STATE AND LOCAL INCENTIVES
Grow Enid Loan Fund
The Enid Regional Development Alliance has established a revolving loan fund for entrepreneurs and business expanding in the Enid area. This loan program can be used to finance any business expense and can be combined with commercial lending to complete your financing package.
Tax Increment Financing District (TIF)
A TIF captures the added value of a real estate project and uses these funds to help pay for the improvements of the new project. To qualify, there are performance guidelines that must be met for capital investment, new jobs, and new local payroll.
Land
The City of Enid and the Garfield County Industrial Authority may have discounted/donated land or buildings for various projects. To qualify, there are performance guidelines that must be met for capital investment, new jobs, and new annualized local payroll.
James W. Strate Center for Business Development
Eighty percent of new businesses that start in a business incubator become profitable ventures. Enid has one of the most professional and useful incubator facilities in the state. Tenants of the Center for Business Development are exempt from state tax liability on income earned as a result of business activities for up to 10 years. They also receive a reduction space rental while having access to the “back office” needs that are available at the Center.
Training for Industry Program
The Training for Industry Program helps new and expanding businesses create customized, productive workforce as needed. Through Autry Technology Center, the TIP provides the funds and services to bring curriculum, training materials, and instructors to companies who qualify. Click here to visit their website.
Enterprise Zones
Enid’s two shovel-ready, certified industrial parks are in an Enterprise Zone. These Enterprise Zones provide extra incentives for business. Double the Oklahoma Investment/New jobs Tax Credit is allowed and low interest loans may be made available. The Oklahoma Department of Commerce designates enterprise zones and publishes lists of eligible counties, cities and census tracts. Click here to visit their website.
New Market Tax Credits (NMTC)
Equity investors in Community Development Entities (CDEs) can receive tax credits of 5% to 6% per year for each year in the investment is held for up to seven (7) years following the initial investment. The CDE must in turn invest in projects in qualifying census tracts – 20% poverty rate or higher. Enid has one of Northwest Oklahoma’s few qualified census tracts that includes 100% of the downtown retail area. Click here to visit their website.
State of Oklahoma Programs
In addition to Enid’s local incentives, the State of Oklahoma has been recognized nationally for its outstanding business location and job growth incentives. For more information, download the ODOC Incentive and Tax Guide. Click here to visit their website.
STEP Grant Funds
Promoting your company at trade shows can be an effective way to gain recognition in your industry and to enter into the global market or expand your international trade capabilities. But not every small business is in the position to coordinate trade show logistics or design and operate their own trade booth. The Oklahoma Department of Commerce makes it possible for Oklahoma companies to partner with the state at trade shows across the globe. With the help of the Oklahoma STEP Fund, qualified companies can get reimbursed for 75% of the participation cost. Click to learn more