Open now: California Competes Tax Credit

ABOUT THE California Competes Tax Credit

San Diego businesses: Apply by March 18 for the Cal Competes Tax Credit. Available to companies looking to expand or retain jobs in California over the next five years, applicants may be eligible for up to $164 million in tax credits from the Governor’s Office of Business and Economic Development (GO-Biz).

Awards are based on several factors:

  • Number of jobs created or retained
  • Anticipated amount of new capital investments
  • Overall economic benefit
  • Opportunities for future growth and expansion
  • The extent to which the tax credit influences the applicant’s decision to relocate jobs from states that have enacted laws that permit discrimination on the basis of sexual orientation, gender identity, or gender expression; or deny or interfere with women’s reproductive rights

For more information on eligibility and assistance, visit the Governor’s Office of Business and Economic Development (GO-Biz) website.

learn more & Apply by march 18

need help applying?

All businesses are encouraged to attend either of the following GO-Biz webinars before beginning the application process:

EDC’s expert team is also available, free of charge, to San Diego companies in need of assistance. Since 2015, EDC has supported 39 companies in winning $86,371,700 in credits. 

HELP MY BUSINESS APPLY

“Creative Electron is very pleased with the support received from CMTC and EDC. We are constantly thinking of our growth goals and how to get there. We believe our people and diversity make us great, and by providing them with the tools to expand their skill set, we are confident we will be able to exceed our ambitious goals.”
–Mariem Ortiz, VP of Operations at Creative Electron, which secured a California Competes Tax Credit of $446,700.

MORE RESOURCES

EDC’s business services

Open now: California Competes Tax Credit

ABOUT THE California Competes Tax Credit

Is your businesses growing in the state of California over the next five years, or at risk of leaving California? Applications are now open for companies seeking a tax credit to offset state income tax liability. The Governor’s Office of Business and Economic Development (GO-Biz) has $85 million in tax credits available for your company in this funding round.

Awards are primarily based on the following factors, including:

  • Number of jobs created or retained
  • Anticipated amount of new capital investments
  • Overall economic benefit to the state
  • Opportunities for future growth and expansion

For more information on eligibility and assistance, visit the Governor’s Office of Business and Economic Development (GO-Biz) website.

Apply by March 20

Get help applying

Learn about the application process via California GO-Biz’s on-demand webinars:

Fill out the form linked below to request application assistance from EDC staff, free of charge.

HELP MY BUSINESS APPLY

“Creative Electron is very pleased with the support received from CMTC and EDC. We are constantly thinking of our growth goals and how to get there. We believe our people and diversity make us great, and by providing them with the tools to expand their skill set, we are confident we will be able to exceed our ambitious goals.”
–Mariem Ortiz, VP of Operations at Creative Electron, which secured a California Competes Tax Credit of $446,700.

MORE RESOURCES

EDC’s business services

Four San Diego programs helping Latinx professionals thrive

Originally published on San Diego: Life. Changing.

September 15 kicks off Hispanic Heritage Month in the United States—a time to honor and celebrate the diverse cultures, rich heritage, and endless contributions of Latinx and Hispanic people in our country.

As a binational region, this community has long shaped, built, and led San Diego. And in observance of the month, we’ve compiled just a few of the many programs helping Latinx professionals thrive and climb in San Diego.

MAAC

MAAC helps local families achieve self-sufficiency through its pathways of service—advocacy and leadership development, economic development, education, health and wellbeing, and housing. The nonprofit offers multiple high-quality programs like its Unidos in Finance program to help kickstart your career in financial services with online training and job placement assistance.

Explore MAAC’s full menu of services and save the date for its upcoming Soirée.

MANA de San Diego

MANA de San Diego is part of a National Latina Organization that serves to empower Latinas through education, leadership development, community service, and advocacy. Its four-month Latina Success Leadership Program takes aim at the glass ceiling and addresses the problem of under-representation of Latinas in leadership roles through a series of sessions focused on leadership development, building resiliency, and increasing civic engagement.

Learn more about the program and stay tuned for the announcement of its next cohort’s application round in January 2023. And, if you’re a Latina in business, join MANA de San Diego for its Latina Success Conference in October.

SD2

Interested in a STEM career? San Diego Squared (SD2) focuses on helping underrepresented students enter careers in STEM by providing access to education, mentorship, and resources they need to thrive. Made possible through partnerships with San Diego companies like Illumina and Neurocrine Biosciences, SD2 connects educators and high school and college students to funding.

Explore its funding opportunities and check out its STEM Capsules for a series of inspiring videos highlighting BIPOC STEM professionals’ stories and advice for you.

San Diego County Hispanic Chamber of Commerce

As San Diego’s largest business association representing the Hispanic community with over 500 members, San Diego County Hispanic Chamber of Commerce’s events and programs are a perfect way to grow your network and market your business.

Want to start your business and don’t know where to start? Connect with like-minded individuals at the Chamber’s monthly Cafecito and networking events with Latino business owners and leaders.

How can you support Latinx San Diegans?

Learning about Hispanic heritage, amplifying diverse stories and voices, and shopping at Latinx-owned businesses are just some of the many ways we can support all year round. This month and every month, we celebrate the accomplishments, resiliency, innovation, and leadership of San Diego’s Hispanic and Latinx community.

Open Now: California Competes Tax Credit

ABOUT THE California Competes Tax Credit

Is your businesses growing in the state of California over the next five years, or at risk of leaving California? Applications are now open for companies seeking a tax credit to offset state income tax liability.

Applications are also open for the California Competes Grant, which has $120 million in funds available for eligible companies.

Awards are primarily based on the following factors, including:

  • Number of jobs created or retained
  • Anticipated amount of new capital investments
  • Overall economic benefit to the state
  • Opportunities for future growth and expansion

For more information on eligibility and assistance, visit the Governor’s Office of Business and Economic Development (GO-Biz) website.

APPLY by JANUary 24

Get help applying

Learn about the application process via California GO-Biz’s on-demand webinars:

  • January 5, 9:30–10:30 a.m. PST | Register
  • January 13, 4:00–5:00 p.m. PST | Register
  • January 18, 11:00 a.m.–12:00 p.m. PST | Register

Fill out the form linked below to request application assistance from EDC staff, free of charge.

“Creative Electron is very pleased with the support received from CMTC and EDC. We are constantly thinking of our growth goals and how to get there. We believe our people and diversity make us great, and by providing them with the tools to expand their skill set, we are confident we will be able to exceed our ambitious goals.”
–Mariem Ortiz, VP of Operations at Creative Electron, which secured a California Competes Tax Credit of $446,700.

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Foreign investment and San Diego companies: 3 things you need to know

In September 2021, World Trade Center San Diego (WTCSD) hosted its quarterly Global Competitiveness Council (GCC) meeting in collaboration with the San Diego Cyber Center of Excellence (CCOE) and the Committee on Foreign Investment in the United States (CFIUS). We were joined by David Rader, Deputy Director in the Office of Foreign Investment Review at the Department of Defense, who presented on the national security implications of foreign investment in the United States.

Here are three things we learned from the session about foreign investment into San Diego:

1. FDI is a positive for the United States, but requires caution

Foreign direct investment (FDI) provides American companies with valuable capital to grow and prosper. However, it is critical to exercise caution and conduct  proper due diligence when considering investment from foreign countries. There is always a chance rogue actors could undermine American companies like yours by way of theft of intellectual property.

2. U.S. companies are losing out on American-made innovative technologies to adversaries 

Foreign countries are increasingly leveraging FDI as a means to gain access to new technologies via control of intellectual property. One way adversaries do this: By raising venture capital and early stage funds to target innovation hubs like San Diego.

Unsurprisingly, the United States and its partners comprise the vast majority of innovation hubs around the world, making them and their homegrown innovation companies high-value targets. The majority of threats have been toward companies in the emerging technology space, including 5G, artificial intelligence, semiconductors, and unmanned systems. But recently, improved due diligence and private capital has allowed CFIUS and its partner organizations to minimize these threats toward American companies and technologies.

3. It pays to proactively reach out to CFIUS 

CFIUS is an interagency committee authorized to review certain transactions involving foreign investment in the United States and certain real estate transactions by foreign persons, in order to determine the effect of such transactions on the national security of the United States. Companies that are considering leveraging foreign investment are encouraged to reach out to the team at CFIUS for no-charge advising to ensure your intellectual property will remain safe. CFIUS will need your company name, technology, and foreign investor information to determine if the transaction necessitates review through its due diligence process.

To get started with no-cost advising from the CFIUS staff, please reach out to David Rader, Deputy Director, Office of Foreign Investment Review at Department of Defense – david.m.rader.civ@mail.mil

Interested in growing your business internationally?

World Trade Center San Diego operates as an affiliate of the San Diego Regional Economic Development Corporation. WTC San Diego works to further San Diego’s global competitiveness by building an export pipeline, attracting and retaining foreign investment, and increasing San Diego’s global profile abroad.

Do you want to know more about the work of World Trade Center San Diego? Click here to receive our monthly Global Brief Newsletter, delivered straight to your inbox.

Interested in more? You may also like:

Looking to export to China? Here’s what you need to know

World Trade Center San Diego (WTCSD) partnered with the American Chamber of Commerce (AmCham) in Shanghai and San Diego Sport Innovators (SDSI) to host a business roundtable centered on the opportunities and challenges of exporting to China. Whether a small to mid-sized San Diego business or a more experienced San Diego corporation, all businesses can leverage the opportunity to export to a growing Chinese market, even amid COVID-19 challenges.

Here’s what you need to know.

1. You’ll need to locally register your business

Local officials in China have enormous say in terms of registration, policies, and enforcement. Be proactive in reaching out to the local U.S Commercial Service and AmCham teams—these experts support businesses like yours every day and can help keep you from running in circles.

2. Find the right international partner to minimize challenges and delays

It’s crucial for your business to identify suitable business partners in China or in the international space to help you understand and overcome non-tariff barriers. COVID-19 restrictions have made this process extremely difficult and global partners anticipate that pandemic-related delays and challenges will persist for the next 12-24 months. Especially now, companies should make sure to seek out and lean on local partners to increase your chance of successfully breaking into the Chinese market.

3. Leverage target demographics and Gen Z trends

China’s Gen Z are increasingly driving social trends…and consumer purchases, thanks to their disposable income. While much of their focus remains on domestic Chinese brands, their digital savvy opens up opportunities for your company to get in front of a growing market that isn’t necessarily loyal to the brands of their parents’ time. SDSI also notes that Gen Z has driven particular interest in premium consumer goods, with a focus on action sports like skating following the 2020 Olympics.

Strategizing opportunities to promote your brand to the right audience on popular digital platforms like WeChat or leveraging the right polarizing figures can help drive your successful marketing.

4. Do the work to understand consumers and cultural differences

Understanding consumer demand at the tactical level (on the ground) is critical to your company’s success. To be seen as an attractive option for your customer base, keep in mind cultural and social norms outside the U.S. For example: Understanding and leveraging Chinese holidays and special events can mean success for your company, with the opportunity for high interest and ability to reach a large demographic…if you do your research.

With some preparation, San Diego companies can succeed in the current business climate.

Businesses that have had success in exporting to China tend to do the following five things:

  • Determine whether your company is ready to export.
  • Work with local, in-country partners that can help your company navigate COVID-19 and understand local restrictions.
  • Leverage local networks to provide guidance on legal issues, and introductions to vetted service providers.
  • Identify and connect companies with distributors and industry consortiums.
  • Obtain market intelligence that helps gain perspective on overall market climate for example, understanding China’s digital landscape.

Interested in growing your business internationally?

WTCSD is now accepting applications for its flagship export assistance program, MetroConnect. 15 companies will be selected to receive a $5,000 export grant, 7 curated export workshops, access to mentors, complimentary translation software, international flight discounts, PR and marketing support from WTCSD staff, and the chance to win a $25,000 grand prize. For questions, please reach out to Lucas Coleman (lc@sandiegobusiness.org). Apply by November 15

About:

WTCSD
Founded in 1994 by the City of San Diego, Port of San Diego, and San Diego International Airport, World Trade Center San Diego (WTCSD) operates as an affiliate of San Diego Regional EDC. WTCSD works to further San Diego’s global competitiveness by building an export pipeline, attracting and retaining foreign investment and increasing San Diego’s global profile abroad. sandiegobusiness.org/wtcsd

AmCham Shanghai
The American Chamber of Commerce in Shanghai, known as the “Voice of American Business” in China, was founded in 1915. AmCham Shanghai was the third American Chamber established outside the United States, and now has 3,000 members from 1,300+ companies. As a non-profit, non-partisan business organization, AmCham Shanghai is committed to the principles of free trade, open markets, private enterprise and the unrestricted flow of information.

SDSI
SDSI is a nonprofit focused on the Sport and Active Lifestyle industries. Working with Executive Chairman and NBA great Bill Walton, its 100 company membership represents the “Southern California Lifestyle” and includes leading sports and technology brands, Nutrition and Yoga, Surf, Skate, Cycling, Golf and Retail, as well as some of San Diego’s best Service Companies. It focuses on relevant and actionable C-level content that benefits its member companies. SDSI’s award winning Accelerator program features a 20 week Mentoring curriculum whose graduates have raised $86 Million and have a 82% success record. For more info go to SDsportinnovators.org

 

Interested in more? You may also like:

Apply by August 16: California Competes Tax Credit

ABOUT THE California Competes Tax Credit

Businesses growing in the state of California over the next five years, or considering leaving California: Apply for a significant tax credit to offset your state income tax liability.

Awards are primarily based on the following factors, including:

  • Number of jobs created or retained in California
  • Capital investments in California over the next five years
  • Overall economic benefit to the state and its people
  • Commitment to remaining in California

For more information on eligibility and assistance, visit the Governor’s Office of Business and Economic Development (GO-Biz) website.

APPLY BY AUGUST 16

Get help applying

Learn about the application process via California GO-Biz’s on-demand webinars:

  • July 28, 9:30–10:30 a.m. PST | Register
  • August 5, 4:00–5:00 p.m. PST | Register
  • August 10, 11:00 a.m.–12:00 p.m. PST | Register

Plus, reach out to EDC’s expert team for assistance, free of charge.

“Creative Electron is very pleased with the support received from CMTC and EDC. We are constantly thinking of our growth goals and how to get there. We believe our people and diversity make us great, and by providing them with the tools to expand their skill set, we are confident we will be able to exceed our ambitious goals.”
–Mariem Ortiz, VP of Operations at Creative Electron, which secured a California Competes Tax Credit of $446,700.

HELP MY BUSINESS APPLY

A company guide to return-to-work

As many companies begin to plan for a safe return-to-work to traditional offices, it can seem like there are more questions than answers: Can companies require employees to be vaccinated? What if employees refuse to return to on-site work? The list goes on…

Below, attorneys Janice Brown and Sandy McDonough from EDC investor companies Meyers Nave and Paul Plevin address some of the most common questions about the return-to-work in person. As COVID-19 restrictions ease and health guidelines permit, here’s what you should consider:

Please note: The information provided does not constitute and is not intended to be legal advice.

Can I require my employees to be vaccinated?

Yes, but consider your options.

The U.S. Equal Employment Opportunity Commission says an employer can:

  1. Mandate that employees be vaccinated, and
  2. Keep unvaccinated employees out of the workplace if the employer determines that the unvaccinated employee poses a “direct threat” due to a “significant risk of substantial harm to the health or safety of the individual or others that cannot be eliminated or reduced by reasonable accommodation.”

Still, you’ll need to consider:

  • Medical accommodations
  • Religious accommodations
  • Business necessity
  • Team morale
  • MOUs (unions)
  • Possible objections based on vaccine’s Emergency Use Authorization status

What are my options if an employee refuses to return to work on-site?

First, work with your employees to understand the root of the issue. Is the refusal due to a lack of childcare? Is it because of safety concerns? Work with your employees to consider possible alternatives, like paid or unpaid leave and continued remote work arrangements.

What else should I know as our company outlines our return-to-work strategy?

Start by assessing your company’s needs, including updating key policies and plans, including a written COVID-19 prevention plan for return-to-work. Ensure you’re building trust with employees and lead with empathy by planning for accommodations, privacy, and health and safety needs—and communicate them accordingly. Once you have your plan, ensure the management team is trained to support.

Learn more about COVID-19 and return-to-work considerations:

Have additional or specific questions about the return to the office? Janice P. Brown (Meyers Nave) or Sandy L. McDonough (Paul Plevin) can help advise your employer.


You might also like:

For COVID-19 recovery resources and information: Visit this page, or see how we can help your company free of charge.

 

5 COVID-19 resources for San Diego small businesses – April 2021

Note: San Diego County is currently in the state’s Orange Tier, which increases indoor restaurant capacity to 50 percent, increases indoor gym and brewery capacity to 25 percent, and removes retail capacity limits. California plans to eliminate the tier system on June 15 if current trends continue—more updates and resources to come.

With continued changes to COVID-19 relief programs, it can be challenging to sift through what’s available. Below, EDC has outlined new and ongoing business resources available in April 2021 as your small business or manufacturer navigates the impacts of COVID-19.

1. Shuttered Venue Operators Grant (SVOG)

Open NOW: Via SBA’s Office of Disaster Assistance, the SVOG will distribute $16 billion in grants first come, first served to venues closed due to COVID-19. Apply now.

  • Award: Grant of 45 percent of gross earned revenue up to $10 million, with $2 billion reserved for applicants with up to 50 full-time employees
  • Application period: Today (April 26) until funds are depleted
  • Who’s eligible? Live venue operators/promoters, theatrical producers, live performing arts organization operators, relevant museum operators, zoos, and aquariums, motion picture theater operators, talent representatives, and more
  • Applicants must not have applied for or received a PPP loan on or after December 27, 2020

2. California Small Business COVID-19 Relief Grant Program

On April 28, the State of California will open a final round for its California Small Business COVID-19 Relief Grant Program. Prepare to apply.

  • Award: Grant of $5,000 to $25,000 per business
  • Application period: April 28 to May 4
  • Who’s eligible? Small businesses or nonprofits with yearly gross revenue of $2.5 million or less
  • Awards are needs-based, not first-come, first-served
  • Those who submitted their application and all documentation in earlier rounds do not need to reapply

Watch San Diego and Imperial Small Business Development Center’s on-demand webinars or contact EDC to learn more.

3. Paycheck Protection Program (PPP)

PPP loans are designed as direct incentives for small businesses to keep workers on payroll. Both first and second-time borrowers may apply for a loan, with priority to companies that haven’t received a first loan and those in heavily impacted sectors.

For all PPP applications

  • Application period: Ongoing through May 31, 2021
  • PPP loans are nontaxable and will be forgivable if employee retention criteria is met
  • Companies may receive both a PPP loan and EIDL loan without compromising PPP forgiveness

First Draw PPP

  • Award: Loan size dependent on business, with a 1 percent interest rate
  • Who’s eligible? Small businesses that meet SBA’s size standards, businesses with fewer than 500 employees or meet SBA’s industry size standards, or businesses with a NAICS code beginning with 72 with more than one physical location and fewer than 500 employees per location

Second Draw PPP

  • Award: Loan of up to $2 million with a 1 percent interest rate
  • Who’s eligible? Businesses above that have previously received a First Draw PPP loan and will or have used the full amount only for authorized uses, have no more than 300 employees, and can demonstrate at least a 25 percent reduction in gross receipts between comparable quarters in 2019 and 2020

Get expert help applying at no cost: 
Contact our team via the San Diego Small Business Development Center.

4. Economic Injury Disaster Loan (EIDL)

EIDLs are available to businesses, private non-profits, homeowners, and renters who have been negatively impacted by COVID-19. Apply now.

  • Award: Loan up to $500,000 with 24 months of economic injury
  • Application period: Ongoing
  • Who’s eligible? Small business owners, qualified agricultural businesses, agricultural businesses with 500 or fewer employees, agricultural businesses engaged in food and fiber production, ranching, and raising of livestock, aquaculture, and more

5. Targeted EIDL Advance

Businesses and non-profit organizations that received a previous EIDL Advance in an amount less than $10,000 will have first priority to apply for the Targeted EIDL Advance. The SBA may reach out directly to you via email with instructions to determine eligibility and invite you to apply.

  • Award: Grant amount dependent on business
  • Application period: Ongoing
  • Who’s eligible? Non-farm businesses with 300 or fewer employees, that are located in federally identified low-income communities, and can demonstrate a reduction in revenue of more than 30 percent during an eight week period beginning on or after March 2, 2020
  • All communications from SBA will be sent from an official government email with an @sba.gov ending

EDC is here to help. Request our help finding resources, applying to relief programs, and more, at no charge.

Request EDC assistance

 

For more COVID-19 recovery resources and information, please visit this page, or see how we can help your company free of charge.

 

You might also like:

Apply by March 29: California Competes Tax Credit

ABOUT THE California Competes Tax Credit

Businesses growing in the state of California over the next five years, or considering leaving California: Apply for a significant tax credit to offset your state income tax liability.

Awards are primarily based on the following factors, including:

  • Number of jobs created or retained in California
  • Capital investments in California over the next 5 years
  • Overall economic benefit to the state and its people
  • Commitment to remaining in California

For more information on eligibility and assistance, visit the Governor’s Office of Business and Economic Development (GO-Biz) website.

APPLY BY MARCH 29

Get help applying

Learn about the application process via California GO-Biz’s on-demand webinars:

  • March 10, 9:30–10:30 a.m. PST | Register
  • March 18, 4:00–5:00 p.m. PST | Register
  • March 23, 11:00 a.m.–12:00 p.m. PST | Register

Plus, reach out to EDC’s expert team for assistance, free of charge.

“San Diego Regional EDC was an integral resource for our redevelopment. They were able to strategically bring key partners together and secure incentives that best positioned us to redevelop our headquarters in the Kearny Mesa area.”
–Anshooman Aga, EVP and CFO at Cubic Corporation, which secured an $8 million California Competes Tax Credit.

HELP MY BUSINESS APPLY