Location can make or break a business, so finding the right state is crucial to expanding or starting your company. The state of Louisiana is making the effort to become a hub for small businesses and expanding companies through incentives and business programs.
Tax credit opportunities
Between expansion, relocation or starting a new business, Louisiana offers several tax credits to give your company a competitive edge. There are federal and state tax credit programs that business owners can take advantage of including:
- Enterprise Zone – a job incentive program that provides Louisiana income and franchise tax credits to new or existing businesses that create full-time jobs.
- Research and Development Tax Credit – a program that encourages existing businesses with operating facilities in Louisiana to establish or continue research within the state.
- Louisiana Industrial Ad Valorem Tax Exemption – a program that is an original state incentive program which offers an attractive tax incentive for manufacturers within the state
There are more tax-credit opportunities based on industry, size and job availability for your company.
Entrepreneurial training programs
Establishing your first business is overwhelming, and most first-time business owners need guidance. Louisiana addresses those concerns and helps new entrepreneurs be successful.
Louisiana offers a veteran entrepreneurship program that trains veterans in the basics for building a business. The courses include developing business ideas, business planning, marketing, financing, capital formation and other aspects of business development.
There is also a small and merging business development program that provides insight in entrepreneurial training, marketing, computer skills, accounting, legal and industry-specific assistance. The mission of the program is to grow and sustain your small business.
If you need an initiative that’s more tailored to specific needs, the Economic Gardening Initiative has customized services tailored to your company. They look into threats, business strategy, internet presence, credibility in the market and best use of technology to connect with customers.
Initiatives for established businesses
For current business owners, Louisiana wants to continue its support through other opportunities.
Entrepreneurs can join the CEO Roundtables where peer groups give executives the opportunity to discuss business practices and management strategies with other entrepreneurs who deal with similar challenges. The roundtables happen 10 times a year, so small business owners can explore business issues all year round.
Owners who want to expand can participate in the Hudson Initiative, a certification program designed to help eligible Louisiana small business gain great access to contracting opportunities at the state government level. There is an application process to join the program.
Louisiana wants business owners, new or established, to have the tools to succeed and flourish in its state.