Page 61 - Southern Delaware Tourism - 2019 Visitors Guide

Incentives Take Center Stage in Delaware’s
IEconomic Development Strategy
t’s a competitive marketplace out there when it comes to recruiting new businesses, but Delaware stands tall with a number of programs – many of which can be stacked –
to welcome new businesses to locate in the First State.
The Edge Grant: Most recently, the Delaware Division of Small Business introduced a new grant program called Edge. It’s a matching program that provides qualified
small businesses an “edge” by providing access to capital. STEM-based companies can receive up to $100,000 for eligible expenses, and entrepreneurs (non-STEM-based) can get up to $50,000. Grants are $3 (state) to $1 business match. Businesses must have been in operation for less than five years; employ 10 or fewer; be majority located in Delaware and have not received a previous state grant. https://business.delaware.gov/edge-grants
Delaware Strategic Fund (Performance Based):
Financial assistance may be provided in the form of low- interest loans, grants or other creative instruments for businesses that pay sustainable wages, with assistance terms that are negotiated specific to each firm’s individual needs and situation. Performance is based on job creation. https://business.delaware.gov/incentives
Delaware Strategic Fund (Capital Investment):
Projects that require major capital investments representing targeted industries and creating new jobs with sustainable wages and benefits may qualify for cash incentives to offset major capital investments. The terms are negotiated specific to each firm’s individual needs and situation, with a maximum limit of 3 percent of capital expenditures. https://business.delaware.gov/incentives
Delaware Small Business Credit Initiative – SSBCI Loan Program: Any small business in Delaware (under 750 employees) is eligible to apply for capital and lower interest rates. Loan proceeds can be used for any business expense including payroll, inventory, machinery and equipment, and to supplement general working capital needs. Delaware Small Business (DSB) is authorized to fund up to 20 percent of this type of a loan, not to exceed $5 million. The maximum amount of DSB’s participation is $1 million. https://business.delaware.gov/incentives
Workforce Training Grant: DSB can offer matching training grants for customized training up to $100,000 per qualified project. The matching portion
of the grant can be an in-kind contribution while training is customized to the company’s specific needs. https://business.delaware.gov/incentives
Tax Credits: Learn more at the Delaware Department of Finance site, .
Tax Credit for Creation of Employment and

Tax credits are available (against corporate or personal income, gross receipts and public utility taxes) for job creation and investment in Delaware. Any corporate taxpayer that makes a qualified investment ($200,000 or more) and hires five or more qualified employees ($40,000 per employee) is eligible. Businesses have to be engaged in a qualified activity and may be eligible to receive credits of at least $500 for each qualified employee and $500 for each $100,000 invested. Unused credits may be carried forward. The credits can be taken over a 10-year span but may not exceed 50 percent
of the company’s pre-credit tax liability. https://revenue.delaware.gov/business-tax-forms
ExciteSussex Low-Interest Loan Program:
See pages 2 and 16 for more information.
Downtown Development Districts: Healthy and vibrant communities are a critical component to Sussex County’s economic well-being. The Sussex County Council recognizes this, and partners with Delaware’s Downtown Development District (DDD) program. State-approved projects in DDD communities can now earn an additional rebate – a 50-percent match of state funding for eligible construction costs, up to $10,000 – through Sussex County’s paralleling program.
To learn more about the County’s DDD incentive plan, visit https://excitesussex.com/exceed/incentives. To learn more about the program, visit https://stateplanning. delaware.gov/ddd/incentives/index.shtml.