Fort Lauderdale Business Tips

Fort Lauderdale Business Tips2018-11-19T17:00:11+00:00

Fort Lauderdale Business Tips

Fort Lauderdale Business Tips

When thinking of business in Florida, Fort Lauderdale should be at or near the top of your list. It has a lot of beneficial features to recommend it, including its notable international and regional airports, port, and rail links, its subtropical climate, access to substantial educational institutions and great public schools, favorable tax climate, highly skilled and diverse workforce, and a substantial support network for business owners or those thinking of starting a business in the area. Even if you already have a business in Fort Lauderdale, you may be interested to learn about some of the benefits that the area offers to its entrepreneurs.

Local Business Incentives

The City of Fort Lauderdale is keen to encourage new and expanding businesses in the area, particularly those which seek to employ high-skill and high-wage jobs. To that end there are direct cash incentives that support creation of these jobs and major commercial capital investment in the area. There are also separate tax incentives, called Qualified Target Industry incentives, which for approved applicants can provide a tax refund of between $2000-5000 for each new full-time high-skill job created. Applicants from industries such as clean tech, life sciences, info tech, aviation/aerospace, homeland security/defense, and financial/professional services are strongly encouraged to apply. If you think your business might qualify you should contact the City of Fort Lauderdale’s Economic & Community Investment Division.

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Financial Support

There are many ways that a business in Fort Lauderdale can obtain financial assistance. If a business intends to build or redevelop for the purpose of establishing a commercial property, the Fort Lauderdale Community Redevelopment Agency has programs to support that. The South Florida Regional Planning Council also supports small and medium-sized businesses in the area with loans between $50,000 and $300,000, to expand, create or retain jobs, upgrade equipment, or provide working capital.

Advice

MetroBroward, the local Community Development Financial Institution, offers mentoring in addition to growth capital to help small businesses achieve their goals of job creation and a lending relationship with a more conventional lender. Additionally, Broward College’s Innovation Hub provides access to mentors and angel investors via Broward SCORE and other small business organizations. The Broward County Chamber of Commerce is also a useful organization to join. It notifies you of professional opportunities such as trade shows, conferences, and offers referrals to other approved local businesses. Employed Worker Training (EWT) is a program funded by Broward’s WorkForce One which helps upgrade employees’ skills, and is designed to support companies that want to upskill their employees and help them advance, whether they be line-staff workers or professional-level employees.

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Fort Lauderdale Business Tips

Influence

Fort Lauderdale, as part of Broward County, punches above its weight when it comes to international influence and connections. South Florida has 70 consulates and 25 foreign trade offices from Latin America, the Caribbean, Europe, and Asia. It also has a combined population of almost 6 million, 60 percent of which is of prime working age, making it one of the largest metropolitan areas in the country. With these factors in mind, it makes perfect sense to base your new business in Fort Lauderdale and take advantage of all the benefits that offers.

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