Cameron Economic Development incentive packages are determined by type of business; quality of jobs created or retained; wages paid; capital investment; and overall community impact. County and State incentives may also be available. The Cameron Economic Development team, inclusive of city leadership is ready to work with you to identify the incentives available for your potential Cameron locations.
The CEDC may provide grants as outlined in the preceding section titled “Permissible Projects”. Typically all grants are in the form of a forgivable loan up to as much as $1,000 per job created or retained subject to final negotiation.
The CEDC may offer land at the Cameron Business Park at a discount depending on the overall economic impact of the project.
The City of Cameron is largely covered by an Opportunity Zone. Opportunity Zones allow an investor to defer capital gains tax on a qualifying opportunity zone project.
The Certified Development Company (CDC)/504 Loan program is a long–term financing tool for economic development within a community.
The City of Cameron offers property tax abatement on real or personal property to certain types of businesses based on capital investment and the number of jobs created or retained. Typical city abatement does not exceed 5 years.
The City has historically utilized Tax Increment Reinvestment Zones (TIRZ) as a powerful vehicle to develop and redevelop qualified projects based on City goals and objectives.
Both the City of Cameron and Milam County authorized the use of Texas PACE Clean Energy Financing for property improvements.
The Product Development and Small Business Incubator Fund (PDSBI) is a revolving loan program financed through original bond issuances. The primary objective of the program is to aid in the development, production and commercialization of new or improved products and to foster and stimulate small business in the State of Texas.
Established by the 74th Legislature in 1995, The Skills Development Fund was designed to better utilize the public community and technical college system in Texas as well as other training organizations and have them partner with businesses throughout the state (with priority on small businesses) to train workers to meet the labor needs of employers and the regional labor market.
The Texas Enterprise Fund (TEF) awards “deal-closing” grants to companies considering a new project for which one Texas site is competing with other out-of-state sites. The fund serves as a financial incentive for those companies whose projects would contribute significant capital investment and new employment opportunities to the state’s economy.
The Texas Enterprise Zone Program (EZP) is a state sales and use tax refund program designed to encourage private investment and job creation in economically distressed areas of the state.
The Texas Product/Business Fund provides asset-backed financing to companies doing business in Texas. Financing is done in the form of direct asset-based loans with competitive lending rates. Loans can be amortized up to the life of the asset.