Small Business & Entrepreneurs
Small businesses can qualify for many of the programs outlined in this brochure. In addition, Georgia offers several programs specifically designed to meet the needs of small businesses and entrepreneurs.
Angel Investor Tax Credit
Georgia now offers an income tax credit for qualified investors who invest in certain qualified businesses in Georgia in calendar years 2011, 2012, and 2013. The credit is claimed two years later, in 2013, 2014, and 2015, respectively. The credit is 35 percent of the investment with an individual investor cap of $50,000 per year. the aggregate annual cap for this program is $10 million. The qualified investor must get approval from the Georgia Department of Revenue before claiming the credit.
Small Business Tax Relief
Georgia now allows small businesses making capital investments of less than $410,000 to write off up to $102,000 of those expenses. For capital investments greater than $410,000, the tax write-off is reduced dollar for dollar.
Entrepreneur and Small Business Loan (ESB) Guarantee Program
In partnership with the OneGeorgia Authority, the state can provide loan guarantees to spur entrepreneurial growth in specified rural communities throughout Georgia. The guarantee amounts can range between $35,000 and $250,000, can be used for hard assets or for start-up and working capital, and require a 10 percent cash equity injection by the borrower. For more information, visit www.onegeorgia.org/programs/esb.
Work Ready Reimbursements
Businesses employing fewer than 50 people are eligible to receive $250 (up to $1,250) per certified Work Ready individual hired to assist with hiring and training costs. For more information, visit www.gaworkready.org.