$500,000 of County TOT to Support Small Businesses or Entrepreneurs of Greater Sac Area
Supervisor WENDY THOMAS [Img Reneta Jenik, Growth Factory Incubator Program]
PLACERVILLE, California (InEDC) Nov 18, 2022 — Growing our economy in ways that work for El Dorado County has long been a topic of conversation. On November 8, the BOS made some tangible progress in being proactive, rather than reactive, to growing our local economy as the BOS gave conceptual approval for a Accelerator and Incubator Incentive Program.
This program would include a one-time commitment of up to $500,000 of Transient Occupancy Tax (TOT) funds to support small businesses or entrepreneurs that have been accepted into a cohort of an approved incubator or accelerator located in the Greater Sacramento area. A large portion of these funds will be used to provide technical assistance, support, training, and access to funding to an El Dorado County-based business with the requirement that they remain in the County for at least three (3) years. Each eligible business will be entitled to
an amount of up to $50,000.
Staff will be bringing back a revision to our J-7 and J-9 Policy for final adoption soon. Look forward to growing our local businesses!