Locating your business.

Clovis MainStreet would love to see your business located downtown!

In Clovis, there is a growing interest in improving the appearance and economic stability of our historic downtown. Effective solutions to the problems of deteriorating buildings, loss of business, and the waning economic strength of downtown are crucial to the survival of the city itself. There are many reasons for our community to actively encourage investment in downtown.

An economically healthy downtown:

1. Builds a positive image for the community. An attractive downtown reflects a community’s confidence in itself and its future.
2. Creates job opportunities. A revitalized downtown attracts new industry and strengthens service and retail job markets.
3. Saves tax dollars. Revitalization stabilizes and improves the area’s tax base and protects the investment already made in downtown infrastructure.
4. Preserves the community’s historic resources. In an economically healthy downtown, property owners can afford to maintain the historic commercial buildings and preserve an important part of the community heritage.

Tax Credits For Rehabilitation
Federal Tax Credit

There is a 20% Federal Investment Tax Credit (ITC) available for rehabilitating historic buildings and a 10% ITC for renovating non-historic buildings constructed before 1936. In both instances the ITC is based on a percentage of the rehabilitation costs and does not include the purchase price. The tax credit applies to the building owner’s federal income tax for the year in which the project is competed and approved. If it is not all needed in that year, the ITC may be carried back 3 years or forward up to 15 years. Note: This is a tax credit, not just a deduction!

For more information:
Write: Federal Historic Preservation Tax Incentives
Heritage Preservation Services (2255)
National Park Service
1201 Eye St. NW, Washington DC 20005
Or go online: http://www.cr.nps.gov/hps/tps/tax/

New Mexico State Tax Credit

The State of New Mexico has its’ own Investment Tax Credit Program for rehabilitating Historic properties. The building must be listed on the State Register of Cultural Properties.

For more information:
Write: Historic Preservation Division
228 E. Palace Avenue
Santa Fe, NM 87501
Or go online: http://www.nmhistoricpreservation.org

Economic Development Resources (pdf)

SOURCES OF CAPITAL

Acción – Acción extends micro-loans and business training to help small business owners realize their dreams. Acción’s priority is to help those who do not have access to credit from traditional sources. They offer lines of credit from $5,000 to $25,000 and first-time loans up to $20,000 for existing and start-up businesses.
Contact: 1-800-508-7624 or http://www.accionnm.org

Enchanted Land Certified Development Corporation (ELCDC) – ELCDC is a certified development company licensed by the Small Business Administration to offer 504 Programs in New Mexico. The SBA 504 Program provides fixed-asset financing from $50,000 to $1.5 million.
Contact: 505-843-9232 or http://www.elcdc.com

New Mexico Community Development Loan Fund – The fund provides loans, training and technical assistance to businesses and non-profits. Typical loans range from $5,000 to $25,000.
Contact: 505-243-3196 or http://www.elcdc.com

Women’s Economic Self Sufficiency Team (WESST Corp.) – WESST Corp. offers consulting, training and support programs as well as loans to small and minority-owned businesses. The typical loan is up to $5,000.
Contact: 800-469-3778 or http://www.wesst.org

Small Business Investment Corporation – The Small Business Investment Corporation is a non-profit, public corporation creating new job opportunities by making equity or debt investments in small businesses.
Contact 505-670-1329

State Investment Council – The Council oversees the investment and administration of NM state funds managed by the State Investment Office.
Contact 505-424-2500 or http://www.state.nm.us/nmsic

USDA Rural Development – USDA Rural Development supplies government loan guarantees of 60-90% of loans provided by traditional lenders.
Contact: 505-761-4953 or http://www.rurdev.usda.gov/nm