St Louis Is the Best Place to Own a Business
If you’re an entrepreneur looking for an ideal location to set up shop, St. Louis needs to be on your short list.
With a significant increase in private investment over the last year and strong efforts to improve areas in need of repair and restructure, the city is rapidly becoming a hotbed of commercial activity. Incentives offered to business owners are attracting new investors, and an aggressive entrepreneurial community is driving growth and expansion in all areas of the city.
The city government has made strong efforts to clean up the city for investors and residents. Projects like the Vacancy Initiative push to remove or redevelop abandoned buildings in the area. The goal is to make way for new companies, improve the city’s face, increase public safety and create alternative use spaces for communities. Investors can take advantage of this push by bringing their business to the improved areas or by using the city’s momentum to bring failing companies back to life.
The Neighborhood Commercial District Improvement Program (NCDI) aids small businesses in navigating city regulations, taking advantage of development opportunities and handling promotional efforts.
New Market Tax Credits (NMTC) are offered to development projects that benefit the local community and create new jobs for the residents of St. Louis. Not only do these credits save you money within your own investment, but they also encourage others to invest in the area, attracting more consumers and increasing profits for everyone.
St. Louis has many business resources available to make the transition into the city as seamless as possible and increase your chance of success. Business incubators such as T-REx and BEGIN New Venture Center offer several types of assistance, including coworking space, marketing assistance, mentorship programs and shared administrative services. The Business Assistance Center is available to streamline the government red tape required to start or acquire a business in the area and connects investors with the tools they need to succeed.
The St. Louis Development Corporation offers retail development assistance to ensure retailers are meeting the needs of their communities. This resource offers investors real estate market analysis, demographic information, a simplified development process and information about the programs and incentives offered for new and redeveloped companies.
The financial industry in St. Louis is strong as well, with the city being third on the list of top markets for financial advisors. Of the top ten financial advisory firms in the United States, St. Louis is home to three and boasts $2.8 trillion in managed assets. Access to strong financial advisors increases the success rate for local businesses and attracts development in the downtown area, where the largest concentration of financial services can be found.
The explosion of new businesses in the area, consistently rising every year since 2009, has made St. Louis a serious contender in top metro areas. This continued growth and redevelopment creates an excellent opportunity for investment, whether you are looking to purchase an established business or intend to add to the expanding list of startups. Whichever angle you pursue, the city has the resources you need to support a strong return on your investment.
With community development projects in full swing, areas in need of attention are now getting the kind of face lift that attracts consumers and supports safety initiatives. Tax credit incentives reduce company overhead and several area business incubators are available to pool resources and help get new businesses off the ground. Organizations like the Business Assistance Center, NCDI, and the SLDC are available to help with permits and licensing, location selection, navigating government business programs and relevant market and demographic reports.
With strong growth momentum and so many business resources, St. Louis is showing a commitment to supporting local business and setting company owners up for success. If you’re ready to see how you can take advantage of all the city has to offer, contact a LINK St. Louis broker today at infostl@linkbusiness.com or phone (314) 487-0005.