Buda EDC Financial Incentives
Buda’s EDC mission and purpose is to attract new business and retain existing business, with a specific focus on capital investment and primary jobs. To carry out our mission, we have thoughtfully implemented two incentive programs, Small and Large Business Incentives.
Our incentive program is unique and a testament to our community commitment. We invest in the people and businesses that enhance Buda’s vibrant culture, and we do this with unprecedented levels of financial support combined with personalized support and tailored services. All incentive offerings are carefully evaluated on a case-by-case basis and are determined by the seven-member Board of Directors.
The Buda EDC serves as the contact point for incentives from either the Buda EDC or the City of Buda.
Small Business Incentives
The most widely used is the Small Business Incentive called the Local Enterprise Assistance Program (LEAP), which offers an awarded amount of up to $10k a year per business and has awarded over $250k in this last year to more than 40 local companies. This is a rolling application, open all year and every year, and it is a renewable amount of up to $10k reimbursement incentive per year.
The Local Enterprise Assistance Program (LEAP) assists new or existing Buda-based small businesses to achieve growth and expansion by promoting new development, business expansion, and renovation of existing buildings/businesses in accordance with the City of Buda building regulations
Four categories of Small Business Incentives are available:
- Workforce Training
- Building Improvements (Interior & Exterior)
- Equipment & Software
- Marketing
Each application is reviewed by the Small Incentive Committee and then sent to the EDC Board for final approval. Funding is distributed as a reimbursement only.
Read the resources for small business incentives:
– Buda LEAP Guide
– Vendor Packet
– PDF of Application (Note: This is a sample. All applications must be filled out electronically.)
Large Incentives
The Large Incentive picks up where the small leaves off and is designed for larger build-outs, expansions, relocations, and improvements with a minimum capital investment of $500k. Potential large incentives are based upon factors such as capital investment, creation of tax revenue, job creation, and average wage.
To ensure maximum community benefits through the expenditure of public funds, a customized incentive package is created based on the particular needs of the client.
There is no comparison to the involvement and financial support the Buda EDC gives to its local business environment, awarding over $750k in the last year. Our belief is to invest in the people who already live, work, and own their companies in Buda by helping them to prosper as well as recruiting new companies to Buda.
Promotional Partnership Funds
Buda EDC offers promotional partnership funds to support Buda-based non-profit and business-minded programs and events. Promotional partnership funding for these programs and events helps provide a positive impact on the Buda community. Contact our team for more information.
How a Building Improvement Incentive Helped The Carrington
In a 2023 Austin Business Journal article, Cari Wible admitted that running a Buda-based wedding and events venue, The Carrington has its rewards and challenges. “While it’s exciting to be involved in their guests’ special days, it can be difficult to do so out of a century-old historic building in an industry that doesn’t have a lot of repeat clients,” Wible said.
That’s also why Wible said she’s grateful for a grant from the Buda Economic Development Corp. that helped her business replace an $8,000 heating and cooling system in the building. It’s one of a number of grants the business has received from the city since it opened in 2018, to cover things like a pipe burst, damaged walls, and to pay rent during the coronavirus pandemic and Winter Storm Uri.
Read the full Austin Business Journal article.