Financial incentives are available from the State of Delaware, the federal government and other organizations. Options range from tax credits to low interest loans and other financing plans.
Delaware is committed to helping businesses grow in the State. Incentive packages are based on the projected amount of capital to be invested and the number of jobs to be created. Here are examples of recent incentive awards.
AB Group Packaging – This Irish company manufacturing company was awarded a $253,365 performance grant from the Delaware Strategic Fund and a $120,000 capital investment expenditure grant to open its first U.S. plant in Delaware.
Croda International PLC – This British firm was awarded funding to improve their chemical manufacturing facility. They received a $699,556 performance grant and a $287,828 retention grant to support up to 30 new high-paying, full-time manufacturing jobs and to protect nearly 50 existing positions that would have been transferred elsewhere without the upgrade. The company was also awarded a $1.5 million capital expenditure grant for the new construction.
Uzin Utz – This German flooring company received a Delaware Strategic Fund Performance Grant and Capital Expenditure Grant totalling $418,369 to open a 53,000-square-foot dry-mortar plant.
See if your business qualifies, contact a team member today.
Available Incentives, Credits or Grants
Search the full list of incentives here to find the right fit for your business.
Name of Incentive: Business Finder’s Fee Tax Credit
Details: Incentivizes existing Delaware businesses to leverage their relationships with suppliers, customers, and other businesses to relocate to Delaware; both the Sponsor Firm and the New Business Firm receive a credit for each new full-time Delaware employee for the 3 years following the move.
Details: Tax credit awarded to employers who hire veterans who fought in recent wars. Employers may claim a refundable credit against the bank franchise tax, corporate income tax, personal income tax, or insurance income tax equal to 10% of gross wages or $1,500, for each veteran they hire.
Name of Incentive: State Small Business Credit Initiative (SSBCI)
Details: A loan participation program where a portion of the loan made to a Delaware small business is purchased by DEDO directly from a private lending institution (typically about 25% but can go up to 49%).
Issuing Organization: Israel-U.S. Binational Industrial Research and Development (BIRD)
Details: BIRD – Binational Industrial Research and Development FoundationBIRD – Binational Industrial Research and Development FoundationWorks to encourage cooperation between Israeli and American companies in various areas of technology, and provides free assistance in locating strategic partners from both countries for developing joint projects. Supports up to 50% of a projects budget, and does not demand that the investment be repaid if the project fails.
Name of Incentive: Tax-Exempt Bond Financing for Manufacturers
Issuing Organization: MEDFAS
Details: This tax-exempt financing option offers significant savings to manufacturers and provides incentives for expansion, capital investment, new construction/equipment, renovations, and reshoring efforts.
Name of Incentive: Small Business Energy and Facilities Revolving Fund
Issuing Organization: Delaware Sustainable Energy Untility
Details: Loans at market to below-market interest rates offered to businesses that cannot otherwise obtain capital, provided those businesses will create or retain jobs in industries that promote energy efficiency and/or recycling.
Name of Incentive: State Trade Expansion Program (STEP) Grant
Issuing Organization: SBA and Global Delaware
Details: Funding to help launch or expand export activity. Grant funds can be used to reimburse Delaware businesses for up to 50 percent of all pre-approved, eligible, export marketing expenses, up to a maximum of $5,000 per fiscal year, per company.
Name of Incentive: International Trade Loan Program
Issuing Organization: SBA
Details: Loans available to small businesses in a position to expand existing export markets or develop new export markets, or that have been adversely affected by import competition and can demonstrate that the loan proceeds will improve their competitive position.