Incentives & Financing Tools
Springfield's Partnership For Economic Development stands ready to compile a package of development incentives best suited for your business or client. Below is information on many programs offered by Springfield and the State of Missouri. For additional information, please contact us.
Enhanced Enterprise Zone
Enhanced Enterprise Zones offers 50% abatement for 10 years as well as saleable, refundable tax credits to any company creating jobs and making investments with in the boundaries of the zone. Additional abatement is offered for LEED-Silver certified facilities.
Missouri Quality Jobs
The Quality Jobs program offers significant benefits through retained state payroll tax withholdings and refundable, saleable tax credits. To qualify a company must create jobs paying more than county average wage and provide employee benefits.
Community Economic Development Rider
The Community Economic Development Rider offered by City Utilities of Springfield targets major commercial and industrial development. To be eligible, a company must create 300kW in demand with a minimum load factor of 50 percent. The Rider offers a five-year declining discount by crediting a portion of the demand charge beginning with 25% in the first year reducing by 5% each year thereafter to 0% in year six. A waiver of the demand and load factor criteria can be obtained if 100 new jobs are created.
Development Tax Credits
The DTC program provides income tax credits based on a contribution by a company to a local non-profit corporation for projects approved by the Department of Economic Development. The amount of credits approved will be based on the economic impact of the project and the minimum amount of credits required to cause the project to occur. The purpose of the program is to create full-time, year-round jobs.
Tax Abatement on Equipment
The City of Springfield provides 50% abatement of personal property (equipment) for 10 years if a company invests a minimum of $5M and creates or retains 100 jobs at or above the county average wage. This benefit is provided via the Chapter 100 (Industrial Development Bonds) program and is required to be approved by the City Council.
BUILD provides refundable state income tax credits for large economic development projects through a mechanism whereby a company issues bonds that are then paid by the company in order to trigger a tax credit. Benefits are provided to companies creating 100 manufacturing jobs and investing $15M in capital or companies creating 500 office jobs and investing $10M in capital.
Rebuilding Communities Tax Credits
Rebuilding Communities can provide highly flexible tax credits (refundable, carry back, carry forward) to certain types of businesses locating within "distressed" areas in Springfield. The credits are based on new jobs and investment and are only available to companies smaller than 100 employees.
Missouri Training Programs
The State of Missouri offers two different training programs to meet the needs of new and expanding businesses. Both offer flexibility in covering training costs for newly-created jobs.
Industrial Revenue Bonds - Missouri's IRB program offers tax-exempt bonds for property acquisition, construction and/or equipment with an attractive interest rate. IRB Overview
Missouri Linked Deposit Program - Linked Deposit partners with lending institutions to provide low-interest loans to help create and retain jobs by reducing the interest rate on certain loans that borrowers can use to improve their businesses. Linked Deposit Overview
All incentive programs available from the state DED
SBA provides a number of financial assistance programs for small businesses
Grants and loans available from MDNR
Ryan Mooney, CEcD
Toll Free: 800-879-7504
Springfield Business Development Corporation
202 S. John Q. Hammons Pkwy
Springfield, Missouri 65806