Hello! My partner and I are going to open at least one or more dental offices in the state of California, and we were wondering if there are any breaks for small business owners who are creating jobs for Californians?!
Mainly we are interested in low-interest business loans, or any programs that are out there to help us help others! We would like to have at least 3 offices (one in Pasadena, one in Thousand Oaks, and another in the Bay Area).
Probably not going to find a grant or low interst low for what you are seeking. However, the Federal government has just passed new hiring tax credit. For example, if you hire new employees between now and the end of year, you can forgo the employer side of the Social Security (should save you about 6.2% per new employee - but, it is only through the end of the year. But, if you retain that employee for more than 52 weeks, you can also receive a $1,000 tax credit per new employee. See: http://www.irs.gov/newsroom/article/0,,id=220326,00.html
I would also sugges that you start with one location - focus on that location - make sure it has a strong foundation in the community. Then, when it starts generating solid cash flow - leverage that cash flow to open the next location.
Good to see some optimism out there! Raising finance on a start up can be pretty tough - do you have a track record of success you can point to, or a lot of assets to use as secuirty?
If so you'll probabaly want to investigate private funding options.
The State of CA does not have any grants or programs to cover what you're asking. If you currently own your own business and it is profitable, you can approach your bank to provide a loan for expansion to California.
You can also call the business development department of each city that you plan to open an office in. Ask the Dev Officer whether there are special programs to entice businesses to come to the city. During good times, there were tax breaks that some cities would do but now with everyone strapped for cash, I'm not sure what is still available.
Kim Luu, Editor
Money and Risk
Helping Small Businesses with Finance
ChristineL | Former Moderator |
4/22/2010 - 6:50 am
Hi MolarTron,
Try entering your location and business information into Business.gov's Loans and Grants tool to see which loans your business may be eligible for.
I don't believe the State has anything specific that can help, almost all funding and grants have been cut off due to their serious budget issues. However, the federal goverment might have some 'tax breaks' that can help relieve the cost of starting up another location. The SBA.gov is another solution for small business loans, I'm sure in the near future the federal goverment will role out benefits to new businesses that are hiring employees to help spur job growth... at least I hope!
MolarTron | Window Shopper | 4/30/2010 - 3:39 pm
phanio | Contributor | 4/29/2010 - 3:28 am
mrhelpful | Contributor | 4/27/2010 - 3:05 pm
Money and Risk | Creator | 4/27/2010 - 2:47 pm
ChristineL | Former Moderator | 4/22/2010 - 6:50 am
NRiddle | Contributor | 4/21/2010 - 9:37 pm
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