In January 2022, the California Governor’s Office of Business and Economic Development (GO-Biz) will open the first application period for the new California Competes Grant Program (CCGP).
A total of $120 million is allocated to the 2021–2022 fiscal year, which will become available during the first application period from January 3, 2022, through January 24, 2022.
Below are important elements of the CCGP application process.
Much like the existing California Competes Tax Credit (CCTC) program, the CCGP is available to businesses planning to either relocate to or stay and grow in California. However, the CCGP was specifically created to assist businesses that may not benefit from any available tax credits.
GO-Biz has created the CCGP to assist the following three types of qualifying businesses:
Beyond the above qualifications, the CCGP requires businesses to meet one of the following criteria to be eligible to apply:
Applications are subject to a minimum request of $5 million and a maximum request of $36 million.
Similar to those for the CCTC, GO-Biz has outlined the following factors that will be considered during the CCGP application review process:
The CCGP has been allocated $120 million for the 2021–2022 fiscal year. It’s uncertain whether this program will be extended or receive additional funding, which means this application period is expected to be extremely competitive.
In addition to meeting the eligibility criteria outlined above, applicants will want to be able to convincingly demonstrate the following:
The application period opens on January 3, 2022 and closes on January 24, 2022. To learn more, visit the GO-Biz Grant Solicitation.
To discuss how your expansion plans may align with the goals of CCGP, contact your Moss Adams professional.