2019 was a year of change and new hope for San Bernardino County that will continue to grow as we enter a new decade. The vision for the future is to focus on the prosperity and well-being of our communities.
The New Year will also bring in new opportunities to our area. San Bernardino County is working to take advantage of California’s Economic Opportunity Zone Program. This is to bring new employers and jobs into the county and support our current businesses in 2020 and beyond. There has been an increased investor trust in San Bernardino County; Qualified Opportunity Zone Funds are pursuing our communities to find a welcoming business environment and the return potential that comes along with it.
What are Opportunity Zones?
Qualified Opportunity Zones were created by the 2017 Tax Cuts and Jobs Act. These zones are designed to support economic development and job creation in communities, such as San Bernardino County, by providing tax benefits to investors who invest eligible capital into these communities.
Who Benefits From Opportunity Zones?
Opportunity Zones support local leaders, businesses, entrepreneurs, investors, and community residents. They are a tool to stimulate economic development and job creation and were established to support new investments in community-supported projects with fast-acting and long-lasting solutions.
Opportunity Zones also help residents plan for the growth of their communities, provide a stable future for families, and create opportunities for them to become homeowners. There are currently 57 counties in California that include at least one Opportunity Zone, with a total of 3 million California residents living in these zones.
Why San Bernardino County?
San Bernardino County offers plenty of space for growth, a massive skilled workforce, and unparalleled assistance and support from the county. In the new decade, each of the 24 lively cities will continue to offer its own advantages to businesses looking for success in San Bernardino County. With room for both local and global companies to launch and expand, San Bernardino County continues to inspire migration, making it a high growth area.
Activity in the Opportunity Zone has already begun. RevOZ Capital and Sudweeks Development and Investment Co. (SDIC) have partnered to build a pre-leased, build-to-suit medical office building in San Bernardino. It will house San Bernardino County’s Children’s Department of Behavioral Health on nearly 2-acres.
“This is an example of how underserved communities can leverage the Opportunity Zone program to attract investors and provide positive community benefits. While we believe this is a solid long-term investment, it also serves an important role in providing critical services to families in need within the San Bernardino community," said Alex Bhathal, Founder of RevOZ Capital and OZ Investor of the Year.
You can learn more about how businesses benefit in San Bernardino County here.
San Bernardino County is the leading destination for businesses looking to expand or relocate. Contact us to learn what the San Bernardino County Economic Development Agency can do for your growing business at [email protected] or 909-387-4700.
