or employee training. By reducing the financial burden, MBCIA enables businesses to focus on innovation and growth.
8. Local Vendor Programs
MBCIA actively encourages local businesses to participate in economic development effortsby offering local vendor programs. These programs aim to connect local suppliers, contractors, and service providers with businesses relocating or expanding in Macon. By supporting local businesses, MBCIA strengthens the local economy, fosters community engagement, and promotes sustainable growth.
As commercial real estate agents, Trip Wilhoit and Patty Burns understand the significance of economic development in attracting businesses to an area. Macon-Bibb County Industrial Authority (MBCIA) stands out as an exceptional partner in driving economic growth in Macon. Their ability to design customized incentive packages, tailored to the specific needs of each business, ensures that each opportunity is maximized. With a wide array of incentives such as property abatement, grant financing, tax-exempt industrial revenue bonds, and more, MBCIA helps businesses thrive in Macon. By actively supporting business retention and expansion, investing in infrastructure, and fostering local partnerships, MBCIA creates a business environment that is primed for success. With MBCIA's support, Macon continues to evolve into a thriving hub of economic opportunity.
To learn more or ask questions, call Patty Burns and Trip Wilhoit today.
Trip Wilhoit
(478) 960-4080
Trip@Fickling.com
Patty Burns
(478) 951-5100
Patty@Fickling.com
