Opportunity zones are a tax incentive created by the Tax Cuts and Jobs Act of 2017 that aims to encourage long-term investments in low-income communities. The incentive allows investors to defer and potentially reduce capital gains taxes by investing in businesses or real estate projects located in designated opportunity zones. Small businesses, in particular, may be able to benefit from opportunity zones in a number of ways, and a business strategist can play a key role in helping small businesses succeed in these areas.
Here are a few ways in which small businesses can benefit from opportunity zones and how a business strategist can assist:
Access to capital: One of the main benefits of opportunity zones for small businesses is the potential to access capital from investors who are looking to take advantage of the tax incentives. A business strategist can help small businesses identify and connect with potential investors, and assist with the process of raising capital through the opportunity zone program.
Enhanced community resources: Investment in opportunity zones may lead to the development of new amenities and resources in the community, such as retail centers, community centers, and infrastructure improvements, which could benefit small businesses operating in the area. A business strategist can help small businesses identify and take advantage of these resources to support the growth and success of their businesses.
Improved access to markets: Opportunity zones may also create new market opportunities for small businesses by attracting new customers and businesses to the area. A business strategist can help small businesses identify and evaluate these market opportunities and develop strategies to take advantage of them.
Increased property values: As businesses and real estate projects locate in opportunity zones and the area becomes more attractive to investors, property values in the community may increase. This could lead to increased wealth for small business owners who own property in the opportunity zone. A business strategist can help small businesses understand and maximize the benefits of the opportunity zone tax incentive, including by helping them to understand the eligibility requirements and the steps required to qualify for the incentive.
Overall, opportunity zones have the potential to provide significant benefits for small businesses, including access to capital, enhanced community resources, improved access to markets, and increased property values. A business strategist can play a key role in helping small businesses succeed in opportunity zones by providing guidance and support throughout the process of investing in and developing businesses and real estate projects in these areas
Jerry Primm is a highly experienced business strategist with a successful track record of helping organizations achieve their goals. With nearly two decades of experience, he is
well-equipped to offer valuable guidance and support to businesses looking to grow and succeed. To learn more about Jerry Primm and how he can assist your organization, please don't hesitate to give him a call at 216-255-4354