SANTA CLARITA, CA—The Santa Clarita Valley Economic Development Corporation has launched a new financial incentive program to attract industry to the area.

In partnership with the County of Los Angeles, $200,000 has been made available to support an Industry Cluster Attraction Incentive (ICAI). The goal of ICAI is to attract new businesses in SCVEDC’s target industries to the Santa Clarita Valley.

To attract new businesses in the target industry clusters, SCVEDC will award incentives of up to $40,000 each to qualifying companies.

“This program is designed to support growth in our target industries of Aerospace, Medical Devices, Manufacturing, Entertainment, and Information Technology,” said SCVEDC president and CEO Holly Schroeder in the announcement. “This incentive demonstrates our commitment to being pro-active in recruiting these sectors to the Santa Clarita Valley.”

To qualify, companies must begin operations in the Santa Clarita Valley with at least 40 employees. The incentive is used to reimburse costs associated with permitting from the County of Los Angeles and the City of Santa Clarita.

“We know that the Santa Clarita Valley, with 30 Million Square Feet of industrial and office space, including 2 million square feet of new construction, offers tremendous opportunities for businesses. But the decision to establish a new operational location is a big one for any company. This incentive helps defray permitting costs so companies can find the location right for them,” Schroeder said.

SCVEDC will begin to receive applications after March 15.

The SSCVEDC works to provide an integrated approach to attracting, retaining and expanding a diverse base of business and industry in the Santa Clarita Valley.