In addition to assisting companies in obtaining low-interest, long-term, fixed-rate loans offered through the RMDZ program, Ventura County RMDZ staff can assist companies with financing strategies that include other loans and grants. Regional venture capital forums, in coordination with Central Coast MIT Enterprise Forum and California Lutheran University, can also be potential funding sources.
RMDZ staff can also provide assistance with obtaining permits, siting, and acquisition of materials for manufacturing. Additionally, through Ventura County’s Workforce Development Division employers are offered free personnel services, including employee recruitment and screening, on-the-job training, and customized training. Up to half the salary of eligible employees can be reimbursed to employers during an agreed-upon training period. There are also sheltered workshops, job coaching programs, and other opportunities for subsidized labor in Ventura County.
The RMDZ program can also help you with energy-related programs that meet your company's needs. For example, California Renewable Energy Loan Guarantee Program guarantees loans made by financial institutions to eligible businesses for the purpose of purchasing renewable energy systems that will reduce usage of the State's electrical grid.
The Ventura County RMDZ also overlaps another zone. Port Hueneme, the only deepwater port between San Francisco and Los Angeles, is a Foreign Trade Zone. It provides duty reductions, deferrals, inversions, and other benefits to importers, exporters, and certain product assemblers. Other sites in Ventura County offer additional benefits. The Energy Technology Engineering Center provides Cooperative Research and Development Agreements in association with the U.S. Department of Energy.
Tax reductions are also possible. A tax credit of 6 percent of the cost of machinery and equipment used to make products can be used to offset a company’s State taxes through the State Manufacturers’ Investment Tax Credit. Additionally, up to $17,500 per year can be deducted from gross revenues for federal income tax.