The City of Grand Rapids is open for business. Whether you are an entrepreneur looking to start a business, a small business looking to grow, or a company considering Grand Rapids for an expansion or as your new home, we are here to help.
There are a number of financing and incentive options to help you grow your business. Here's a list of programs that the City offers to qualifying businesses located in Grand Rapids.
Industrial and High Tech Tax Abatements- PA 198 of 1974
This program provides tax incentives for businesses to invest in buildings and equipment. The program is for industrial/ manufacturing companies and high-technology companies.
Obsolete Property Tax Abatement- PA 146 of 200
This program provides tax incentives for investment in commercial properties qualified as obsolete.
Personal Property Tax Abatement
We can abate all new personal property taxes on new businesses that create at least 25 jobs for up to 12 years. The City Commission determines abatement duration.
Tax-Exempt Industrial Revenue Bonds (IDRBs) PA 62 of 1963
These loans can be made for manufacturing projects, not-for-profit corporation projects and solid or hazardous waste disposal facilities.
Taxable Revenue Bonds
These bonds provide companies with potentially longer-term financing (10-20 years), at a fixed rate and may be at a lower cost than conventional financing. They can be used as working capital, to finance projects of more than $10 million, or to finance commercial, pollution control, agricultural, and recreational projects.
Processes Flow Charts
The following flow charts were created to help give you a glimpse of how each each exemption/ abatement process works. Use the information in the "Contact Us" section of this page if you have any questions regarding these processes.
To learn more about any of these programs, or to see how you can apply, visit our Economic Development Corporations page.