Employee Relocation
Description
SmartRiverside, in keeping with its goal of attracting and fostering both new and existing technology companies in the City of Riverside, has developed the Employee Relocation Program. Under the Employee Relocation Program grants may be awarded to small technology companies with sales of less than $20 Million per year. The program is designed to help offset employee relocation costs for small technology companies, allowing them to redirect capital.
Eligibility
To be eligible for the SmartRiverside Employee Relocation grant, companies must meet all of the following eligibility requirements:
- Companies must report less than $20 million in annual sales
- Companies must have headquarters in the City of Riverside
- Companies must fall within the following North American Industry Classification System (NAICS):
3341 - Computer and peripheral equipment manufacturing
3342 - Communications equipment manufacturing
3343 - Audio and video equipment manufacturing
3344 - Semiconductor and other electronic component manufacturing
3345 - Navigational, measuring, electro medical and control instruments manufacturing
3346 - Manufacturing and reproducing magnetic and optical media
3353 - Electrical equipment manufacturing
33599 - All other electrical and component manufacturing
3391 - Medical equipment and supplies manufacturing
5112 - Software publishers
514191 - On-line information services
5142 - Data processing services
5415 - Computer systems design and related services
5416 - Management, scientific, and technical consulting services
5417 - Scientific research and development services
Note: If a company does not fall into any of the above categories but has any intellectual properties, then they will also be eligible for consideration.
- The business must be within the City of Riverside city limits.
SmartRiverside reserves the right to reject grants to companies that do not fall within the eligibility requirements or those companies that do not represent a technology use.
Uses
Grants can only be used for high tech employees who have relocated to and purchased a home in the City of Riverside.
Grant Amount
Grants will be limited to a maximum of $1000 per employee and $5,000 per company. Grants will be awarded on a first come, first serve basis contingent upon availability of funds through SmartRiverside. Grants will be made as reimbursements only. Companies must show documented proof of relocation. Acceptable proof includes escrow papers and utility bill payments.
Procedures
To receive funds from the SmartRiverside Employee Relocation Program, a potential company must meet the above eligibility criteria and do the following:
- Complete and submit the Employee Relocation Program Application.
The form can be downloaded from link above. Along with the application, include a letter of support from an authorized company manager. Mail or submit the application and letter of support to:
SmartRiverside
Employee Relocation Program
3900 Main Street,
5th Floor
Riverside, CA 92522
- Once the application has been submitted, the SmartRiverside
The Employee Relocation Advisory Board will review the request for approval. The Advisory Board will have up to sixty (60) days from the time of submittal to review the application.
2a. If approved, the Advisory Board will make a formal recommendation for funding at the next scheduled SmartRiverside Board meeting.
2b. If denied, a denial letter will be sent to the applicant within thirty (30) days of denial. A decision for denial will be final unless changed circumstances can be shown.
- After the SmartRiverside Board has approved the application, the applicant will be notified within one (1) week of the approval.
- Once notified, the applicant will have one (1) calendar year to submit a copy of the SmartRiverside Employee Relocation Program Reimbursement Form with documented proof of relocation.
- An applicant may only be eligible to apply for funds once, unless the applicant moves into a larger facility or increases the size of its current facility.
2c. Applicant must continue to operate their business within the City of Riverside for at least five years, or be required to reimburse SmartRiverside an amount equal to 20% of the initial grant award for each year remaining in the five-year commitment period.
Note: Company may be asked to present the employee relocation request before the SmartRiverside Employee Relocation Advisory Board or SmartRiverside Board.