On Tuesday night Holly Schroeder, President & CEO of the Santa Clarita Valley Economic Development Corporation, released the 2022 SCVEDC Annual Report to the City Council. It featured our organization's business attraction and retention, business assistance, economic information & research, and community marketing efforts.
Click here for the presentation slides, and read below for more details!
Recently, the New York Times published an article and podcast titled, “The most empty downtown in America.” It outlined the story of San Francisco’s rise as a tech hub, with highly paid young adults employed at growing companies such as Yelp, Salesforce and Uber.
These workers spent money at local coffee and lunch spots, creating a need for another set of service and hospitality workers. It was a virtuous cycle until the COVID-19 pandemic sent tech workers to work from home.
Minimum Wage Increase for Businesses within City of Santa Clarita on January 1st, 2023.
Are you confused about the minimum wage increases? You’re not alone! The Santa Clarita Valley is in an especially unique situation in that the City of Santa Clarita and the County of Los Angeles have two different minimum wage increase schedules which has caused confusion and challenges for many of our local employers and residents alike.
The City increases its wages in keeping with the State of California’s schedule (January - December), while the County of Los Angeles has adopted a wage increase schedule based on their fiscal calendar (July - June).
Does your business pay Use Tax? If so you may be eligible to direct a large portion of your Use Tax back to Santa Clarita’s general fund for public safety, parks, libraries, infrastructure and other City services AND receive a cash rebate on a portion of the Use Tax remitted to the City.
Last Thursday night, the Los Angeles Economic Development Corporation (LAEDC) recognized the City of Santa Clarita as the Most Business Friendly City in LA County with a population greater than 60,000, tying with the City of Gardena. El Segundo was named the winner for cities with a population under 60,000. Tom Cole and Monica Fawcett from the city's Economic Development department accepted the award on the city's behalf at the LAEDC’s 27th Eddy Awards in SoFi Stadium.
The Eddy Awards® is one of the most prestigious awards programs to recognize leadership in economic development in business and government throughout Los Angeles County. It celebrates exceptional public and private leadership in LA County economic development, with the Most Business Friendly City Award and recognition of honorees that demonstrate outstanding contributions to economic development in the region.
Have you heard about the California Competes Tax Credit (CCTC)? It’s a state income tax credit supporting growth of high quality jobs in California, available to businesses who want to come to, stay in, or grow in our state. Through a two-phase process, businesses apply and compete for this credit during three application periods each fiscal year.
Here's how it works: Phase I is an online application process, where businesses submit information on their 5-year growth plans including a comprehensive description of their growth project, projected new hires and wages, projected amount of investment equipment and facilities, and their requested tax credit. A cost-benefit ratio is then calculated, and companies with the most advantageous cost-benefit ratio move on to Phase II for final negotiation and selection.
The SCVEDC is happy to announce the release of our newest resource to help Santa Clarita Valley businesses succeed and grow.
The focus of economic development has expanded over the past months to include talent attraction and workforce development. In todays labor market, companies are doing everything they can to maintain their current staff, while simultaneously competing with other businesses for top talent.
SCV Companies: Business Climate in SCV is Robust
Local companies positively rate the business climate and quality of life in the Santa Clarita Valley. That’s the key takeaway from the Santa Clarita Valley Economic Development Corporation’s 2022 Business Survey of 155 companies.
Curious about the Who, What, Where, When, and Why of Santa Clarita Valley?
Since before 2006, our valley has seen steady population growth and Santa Clarita is the 3rd largest city in LA County. So what is drawing people to the SCV?
Our rankings over the past year alone speak for themselves!
Are you confused about the minimum wage increases? You’re not alone! The Santa Clarita Valley is in an especially unique situation in that the City of Santa Clarita and the County of Los Angeles have two different minimum wage increase schedules which has caused confusion and challenges for many of our local employers and residents alike.
The City increases its wages in keeping with the State of California’s schedule (January - December), while the County of Los Angeles has adopted a wage increase schedule based on their fiscal calendar (July - June).
2021 Annual Report
The COVID-19 pandemic brought both health implications and serious economic ones, extending into its second year in 2021 as the Santa Clarita Valley Economic Development Corporation celebrated its 11th anniversary. The SCVEDC continued supporting SCV businesses as they navigated public health orders, supply chain snarls, hiring challenges and the emergence of inflation. SCVEDC continues to focus on business assistance, business attraction and retention, community marketing, and providing quality information and data. The vast diversity of businesses in the Santa Clarita Valley has established a strong foundation for its future economic security.
Labor shortages and “the great resignation” are leaving most companies working hard to hold on to the employees they have. One strategy they should use: looking internally at ways they can reduce their own bureaucracy.
Working from home, most employees found time in their day wasn’t productive. Remote work gave many people a fresh perspective on their jobs. The “Great Resignation” suggests they didn’t like what they saw, and they decided to pursue other opportunities. In fact, NIST recently called it the “Great Recognition,” an awakening of people to how they spend their time.
The Small Business Administration has significantly upped the cap for COVID-19 Emergency Injury Disaster Loans (COVID EIDL) from $500,000 to $2 million, providing low-interest, long-term loans for small businesses and nonprofits who experienced or continue to experience economic harm resulting from the pandemic.
Has your business been disrupted due to COVID-related governmental orders? With the many COVID-19 pandemic challenges endured by small to mid-sized businesses, there is some good news. The newest 2021 Employee Retention Tax Credit (ERTC) program provides eligible businesses with a fully refundable, advanceable tax credit on qualified employee wages, and opens the ERTC program to PPP borrowers for the first time.
Complete List of Upcoming Webinars
July 28th, 2021
August 5th, 2021
August 10th, 2021
BizFed's 2021 business survey sees record participation this year!
The SCVEDC has been a longtime partner with the Los Angeles County Business Federation (BizFed). With more than 180 business organizations representing 400,000 employers with 3.5 million employees throughout LA County, BizFed is a massive, diverse grassroots alliance that advocates for policies and projects that strengthen our regional economy.
Mental Health Resources in the Santa Clarita Valley
The COVID-19 pandemic public health orders designed to protect our physical health have also affected mental health over the last year. In fact, 4 in 10 adults in the U.S. have reported symptoms of anxiety or depressive disorder, up from 1 in 10 adults from January to June 2019.
To complicate matters, people are often reluctant to discuss mental illness — especially at work. That’s why it’s critical for employers to create a work environment that is supportive of mental health, with relevant resources and a culture that prioritizes psychological well-being.
Celebrating Economic Development Month
Many times the work of economic developers goes unnoticed and cruises under the radar. And that’s okay! Being a silent investor in a region’s economic well-being and quality of life is rewarding in itself and in May is celebrated by Economic Development month.
It is an honor for our business development team at the Santa Clarita Valley Economic Development Corporation (SCVEDC) to serve this region and help drive economic growth in our economy. The SCVEDC advances a valley-wide mission to grow jobs in target sectors of film and digital media, aerospace, technology, medical devices, advanced manufacturing, and corporate services. Now more than ever, a thoughtful, integrated approach to economic development is critical to growing and sustaining quality jobs.
Keeping Your LA County Project On Track Through LA County Connect
One of the primary keys to a Commercial Development project is staying on track and maintaining the proposed schedule. This can be challenging when navigating the many agencies and departments in Los Angeles County. Now through LA County Connect, Santa Clarita developers and design professionals can receive expert advice and guidance – tailored specifically for Commercial Development projects in Plan Review. Developers can preview plans, discuss process and timing, and get the answers needed from LA County departments in a timely manner!
2020 Annual Report
The COVID-19 pandemic brought both health implications and serious economic ones. In 2020, the Santa Clarita Valley Economic Development Corporation celebrated its 10th anniversary, and the work of the organization has never been more vital! SCVEDC continues to focus on business assistance, business attraction and retention, community marketing, and information and data. Despite the numerous obstacles of the past year, there are many bright spots; most notably, the incredible support, innovation, and resiliency of our business community, including the many SCV companies that quickly pivoted to manufacture PPE and sanitizers, or offered their teams in volunteer capacities.
Santa Clarita Valley Chapter Aerospace & Defense Forum Announces New Steering Committee Chair
Eric Jensen, Director of Manufacturing Ramp and Transition at Fralock Inc., steps in as Chair of the Steering Committee of the Santa Clarita Valley Chapter of the Aerospace & Defense Forum as of January 2021. The SCV Chapter was launched in October of 2019 to expand local business collaboration, networking, and information sharing by A&D executives relevant to the business of aerospace, commercial space and defense industries. This eighth chapter of the A&D Forum, sponsored by the Santa Clarita Valley Economic Development Corporation (SCVEDC), has been well received by the SCV aerospace community with strong engagement and event attendance, even through transition to virtual meetings in 2020 due to COVID.
Minimum Wage Increases for Businesses in the City of Santa Clarita on January 1
Are you confused about the minimum wage increases? You’re not alone! The Santa Clarita Valley is in an especially unique situation in that the City of Santa Clarita and the County of Los Angeles have two different minimum wage increase schedules which has caused confusion and challenges for many of our local employers and residents alike.
GO-Biz Hosting Webinars for Businesses Interested in Applying for
$80 Million in Tax Credits
Have you heard about the California Competes Tax Credit? It’s a state income tax credit supporting growth of high quality jobs in California, available to businesses who want to come to, stay in, or grow in our state. Through a two-phase process, businesses apply and compete for this credit during three application periods each fiscal year.
Three Important Online Resources Offered by SCVEDC
The Santa Clarita Valley Economic Development Corporation is an organization dedicated to attracting, retaining, and growing business opportunities for the Santa Clarita Valley. That mission is more important than ever. While most of our usual face-to-face meetings are temporarily on hold during the COVID-19 pandemic, SCVEDC has many online resources to help your company with a variety of issues you may face. Here are just a few free resources to help your business:
The City of Santa Clarita and SCVEDC Award Local Small Businesses with COVID Relief Grants
The City of Santa Clarita and Santa Clarita Valley Economic Development Corporation (SCVEDC) are excited to announce that 149 small businesses within the Santa Clarita Valley were approved to receive a one-time financial reimbursement for COVID-related expenses of up to $5,000 per individual business, as a part of the Santa Clarita Small Business COVID Relief Grant.
Interested applicants began receiving their approval or denial letters beginning on Thursday, November 19. Verified eligible businesses that have met all specified grant qualifications and requirements can expect to receive grant funds by the end of the year.
SCVEDC is Your One-Stop Resource for Business Needs
The Santa Clarita Valley Economic Development Corporation’s (SCVEDC) overarching goals are to support the creation of high-paying jobs for our trained workforce, stimulate economic activity that grows the regional tax base, and strategically position the Santa Clarita Valley (SCV) and its businesses to better compete in the global economy. SCVEDC offers many services and resources to local businesses to help the access tax credits and incentives, workforce development and training, provides vital data and information, and connects companies for networking and peer support.
Applications are now open for Startup Boost Los Angeles Fall cohort and will close on September 16th, 2020.
Startup Boost, a mentorship driven program aimed at guiding pre-seed/seed stage startups to accelerators, investment, and/or revenue (AIR), is now accepting applications for participants in their fall cohort.
Southern California Edison's Wildfire Mitigation Plan
Since many businesses experienced SCE power shutoffs last year, SCVEDC has been communicating with officials at the organization about its fire prevention and mitigation plans.
Earlier this year, Southern California Edison announced plans to inspect thousands of miles of power lines, remove trees as necessary in high-risk areas, and segment certain components of power lines as part of a $582 million Wildfire Mitigation Plan. These improvements greatly reduce the likelihood of wildfires and preemptive, public safety power shutoffs (PSPS) in SCV business parks.
Minimum Wage Increases for Businesses in Unincorporated LA County on July 1
Are you confused about the minimum wage increases? You’re not alone! The Santa Clarita Valley is in an especially unique situation in that the City of Santa Clarita and the County of Los Angeles have two different minimum wage increase schedules which has caused confusion and challenges for many of our local employers and residents alike.
