Tools and Resources to Assist Our Palestine, Texas, Businesses
Thursday, December 16, 2021
The business community in Palestine, Texas, is strong and diversified. Business retention and expansion are what make our economy thrive because the success of existing businesses reflects the economic viability of our region. At Palestine Economic Development Corporation (PEDC), our mission is to promote and facilitate responsible commercial and industrial business retention and growth that expands, diversifies, and strengthens the local tax base while enhancing local amenities and destination attractions throughout the city of Palestine. We have the tools to help.
Tools Available to Help Our Businesses Thrive and Grow
Every business needs a business plan, and a plan needs data. You can find local demographics and workforce information, including maps, using our GIS planning tools. Information includes:
- Labor Force - such as total employees by occupation, total establishments by size, total businesses by establishment type, and more.
- Demographics - such as population, household income distribution, employment/unemployment, education attainment, and more.
- Consumer Expenditures - including everything from apparel to personal insurance, and retail potential.
Small Business and Entrepreneur Tools
A complete description of available tools can be found here.
- Governor's Small Business Resource Portal - The portal will provide you with the most relevant resources and contacts to help you find success using five short questions to generate your tailored resource list.
- Trinity Valley Small Business Development Center - The center provides no cost business consulting to entrepreneurs and established businesses including, but not limited to, research, business plan development, social media training, loan structuring, and financial analysis.
- Common SBA Loans Include 7A Loans and 504 Loans - Standard 7A loans are guaranteed by the SBA as high as 85% for loans up to $150,000 and 75% for loans over $150,000. 504 Loans provide long-term financing for the purchase of fixed assets, which could include buildings, land, construction of new buildings or modernizing existing facilities, long-term machinery, and refinancing debt with an expansion of the business through new or renovated facilities or equipment. 504 Loans are made available through Certified Development Corporations. Further details and a list of banks can be found here.
Existing and emerging businesses can take advantage of a number of tax incentives and abatements. The city of Palestine has two designated Opportunity Zones encompassing the Willow Creek Business Park and the Palestine Municipal Airport. There are also Enterprise Zones that reward innovation. More information can be found here.
The state of Texas has robust incentives covering significant investment areas like natural gas and electricity, machinery, and equipment. There are also a number of incentives for research and development, as well as continuing education and workforce upskilling and development.
Palestine Target Industries: Primed for Expansion
Palestine has a diverse roster of successful businesses and over the past several years, PEDC has identified a number of economic sectors with high growth opportunities. These opportunities are attributed to Palestine’s location, transportation infrastructure, diverse and low-cost labor force, educational institutions, high quality of life, and lower cost of living.
- Energy and Alternative Energy - Palestine has a long history with the oil industry and is in a position to support investments in alternative energy generation.
- Logistics and Distribution - The Union Pacific Railroad coupled with access to major highways and other modes of rapid transportation, makes Palestine the ideal location for distribution to Texas, Louisiana, Arkansas, and Oklahoma. The city is less than two hours from Dallas, and about two and a half hours from Houston, Texas, and Shreveport, Louisiana. Over the past five years, logistics and distribution has been the fastest growing sector of our local economy, and there is room for shovel-ready growth in the Willow Creek Business Park and other locations.
- Healthcare Services - Healthcare services is one of the fastest growing needs and industries in the nation, and Palestine is uniquely positioned to provide both the workforce and support for related businesses and entrepreneurial thinking. Demand exists for the expansion of diagnostic laboratories, outpatient care centers, and other related services.
- Hotels and Tourism - Palestine is scenic and historic. City leaders are committed to maintaining Palestine’s appeal and recently began an ambitious promotional campaign to emphasize its unique landscape and architecture. Those interested in the hotel and tourism industries will find a favorable environment for investment and development.
- Food Processing - Natural resources such as an abundant water supply, available sites, and easy logistics make Palestine an advantageous location for this industry.
Contact Palestine Economic Development Corporation Today!
For help with all of your business needs, do not hesitate to contact the PEDC at 903-729-4100 or by email. We are prepared for growth and ready to provide immediate and customized assistance. Explore our available properties here.