The Economic Development Department updated its Business Expansion Program under Austin's Chapter 380 incentives to improve small business participation. These changes, approved by the City Council, reduce the job creation requirement for businesses with fewer than 100 employees from five to one and adapt wage criteria. Upcoming workshops will clarify application processes, which will now be more streamlined and tailored to better serve smaller enterprises. This initiative reflects the city's ongoing efforts to support local businesses amidst changing economic demands and strengthen commitment to living wage standards.
The modifications to the Business Expansion Program aim to enhance small business involvement and align with Austin's living wage policies, making it more inclusive.
New eligibility under the program allows businesses with fewer than 100 employees to qualify by creating just one job, a significant reduction from five.
The revisions simplify the application process for small businesses by lowering thresholds and adapting wage calculations to include various components, ultimately easing access to incentives.
The updates to the Chapter 380 agreements reflect Austin's proactive approach to economic development and its responsiveness to the evolving needs of the business community.
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