Relocating or expanding your business to the Yuma area has never been easier. These are some of the best incentives provided in the 4FrontED region for new businesses.
Arizona has demonstrated an enduring pro-business mentality – a long tradition that transcends politics and trends. The state combines a minimalist regulatory approach with legislative consistency and predictability with respect to business. In fact, for twelve consecutive years, Arizona has reduced taxes or passed legislation favorable to business.
In early 2011 Governor Jan Brewer signed into law HB2001—The Arizona Competitiveness Package. This legislation marks a new level of Arizona commitment; making it easier for existing Arizona companies to be more prosperous and it establishes Arizona as one of the most desirable places for expanding companies to do business.
Yuma’s Workforce Board offers programs that cover the entire costs of employee training, including teaching, materials, equipment and other expenses. Companies can additionally qualify for reimbursement of 50% employee salaries paid during training for up to 6 months.
Along with duty and tariff elimination or reduction, Arizona offers up to an 80% reduction in state real and personal property taxes by operating in a federally qualified Foreign Trade Zone. The reduction is good for the entire time that a company operates in the FTZ.
Below market interest loans guaranteed by federal government for the purpose of stimulating development in rural communities. Companies utilizing New Market Tax Credits pay on the interest only of the loan for seven years. After the 7th year, the loan is forgiven and the company is awarded the principal and equity of the loan.
The City of Yuma has created a performance based incentive fund designed to encourage new business development, business expansions and relocations. The fund can provide up to $1,500 per new hire, given to the company in an upfront cash grant award.
The City of Yuma will support and agree to property tax abatements for companies creating new jobs above the County median wage ($12.12/hr) along with a capital investment to exceed $1 million and per the approval of the City Council. The duration of the abatement will be predicted upon the overall economic impact of the project.
The Private Activity Bonds are securities issued by or on behalf of a local government to provide debt financing for projects used for trade or business of the private user. Yuma County is a PAB participant and the funding partner is the Arizona Commerce Authority which has placed aviation development as the state’s largest economic development priority. Remaining unused volume cap for 2013 is $556,959,225.