It’s a great day for Texas business owners and entrepreneurs as the Lone Star State was awarded the 2020 Governor’s Cup! This award is presented to the top state with total projects by Site Selection Magazine, the leading publication in corporate real estate, location analysis, and foreign investment. This prestigious award is the ninth consecutive win for Texas whose strict criteria includes:
- Having projects with a minimum investment of $1 million.
- Creating 20 or more jobs.
- Having 20,000 square feet or more of new space.
In response to the award, Governor Greg Abbott issued a press release stating, “This record-breaking achievement would not be possible without the local, regional, and statewide economic development teams who work to expand economic opportunity in Texas, nor would it have been possible without the companies that choose to invest and create more jobs throughout our state.”
How Does This Affect Alamo?
The Governor’s Cup is an accolade that Alamo can look at with pride and show companies that are considering relocating to Texas that we have a growing economy. Alamo’s close proximity to economic development near McAllen and other parts of South Texas demonstrate that this area is primed for prosperity.
Helpful State and Federal Programs
Keeping businesses open and providing them with guidance and tools were some of Governor Abbott’s and the federal government’s main objectives during the pandemic. This meant providing federal and state funds to businesses, including the Texas Enterprise Fund, a state program that incentivizes companies looking to relocate.
To qualify, these companies must:
- Provide 75+ full-time jobs in an urban area or 25+ full-time jobs in a rural area.
- Be supported by the city and/or county where they’re located.
- Have a total average wage for new jobs that meets or exceeds the average county wage.
- Demonstrate significant investment as determined by Governor Abbott.
The Payment Protection Program (PPP) is another incentive that was authorized by the Small Business Association as an incentive for businesses to retain employees and their wages with low-interest loans that can be forgiven if certain requirements are met.
Let’s do Business in Alamo!
We work with businesses that relocate to the City of Alamo and find commercial real estate for them. There are many commercial properties for sale in Alamo that come with electric and water services. Other loan programs of Alamo include the Revolving Loan Program and the Micro-Loan Program. Contact us today to find out how you can do business in Alamo!