The Sacramento area is bustling with economic opportunities, and local governments are offering a range of incentives to boost business growth and job creation. In this post, we’ll explore these incentives, focusing on their availability in different jurisdictions, qualification requirements, and other considerations.
Economic Development Incentive Program – City of Elk Grove
The City of Elk Grove is spearheading economic development with its lucrative incentive program.
Qualifications: Businesses must employ 20 full-time equivalents (FTE) at or above 100% of the Area Median Income for the Sacramento MSA, or 50 FTE at or above 75% of the same threshold.
Other Considerations:
- Preference is given to projects in specific industries and locations, especially those revitalizing spaces vacant for two years or more.
- $200,000 is set aside each fiscal year for this initiative.
Job Growth and Employment Incentive Strategy – City of Sacramento
This incentive is focused on creating high-wage jobs and boosting local revenues.
Qualifications:
- Companies must create 500 net new high-wage FTEs and contribute significantly to property or sales tax revenues.
- Emphasis is on permanent, high-wage, private-sector jobs for disadvantaged populations.
Other Considerations: Funds are allocated based on council decisions and project specifics, with a focus on targeted industry clusters or geographic areas.
Job and Talent Attraction Incentive – City of Rancho Cordova
Rancho Cordova offers an incentive to attract businesses with a focus on job creation.
Qualifications:
- Companies need to create 20 new FTEs with above-average wages within the first 12 months.
- Ideal for companies that are post-revenue or have secured Series A or higher funding.
Other Considerations:$2.5 million is available, with a maximum of $100,000 per company.
Help to Hire Subsidized Wage – Placer County
This program supports employers who hire local residents.
Qualifications:
- Hires must be Placer County residents enrolled in the Employment Services program.
- Employers must meet specific employment conditions, such as no layoffs in the past 120 days.
Other Considerations: Funding is dependent on county availability, with companies eligible to receive up to $10,500 for each eligible hire.
Conclusion
Each of these incentives offers unique opportunities for businesses in the Sacramento area. Whether you’re a startup in Rancho Cordova, a growing business in Elk Grove, or an established corporation in Sacramento, these programs provide financial support and encourage job creation. It’s an exciting time for businesses to leverage these opportunities for growth and innovation in the Sacramento region.
Source: Greater Sacramento Economic Council
