Through the Main Street Program, a variety of information is available and workshops are hosted throughout the year for interested parties to gain knowledge about resources available for success in business. Following is a list of business resources, financing opportunities and incentives for businesses owners and / or property owners. Please call a member of the Economic Restructuring Committee or the Tybee Island Main Street Coordinator for more information.
Small Business Assistance Corporation (SBAC):
SBAC is a specialized, non-profit business development organization licensed by the U.S. Small Business Administration (SBA) and is supported by the City of Savannah and the U.S. Department of Housing and Urban Development to promote economic growth. SBAC offers a variety of loan programs for new and existing businesses in the service delivery area.
Georgia Small Business Development Center (SBDC):
SBDC’s mission is to enhance the economic well-being of Georgians by providing a wide range of educational services for small business owners and aspiring entrepreneurs. SBDC offers a range of services, including consulting, continuing education, applied research, minority business, international trade, commercialization, and client stories.
HISTORIC PRESERVATION TAX INCENTIVES:
State and federal government tax incentives are available for owners of a historic property who carry out a substantial rehabilitation. All properties must be listed in, or eligible for the National/Georgia Register of Historic Places, either individually or as part of a National/Georgia Register Historic District. Project work must meet the Secretary of the Interior’s/Department of Natural Resources Standards of Rehabilitation.
Federal Income Tax Credit Program
A federal income tax credit equal to 20% of rehabilitation expenses. Available ONLY for income-producing properties. The application is first reviewed by the Historic Preservation Division (HPD) then forwarded to the National Park Service for final decision.
State Income Tax Credit for Rehabilitated Historic Property
A state income tax credit of 25% of rehabilitation expenses. The credit is capped at $100,000 for residences and $300,000 for income-producing properties. This amended tax credit is allowed for the taxable year in which the certified rehabilitation is completed.
State Preferential Property Tax Assessment for Rehabilitated Historic Property
Freezes the county property tax assessment for over 8 years. Available for personal residences as well as income-producing properties. Owner must increase their fair market value of the building by 50-100%, depending on its new use. The Georgia Department of Natural Resources’ Historic Preservation Division and the Georgia Department of Revenue administers the program.
The application is a two/three part process, describing before and after rehabilitation. Project work should be submitted before work begins and be completed within two years.
Applications for all three programs are sent to HPD, and must be reviewed and approved by HPD and the National Park Service for the Rehabilitation Investment Tax Credit. There are cost tests that must be met to qualify for each program.
LOW INTEREST LOAN PROGRAMS:
Georgia Cities Foundation assists property owners by collaborating with cities as they revitalize and enhance downtown areas by serving as a partner and facilitator in funding capital projects through a revolving loan fund.
DCA Downtown Development Revolving Loan Fund
Employee Incentive Program
Community Development Block Grant
Homesafe Georgia can help provide "bridge" mortgage assistance to many in Georgia who are unemployed or have had a dramatic decrease in HH income due to national economic conditions.