April 15, 2024

Black Entrepreneur History

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What Are Enterprise Zones & Why They Could Benefit Budding Black Entrepreneurs

For business owners, location is everything. One wants to position his or her business in a location where it could become lucrative, such as an already vibrant and thriving community. However, there are other areas called enterprise zones that could fair just as well or better than areas that are already thriving, especially for the budding Black business owner.

An Enterprise Zone is a designated area in a community which gives tax breaks, exemptions and even grants to businesses that relocate to that area in order for that area to redevelop, or revitalize. There are areas around America and the rest of the world that need revitalization due to the people of the communities moving away to more vitalized areas and a plethora of other reasons. This is why resources are available to entice businesses to move in and allow their business to rebuild the area.

For instance, the city of Chicago has approximately six enterprise zones and businesses are provided tax relief for utilities and real estate transfers as well as certain sales tax exemptions. In South Carolina, there are over 100 Enterprise Zones where businesses can take advantage of tax relief.

Black Entrepreneurs can and should survey the various enterprise zones not only in the USA, but around the world, and take advantage of the many grants and tax breaks while being part of the rebuilding of a neighborhood in the process like Ottowa Gurley when he founded Tulsa’s Black Wall Street. It started with available land and was built one business at a time.

Read the story of Ottowa Gurley here.