Content on this page requires a newer version of Adobe Flash Player.

Get Adobe Flash player

Financial Incentives

Financial  Incentives
OED offers a number of state and federal economic development financing programs including the following: SBA 504, SBA 7(a), CDBG Float Loans, EDA Revolving Loans and industrial revenue bond financing. For more information contact Lisa Cooper at (205) 254-2657.
            SBA 504 Program offers long‑term, fixed asset financing to eligible small businesses (under 500 employees) for the acquisition, construction, expansion or renovation of land and buildings or purchase of long‑life equipment.

            SBA 7a Program provides loan guarantees for commercial loans as well as direct loans to eligible small businesses. The proceeds may be used for debt consolidation, business acquisition, purchase of machinery or real estate, and leasehold improvements.

            Birmingham Business Development Loan Program is designed to assist Birmingham based businesses with an alternative option for small business financing. This loan initiative was developed to create financial opportunities for developers and entrepreneurs thus encouraging increased economic development projects in the City of Birmingham. Under this program applicants may apply for loans at a minimum amount of $100,000 or up to a maximum amount of $1,000,000 for a maximum term not to exceed 24 months.

            EDA Revolving Loan Fund Program provides direct loans for the purchase of land, buildings, machinery, equipment and new expansion. Limited to businesses located within the City of Birmingham.

            Industrial Revenue Bond Financing is a special method of financing in which a municipal entity, such as the Birmingham Industrial Development Board, issues bonds to finance the acquisition of real property, construction or renovation of facilities, or the purchase of equipment and machinery for eligible businesses. IDB bonds may be taxable or tax‑exempt under certain circumstances.
Community Development Float Loan Short term financing through a City of Birmingham "FLOAT Loan" funded by HUD Community Development Block Grant provides low-interest financing for a maximum term of 30 months and  is available primarily for City of Birmingham qualified projects. Loan terms average 18-24 months, with amounts ranging from $100,000 - $1,000,000.  Eligible uses of CDBG funds include real estate acquisition, renovation and construction





Top ↑