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financing and business incentives

development assistance

Façade Improvement Program
Provides a grant of up to 20% of total renovation and new construction costs, with a $10,000 maximum award, for façade improvements to buildings within the Pleasantburg Drive Corridor Plan Overlay District.

Upper Story Housing Loan
Provides low interest loans to create or rehabilitate residential units in the upper stories of buildings in the Central Business District or the West End Tax Increment District. Contact participating lenders for more information: First Citizens, Wachovia, Bank of America, Regions Bank, Summit National and SouthTrust Bank.

Community Development Revitalization Programs
Provide financial and technical assistance for repairs to owner and renter occupied residential structures, as well as homebuyer education and mortgage assistance, in the City’s Special Emphasis Neighborhoods.

Land Assembly and Infrastructure Improvements
Provides City assistance with land assemblage and infrastructure improvements to leverage qualified private investment.

Historic Rehabilitation Federal Tax Credit
Provides 20% federal income tax credit on substantial rehabilitation costs and 27.5 years for depreciation of improvements to historic buildings used for rental residential property for at least 5 years. Administered through the SC Department of Archives and History, with eligibility sign-off by the City.

Special Property Tax Assessments for Rehabilitated Historic Buildings
Provides a special assessment for city and county property taxes on historic buildings that have been substantially rehabilitated under the guidelines of the SC Department of Archives and History. After rehabilitation, property is taxed for 8 years at the greater of 40% of post-rehabilitation assessment or 100% of pre-rehabilitation assessment. Administered through the State’s Department of Archives and History with eligibility sign-off by the City and County.

Brownfields Federal Tax Incentive (Deduction)
Provides a federal tax deduction for certain costs incurred to assess and clean up contaminated property. Click here for more information.

 

Brownfields Cleanup Revolving Loan Fund (BCRLF)
State program that provides loans of up to $900,000 at 2% below prime for the cleanup of brownfield sites. Administered by SC DHEC through a federal grant from Environmental Protection Agency. For more information, contact SC DHEC, (803) 896-4069 or Business Carolina, (803) 461-3800.

SC Voluntary Cleanup Program (VCP)
State program that provides provides CERCLA liability protection to Non-Responsible Parties interesting in purchasing Brownfields sites. Also provides an incentive to Responsible Parties with a covenant not to sue for work performed in cleaning up a site. Administered through the South Carolina Department of Health and Environmental Control SCDHEC.

business assistance

Business License Tax Abatement
Provides a graduated 3-year abatement of the City business license fee for new corporate offices, manufacturing, research and development, and technology services on a city-wide basis. Abatement also available to retail, artists, and professional services in designated areas. The abatement allows for 100% of the tax the first year the business is in operation, 66% in the second year, and 33% in the third year. Beginning in the fourth year of operation, the business license tax is paid. Click here for more information.

LADDER
A comprehensive job training/placement program to reduce barriers qualified residents face in accessing employment opportunities, including education, training, child care transportation, uniforms, and tools.

South Carolina Jobs-Economic Development Authority (JEDA) Loans and Bond Programs
Click here for more information.

South Carolina State Incentives
Click here for the Greenville Area Development Corporation website.

Additional Contact Information for Small Business Assistance
Click here to download a listing of small business assistance phone numbers.


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