Incentives

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Since October 2007, the city of Conyers, Conyers Downtown Development Authority and former Conyers Main Street Program have assisted businesses to gain more than $611,000 worth of loans resulting in over $2 million worth of improvements through the Department of Community Affairs Downtown Development Revolving Loan Fund (DCA DD RLF) and Georgia Cities Foundation Revolving Loan Fund (GCF RLF) programs. We invite you to learn more about these economic development  incentives for your new or existing business in beautiful Olde Town Conyers.

Opportunity Zone

Local governments which undertake redevelopment and revitalization efforts in certain older commercial and industrial areas can now qualify those areas for the State’s maximum job tax credit of $3,500 per job. The incentive, which is available for new or existing businesses that create two or more jobs, is a Job Tax Credit which can be taken against the business’s Georgia income tax liability and payroll withholding tax. The credit is available for areas designated by DCA as an “Opportunity Zone." DCA will consider designations for areas that are within or adjacent to a census block group with 15% or greater poverty where an enterprise zone or urban redevelopment plan exists.

Opportunity Zone Tax Credit Incentives:

  • the maximum Job Tax Credit allowed under law - $3,500 per job created
  • the lowest job creation threshold of any job tax credit program - 2 jobs
  • use of Job Tax Credits against 100 percent of Georgia income tax liability and withholding tax
  • provides for businesses of any nature to qualify, not just a defined "business enterprise"

http://www.dca.state.ga.us/economic/developmenttools/programs/opportunityzones.asp

Georgia Cities Foundation Revolving Loan Fund

The Georgia Cities Foundation (GCF) welcomes applications from downtown development authorities (DDAs) and cities in Georgia who are requesting financial assistance for downtown capital projects. The mission of the Foundation is to assist cities in their efforts to revitalize and enhance downtown areas by serving as a partner and facilitator in funding capital projects. The goal of the Foundation is to promote economically sustainable projects and build partnerships in order to help ensure the long-term health and economic vitality of the community.

According to the GCF, applications for the Revolving Loan Fund program may be submitted at any time. The Georgia Municipal Association and the GCF staff will review applications to determine if the project fits the overall  objectives of the Foundation and is likely to have a positive economic impact on the community.

Applications are evaluated based on leadership, accountability, long-term sustainability and potential for private investment. Projects should encourage spin-off development, add jobs, promote downtown housing or add to the cultural enrichment  of the community. Each application must undergo credit underwriting. This revolving loan fund is very similar to the Department of Community Affairs Downtown Development Revolving Loan Fund (DCA DD RLF) and can be combined for eligible projects.

http://www.georgiacitiesfoundation.org/LoanFund.aspx

Georgia Cities Green Fund

The Green Communities Fund is a new revolving loan program offered by the Georgia Cities Foundation. Made possible through a grant from the Georgia Environmental Facilities Authority (GEFA), the Green Communities Fund provides low interest financing to business and/or property owners for energy efficient improvements to their qualifying commercial properties.

The Green Communities Fund program targets commercial buildings located inside the city limits of any city in the state of Georgia. These low interest loans range in loan size from $10,000 to $250,000. With energy efficiency as the objective of the program, the loans will be used for energy efficient improvements to existing businesses, renovations of existing buildings, as well as for improvements to planned new construction.

http://www.georgiacitiesfoundation.org/GreenFund.aspx