Small business owners face a host of challenges and costs in starting and running their own companies, from startup fees to insurance to taxes. Mississippi is trying to ease the burden of utility costs for entrepreneurs who keep their businesses—and those valuable jobs—within the Hospitality State.
A program called the Small Business Rate Incentive, which was established in 2011 and was recently extended through 2014, provides utility rate incentives to small businesses in Mississippi. The state government has joined forces with its major utility companies to offer business owners savings of anywhere from 15-25% on their utility bills.
“We have helped over 1,100 new small businesses save over $400,000 in start up costs and have helped contribute to creating over 650 new jobs in Mississippi,” stated Brandon Presley, Northern District Public Service Commissioner, who originally authored the bill.
Qualifications for the utility incentives change depending on the time the business has been in existence, the number of full-time employees and the building in which the business is housed. For example, one of the state’s utility companies offers a reduction in fees if the shop is located in a building that has been vacant for at least six months.
“This incentive is solid encouragement to Mississippi entrepreneurs that their utilities and their state stand behind them in the desire to bring their goods and services to the Mississippi marketplace,” Presley added.
Perhaps neighboring states will consider similar programs and incentives as smaller cities across the country continue to recover from the recession, helping in their struggle to retain jobs and valuable talent within their communities.
For more information: Mississippi Public Service Commission’s Small Business Help Center