June 29, 2023

Businesses have always had a lot of choices for where to locate. Over the past few years, those choices expanded further as hybrid work started to grow in popularity, creating a need for cities to differentiate themselves with stronger value propositions. With so many possibilities for site selection, many times a decision can come down to real estate cost and a city’s available talent.  

Texas is a well-funded state for business development, boosted by appropriated capital from state legislature and private and public businesses. Temple businesses benefit not only from state incentives, but from a local economy that spurs resources and a readymade workforce.

Benefits for businesses

Deal-closing funds provide financial incentives for businesses to relocate or expand to a city or state when the company has competitive offers in other locations. The Texas Enterprise Fund is the largest deal closing fund of its kind, focusing on job stimulation and capital investment throughout the Lone Star State. 

In Temple, this fund can benefit companies in several ways: 

  • Increases confidence in site performance: Texas is already the No. 1 state for business, but the TEF creates a shared interest where both the state and the business work to create a viable workforce and fill positions, respectively.   
  • Strengthens financial position: Recipients of TEF cash grants can drastically reduce the cost of an expansion, leading to quicker profitability. 
  • Provide access to resources: Beyond funding, the TEF can provide companies with a range of resources and support to help navigate the state’s business environment. This includes site selection assistance, workforce development programs and strategic partnerships with key organizations.

Success stories in Temple 

Temple is located deep in the heart of Texas, just an hour’s drive from Austin and in close reach of Dallas and San Antonio. A growing population of young, educated talent strengthens the Central Texas business community in a state with the No. 2 Best Workforce in the U.S. 

Several companies have chosen to expand in Temple in recent years, and in the process have qualified for TEF grant offers. Examples include the following. 

  • With a commitment to create more than 250 jobs, East Penn Manufacturing Co. was offered a $1.4 million TEF grant in 2022. 
  • In 2009, logistics & IT company McLane Advanced Technologies received a $500,000 disbursement award. 
  • Temple mainstay Baylor Scott & White Health received a $7.5 million grant award in 2007, which created close to 1,500 jobs over the next decade. Funding helped support cancer and other healthcare work.  

Since its inception in 2003, the TEF has awarded grants to 200 projects across the state of Texas, helping to create more than 114,000 jobs with an average wage of $50,444. In Central Texas, several workforce development programs also help to get businesses the talent they need to fill required job totals, particularly Workforce Solutions of Central Texas 

Expanding or relocating to a smaller city like Temple means having a business community that stands beside you in boosting jobs and productivity.  Contact us to learn how Central Texas can become your business’ new home to accelerate growth.