Funding & Banking
Hosting Over 30 Workshops for Businesses Interested in Applying for $100 Million in Tax Credits
GO-Biz Partners with Advocacy Groups, Ethnic Chambers of Commerce, and Local Business Organizations
Sacramento, Calif. – The Governor’s Office of Business and Economic Development (GO-Biz) today announced a series of workshops across California designed to help businesses apply for the California Competes Tax Credit (CCTC).
“The California Competes tax credit has encouraged hundreds of companies to expand in California and add valuable jobs in the state,” said GO-Biz deputy director Kristen Kane. “Our continued goal for these workshops is to reach new businesses in diverse communities that would benefit from more state resources.”
GO-Biz is awarding a total of $243.3 million in tax credits in fiscal year 2016-17. The next CCTC application period starts January 2, 2017, with $100 million in tax credits available. Businesses interested in applying can register to attend any of the workshops and receive valuable information from GO-Biz staff. Following this announcement is a complete list of workshops with registration links. GO-Biz has also partnered with several organizations to help promote the workshops and encourage local businesses to attend the events.
This program is open to any business planning to create new full-time jobs in the state, regardless of size or location. Since 2014, GO-Biz has awarded $340 Million to 500 companies projected to create over 55,000 jobs and make $12.9 billion in investments.
The deadline to submit applications is January 23, 2017, at 11:59 p.m. (Pacific Time) and the online application website will automatically close once this deadline has passed. The online application can be accessed starting January 2, 2017 at www.calcompetes.ca.gov.
Members of the CCTC team are available to provide technical application assistance. An application guide, Frequently Asked Questions (FAQs), program regulations, and a video explaining how to create an account are available here.
Complete List of Workshops & Webinars
(November 18, 2016 – January 18, 2017)
About California Competes
The CCTC is part of the Governor’s Economic Development Initiative (GEDI) which Governor Brown signed legislation to enact in 2013 (AB 93 and SB 90). GO-Biz evaluates the most competitive applications based on the factors required by statute, including total jobs created, total investment, average wage, economic impact, strategic importance and more. Companies are exempted from paying state income taxes in the amount awarded.
The Governor’s Office of Business and Economic Development (GO-Biz) serves as California’s single point of contact for economic development and job creation efforts. GO-Biz offers a range of services to business owners including: attraction, retention and expansion services, site selection, permit streamlining, clearing of regulatory hurdles, small business assistance, international trade development, assistance with state government, and much more. For more information visit: www.business.ca.gov.
If you have any questions regarding the CCTC or application process, please contact our office at (916) 322-4051 or send an email to CalCompetes@gov.ca.gov.
If you would like to receive information about other GO-Biz programs, press releases, newsletters, and events please click here to register.
Finding funds to start or expand a small business can be a challenge. One place to start is a local bank or credit union. Another is a Community Development Corporation (CDC), a nonprofit organization created to assist their region with economic development. In addition to assisting small businesses at various stages of their start-up, CDCs often serve as a financing source for businesses whose needs are under served by traditional lending institutions. Government agencies are another place to look for start-up or expansion loans. The City of Fort Bragg periodically has loan programs available with funding from the Community Development Block Grant Program. See below for more information about each of these resources.
Local Banks & Credit Unions
- Mendo Lake Credit Union
- Savings Bank of Mendocino County
- Wells Fargo Bank
Community Development Corporations
- Economic Development and Financing Corp of Mendocino County
- Arcata Economic Development and Financing Corp
- SAFE-BIDCO (Santa Rosa)
- Superior California Economic Development (SCED)
- California Fisheries Fund
- California Competes Tax Credit
- Federal Disaster Loans for Small Businesses
- Small Business Administration
- Sonoma/Mendocino/Lake Recycling Market Development Zone
City of Fort Bragg Loan Programs
There are three types of loan programs administered by the city (or its program operators) with funding from the state Community Development Block Program (CDBG):
- CDBG Micro-Loan Program. Funding is currently available for this program until September 2015. Limited to low and moderate income owners of microenterprises (businesses with five or fewer employees including the owner). Offers low-interest loans ranging from $5,000 to $50,000 for inventory, equipment, furniture or fixtures, or supplies. Grants of up to $5,000 may be available for qualified applicants. Contact program operator West Company at 707-964-7571. Please see the city Microenterprise Revolving Loan Fund Program Guidelines for program particulars.
CDBG Business Assistance Loan Program.This program provides needs-based funding in order to bridge "financial gaps" to allow projects to move forward. For each $35,000 in loan proceeds, one full time equivalent job must be created or retained. At least 51% of jobs created or retained must held by low-income persons. Program loans may range from $15,000 to $250,000. See the program guidelines at the following link for more information: CDBG Business Assistance Loan Program .Please contact Housing and Economic Development Coordinator Jennifer Owen, at 707-961-2827, ext. 109, or by email, for program availability and particulars.
CDBG Over-the-Counter (OTC) Program. This program provides grants of up to $3 million for eligible cities and counties to lend to identified businesses, or use for public infrastructure improvements necessary to accommodate the creation, expansion or retention of identified businesses. Projects must create or retain jobs or in some situations, an "area benefit" may meet the program objectives. Please contact Housing and Economic Development Coordinator Jennifer Owen, at 707-961-2827, ext. 109, or by email, for program availability and particulars.