In addition to our programs in there are several financial incentives effect in Cuero. Each has its own guidelines as follows:
Revolving Loan Fund
The City of Cuero has established a Revolving Loan Fund (RLF) to help stimulate the local economy. Low term interest rate loans are available for new businesses, and to expand existing businesses, in order to create and retain new jobs for low to moderate income citizens of Cuero.
The RLF was created as a public sector financial tool to stimulate economic growth in the community, and provides capital for private projects which would not be possible without such assistance. The RLF is not intended to duplicate or compete with local financial institutions, but rather to complement them.
A minimum of one full-time equivalent permanent job (37.5 hrs. per week) must be created or retained for each $25,000 borrowed from the Cuero RFL. RLF funds cannot exceed 33.33% of the total project costs. RLF are designed to fill a gap in the available financing for a project in the local market. The business must be located within the City of Cuero city limits and/or the city’s extraterritorial jurisdiction.
Eligible uses of funds include loans to purchase land, to acquire a building, to construct or renovate an existing building, to purchase machinery & equipment, to provide approved uses of working capital, and to complete infrastructure improvements.
Loans are provided to the applicant at a rate of 2% under the prime lending rate at the day of closing. The minimum amount of a loan may not be less than $25,000. The maximum amount of a loan is limited to the amount of available funds in the RLF account at the time of closing. The application, once submitted to the City Council, becomes public information.
For more details, and to obtain application forms, please contact the Revolving Loan Fund Committee, care of the City Manager of the City of Cuero.
Historical Tax Credit
There are Federal (20%) and State (25%) tax credits available for historical building renovations. The State and Federal credits can be combined for a possible 45%tax credit. The Texas Historical Commission held a seminar in San Antonio recently to give an overview of the new Texas Historic Preservation Tax Credit program. Below, we have selected some informative slides regarding the Texas tax credit programs.
For full details about this tax credit, please consult the Cuero Main Street website’s Historical Tax Credit page.
Texas Workforce Solutions Offers:
- Work Opportunity Tax Credit Program (WOTC): A federal tax credit for employers who hire specific targeted groups of eligible job seekers. Get more information here »
- Unemployment Tax Program: This program assists Texas employers in complying with the Texas Unemployment Compensation Act. Account Examiners perform audits and make collections. Get more information here »
The Golden Crescent Workforce Development Board has many training, education and employment-related programs. They are now working with local businesses and are active partners with public entities in developing training and other job-related programs that address the needs of local employers and residents. For more information about these training programs, please visit the Golden Crescent Workforce Development Board website.