Washington based companies enjoy the privilege of qualifying for various credit and related programs depending upon their specific location and the activity being underaken. A key distinction here is the importance given to creation of employment opportunities in rural America and therefore its correlation with the credit schemes.
The credit schemes as offered are divided among a few broad categories. Each category refers to the upper and lower limit of credit available for the segment qualifying for the specified section. The qualification criterion is also aligned along with the mentioned category.
Therefore, if you need to look out for a perfect credit option for you business in Washington, just scroll through the various categories below below and apply by opting for the suitable, as per your business needs and nature.
1. High Technology Business & Occupation Credit
This category entails lenders involved in high tech research businesses or projects. An annual credit scheme of up to $ 2 million can be applied for. The products used for such researchers fall under the preview of loan.
2. Business & Occupation Tax Credit for New Jobs
Credit is extended under this segment based on new employment positions created by manufacturing, R & D or computer service firms. Additionally the opportunities must be created in rural counties and community empowerment zones. The maximum extendable credit amounts to $ 2000 or $ 4,000 (if wages> $ 40,000).
3. Warehouse Tax Incentive
The segment qualifying for this bracket include wholesalers, retail distributor centers, third party ware-housers (> 200,000 sq ft) and / or grain elevator (equal to greater than 1 million bushels storage capacity). The allowance structure entails special remittances on construction and sales tax paid on qualifying equipment.
4. Custom Computer Software Property Tax Exemption
Software firms qualify for this section.
5. International Services Business & Occupation Tax Credit
Firms engaged in international services can apply for a credit of up to $ 3000 / year for every new employment created. Again to qualify they must fall within empowerment zones or designated contiguous groups. The loan is applicable for up to 5 years.
6. Business & Occupation Tax Credit for New Jobs in Programming or Software Manufacturing
Another section demarcated for software manufacturing firms. The same can apply for a credit of up to $ 1000 / year for every new employment created.
7. Information Technology Help Desk Services Business & Occupation Tax Credit
Applicable for third party help desk services in rural counties. A 100% tax credit on income received is applicable.
8. USDA Rural Development Business Grants
Focus on small and emerging businesses in rural communities to develop the back areas.
9. Special loans for costal counts known as Coastal Float Loans.
10. Tax exempt bond financing programs, exempt facilities bonds, etc.
Additional loans like CDBG float loans are available to businesses in Washington through cities and counties. To acquire such loans firms must fulfill certain prerequisites like a promise towards creation of jobs, requisite collateral (unconditional, irrevocable Letter of Credit), compl with local laws, etc. the interest rate is negotiable based upon job creation and other factors.