SAN BERNARDINO: SBVEZ Remains Fiscally Sound And A Vital Piece Of The Region’s Economic Viability
FOR IMMEDIATE RELEASE
SBVEZ remains fiscally sound and a vital piece of the region’s economic viability
SAN BERNARDINO, Calif. – In response to the large volume of inquiries from the business community concerned about how the city of San Bernardino’s bankruptcy will impact the enterprise zone, the San Bernardino Valley Enterprise Zone (SBVEZ) issued the following statements today:
SBVEZ is financially stable and has not been affected by the city of San Bernardino’s bankruptcy. SBVEZ is a collaborative program between the city of Colton, city of San Bernardino, county of San Bernardino and the Inland Valley Development Agency. The enterprise zone is fiscally independent and is funded by the hiring tax credit voucher fees.
The opportunity to utilize the SBVEZ’s tax incentives is still available to businesses that want to take advantage of them. These incentives help employers reduce their operating costs by granting tax credits for hiring workers in communities characterized by high unemployment and for doing business in the zone.
During the first two quarters of the year, more than 1,150 hiring tax credit vouchers from 71 businesses have been approved, 978 jobs retained and 175 new jobs created. SBVEZ encourages more local businesses to utilize its incentives, and offers more information about the program at www.sbvez.com.
The enterprise zone program is increasingly important to driving economic activity, business development and job creation. The program is now the only economic development tool that California businesses can leverage to help reduce operating costs and stay competitive. SBVEZ has served as an attraction tool to bring new businesses and jobs to the region.
SBVEZ recently expanded its territory to include an additional 2,962 acres (approximately four square miles.) The expansion incorporated 3,000 new businesses, increasing the total number of local companies that can qualify for the zone’s tax incentives to 8,000.
About the San Bernardino Valley Enterprise Zone
The San Bernardino Valley Enterprise Zone is an Enterprise Zone established by the California Department of Housing and Community Development to encourage investment, growth, development and job creation in economically distressed areas of the county. The zone covers approximately 46 square miles and includes areas of Colton, San Bernardino and unincorporated portions of San Bernardino County. The Enterprise Zone is a joint effort between the Inland Valley Development Agency, City of Colton, City of San Bernardino, and the County of San Bernardino. For more information, visit www.SBVEZ.com, or email firstname.lastname@example.org.