Money For Business Expansion To Be Available

SEBRING - Businesses in Highlands County that want to add employees in 2008 might be able to tap into a fund that will offset some of the cost.

The Highlands County Economic Development Trust Fund was established by the county commission in 2006 to support the economic development goals of the county and to mitigate the possible negative effect of impact fees, which were initiated in January of this year.

The program is designed to support the expansion of existing industry as well as the recruitment of new industry to the county.

To be eligible, companies must meet certain criteria that include meeting minimum average wage requirements for new as well as existing employees and creating a minimum number of new jobs. Companies meeting the guidelines may receive $500 per new job with a maximum program benefit of $50,000 for each company.

A total of $250,000 is available in the fund for business expansion, according to Louise England, executive director of the Highlands County Economic Development Commission. The Highlands County Commission has to give its approval to the funding.

A mechanism needs to be created to make sure the criteria is met. England said she hopes everything will be in place during the first quarter of next year.

The requirements differ for existing businesses compared to new businesses locating in Highlands.

For example, companies locating or expanding within the Highlands County Enterprise Zone must create a minimum of five new jobs and pay an average wage equal to or greater than 100 percent of Highlands County's annual average wage.

The average annual income in Highlands County is $26,206 as of this month, as determined by the University of Florida Bureau of Economic and Business Research.

"Part of our mission is to help existing businesses," England said. "If they are expanding or considering it this can help their bottom line."