Government subsidies are partial funding of a business cost. They can be cash payments, tax credits, or other forms of economic support.
The goal of subsidies is to help or support key parts of the economy or national infrastructure. For example, subsidies will help a business reduce its production costs, which can result in the company producing more, lowering its price to the consumer and being competitive in a global market.
There are also government subsidies available in the form of tax credits for Historic Building Renovations. These funds are granted for the preservation and conservation of historic buildings and properties that are identified as a National Historic Landmark or are associated with the lives of persons or events that are significant in history.
Renovating a historical building instead of demolishing it helps preserve the local history of a community. Many historical buildings have been given a new lease on life by being transformed into attractive modern office buildings or living spaces.
This presents an attractive opportunity for developers and business owners looking for a unique property.
The requirements and funding vary for each state, so before you head down this path, it is vital that you speak with the experts at FV Vantage™ first.
We will advise you of the government subsidies available for your project and help you with the application process to ensure the highest possibility of a successful approval.
There are specific criteria for receiving a government subsidy, including your industry. We advise you to speak with FundVantage first to see if your business is eligible before you start your search for available subsidies. If your business is eligible, FundVantage will help you locate and apply for the subsidy to give you the best chance of being successfully approved.
Yes, a grant is similar to a loan, except the funds don’t need to be repaid. A subsidy is a partial payment or tax benefit designed to lower production costs which help the business be more competitive. Subsidies encourage activities the government wishes to promote, for example, farming or renewable energy sources.
No, subsidies don’t need to be repaid like a loan. For this reason, they are not available to every business. Generally, a government subsidy is approved if it is in the best interests of the government. For instance, it supports the economy, increases employment, or in the case of Historic Building Renovations, preserves a local piece of history for future generations. Contact Fund Vantage today to see if you are eligible for subsidy funding.