Tennessee

Tennessee provides various programs to support job creation, workforce training, and business growth. Programs like the Tennessee Job Tax Credit and FastTrack Job Training Assistance Program offer incentives and funding to help businesses expand and maintain a skilled workforce.

Tennessee Job Tax Credit

• Purpose: Encourages job creation and capital investment in Tennessee.
• Eligibility: Businesses creating at least 25 new full-time jobs within a 36-month period and investing at least $500,000.
• Benefit: $4,500 tax credit per new job, applicable to franchise and excise tax liability.
• Application: Through the Tennessee Department of Economic and Community Development.
• More info: Enhanced credits are available for higher investments and job creation in certain areas.

FastTrack Job Training Assistance Program

• Purpose: Provides training assistance to new and expanding businesses.
• Eligibility: Companies creating new jobs or expanding operations in Tennessee.
• Benefit: Grant funding for training expenses, including development of training plans and materials.
• Application: Through the Tennessee Department of Economic and Community Development.
• More info: Offers tailored training programs to meet specific company needs.

Tennessee Small Business Development Centers (TSBDC)

• Purpose: Provides free business consulting and low-cost training services.
• Eligibility: Small businesses and entrepreneurs in Tennessee.
• Benefit: Access to business advisors, training programs, and resources.
• Application: Through local TSBDC offices.
• More info: Offers assistance with business planning, accessing capital, and operational improvements.

Work Opportunity Tax Credit (WOTC)

• Purpose: Encourages employers to hire individuals from certain target groups facing barriers to employment.
• Eligibility: Employers hiring individuals from specific groups, such as veterans, ex-felons, and long-term unemployment recipients.
• Benefit: Federal tax credit of up to $9,600 per eligible employee, depending on the target group.
• Application: Through the Tennessee Department of Labor and Workforce Development.
• More info: Provides support for integrating targeted individuals into the workforce.

Tennessee Rural Opportunity Fund

• Purpose: Supports small businesses in rural areas of Tennessee.
• Eligibility: Small businesses located in rural counties of Tennessee.
• Benefit: Access to capital through loans and investments.
• Application: Through approved financial institutions partnering with the program.
• More info: Aims to stimulate economic growth in rural communities.