The use of various tax relief measures such as tax exemptions, tax credits or tax abatements to recruit and attract businesses to a community or help local businesses expand. Technical assistance is generally aimed at providing specific services that a small business typically can not afford, or general business planning. Technical assistance includes aid with preparing grant applications, training staff, applying for loans and marketing the product. It may also include assisting a small business to improve the design of its product or manufacturing process. Economic development organizations provide a number of services for the promotion of technology-based firms in their locality.
Term loans are bank loans generally made for periods from one to five years.
These loans are designed to fit the particular needs of each borrower. Venture Capital is an investment made where there is a possibility of very substantial returns on their investment, as much as 40 percent within a short period. It is usually invested in dynamic, growing and developing enterprises, not in start-ups. The capital is subject to considerable risk and uncertainty. Workforce development programs concentrate on improving the skill base and job placement of a community's labor base.