Are you a private business in need of funds?

Are you a private business in need of funds?
Published by The Reporter
Posted: 11/11/2009

If you are a business looking for millions of dollars to help finance a shovel-ready project that will bring jobs to Solano County, the county would like to hear from you.

As part of the American Recovery and Reinvestment Act, the county has $2.9 million in Recovery Zone Facility Bonds that can be directed to a private business. The tax-exempt status reduces the cost of financing and may help make the project more feasible.

The Board of Supervisors designated the entire county as a recovery zone in September 2009 because of the high unemployment and foreclosure rates. The designation gives private businesses access to tax-exempt bonds to finance a wide range of capital projects.

Businesses are encouraged to apply even if the project costs more than the county's current allocation. More money is expected to be available in 2010, when the state redistributes unused bond allocations from other communities.

"Very few communities have made the required recovery zone designation, so the county is ahead of the process and primed for the next round of dollars," said Supervisor Mike Reagan.

Completed applications are due Friday. Applications are available on the county's Web site at www.solanocounty.com.