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 award amount of up to $10k per business every other year, and has awarded over $250k in the 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 a $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 following the City of Buda building regulations.
Four categories of Small Business Incentives are available:
- Building Improvement/ Public Facing Beautification
- Workforce & Training
- Equipment & Software
- Marketing
The LEAP Committee reviews each application and then sends it 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.
RISE Program
The Recruiting and Investing in Skilled Employment (RISE) program, offered by the Buda Economic Development Corporation (EDC), is your opportunity to expand in Buda, Texas. Designed for businesses in Advanced Manufacturing, Knowledge- Intensive Business Services (KIBS), and Arts and Entertainment, RISE provides generous cash incentives to create high- paying jobs and utilize Buda’s existing facilities and commercial spaces.
Buda, Texas boasts a highly educated workforce, with 45.3% of individuals aged 25 to 64 holding a bachelor’s degree or higher, which is higher than the national average of 34.3%. This means that businesses in the region have access to a talent pool of highly skilled and educated workers, which can help drive innovation and growth.
With its fast-growing hub and a vibrant economy, strategic location, and skilled workforce, Buda is ideal for recruiting and investing. The RISE Program supports your business by reducing costs and fostering growth in a community committed to economic diversification and innovation.
THRIVE Loan Program
The Targeted Help for Retention, Innovation, Ventures, and Expansion (THRIVE) loan program is a partnership between the Buda Economic Development Corporation and LiftFund designed to expand access to affordable capital for local entrepreneurs through 0% interest financing ranging from $500 to $100,000. Available to eligible businesses located in or relocating to Buda, the program helps remove common financial barriers by supporting startup costs, expansion, equipment purchases, staffing, inventory, and working capital needs. By providing flexible, interest-free funding and application guidance, THRIVE aims to strengthen business stability, accelerate growth, and foster long-term economic vitality within the local business community.
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.