Business and Investment Climate in the United States: Local Economy, State Incentives and Growth Prospects

1. 2 BUSINESS AND INVESTMENT CLIMATE IN THE UNITED STATES CONTENTS FOREWORD BY CHANDRAJIT BANERJEE DIRECTOR GENERAL CONFEDERATION OF INDIAN INDUSTRY 4 FOREWORD BY VINAI THUMMALAPALLY EXECUTIVE DIRECTOR, SELECTUSA U.S. DEPARTMENT OF COMMERCE 5 U.S. STATES ALABAMA 6 ALASKA 9 ARIZONA 11 ARKANSAS 14 CALIFORNIA 17 COLORADO 20 CONNECTICUT 24 DELAWARE 27 DISTRICT OF COLUMBIA 29 FLORIDA 32 GEORGIA 35 HAWAII 38 IDAHO 41 ILLINOIS 44 INDIANA 47 IOWA 50 KANSAS 53 KENTUCKY 56 LOUISIANA 59 MAINE 62 MARYLAND 65 MASSACHUSETTS 68 MICHIGAN 71 MINNESOTA 74 MISSISSIPPI 77 MISSOURI 80 MONTANA 83 NEBRASKA 86 NEVADA 89 NEW HAMPSHIRE 91 NEW JERSEY 94 NEW MEXICO 97 NEW YORK 100 NORTH CAROLINA 103 NORTH DAKOTA 107 OHIO 110 OKLAHOMA 113 OREGON 116 PENNSYLVANIA 119 RHODE ISLAND 122 SOUTH CAROLINA 125 SOUTH DAKOTA 128 TENNESSEE 131 TEXAS 134 UTAH 137 VERMONT 140 VIRGINIA 143 WASHINGTON 146 WEST VIRGINIA 149 WISCONSIN 152 WYOMING 155 U.S. TERRITORIES AMERICAN SAMOA 158 GUAM 161 PUERTO RICO 164 U.S. VIRGIN ISLANDS 167 FREQUENTLY ASKED QUESTIONS 170 INVESTMENT RESOURCES 172

2. 3 BUSINESS AND INVESTMENT CLIMATE IN THE UNITED STATES © 2015 Confederation of Indian industry (CII). All rights reserved. The Confederation of Indian Industry is a body Registered under the Societies Registration Act, 1860 under the Indian Laws. This publication has been prepared by Confederation of Indian Industry as a guide only and should not be relied upon as professional advice in any manner as the report contains data/information captured through the secondary sources. No responsibility can be accepted by us for loss if occasioned to any person acting or refraining from acting as a result of any material in this publication. However, in the event of any discrepancy, suggestions, etc., the same may be forwarded to info@cii.in which would be appropriately considered and followed from our end.

3. 4 BUSINESS AND INVESTMENT CLIMATE IN THE UNITED STATES FOREWORD Chandrajit Banerjee Director General Confederation of Indian Industry The world economy is today once again on an upward trajectory. Markets are buoyant and companies are looking at outward expansion—for new markets and investment destinations. India is certainly one of the countries where one can expect high growth rates and heightened economic activity. The Modi government that came into power in 2014 has infused new enthusiasm amongst domestic and foreign businesses. For the members of the Confederation of Indian Industry (CII), while the domestic Indian economy remains undeniably strong, with projected growth rates of 8-‐8.5% over the coming year, our companies continue to also expand their global footprint. The United States, in this context, remains a prime investment destination. The US-‐India trade and commercial relationship has grown by leaps and bounds with bilateral trade touching nearly $100 billion. At the same time, the investment story too remains strong with the US ranked as the sixth largest source of FDI into India, while India has also emerged as one of the fastest growing sources of FDI into the United States. CII’s own studies have found that Indian companies have invested in a range of sectors in the US including in technology, tele-‐ communications, pharmaceuticals and life sciences, iron and steel, mining, energy, manufacturing, financial services etc. These investments are spread across more than 40 US states. Indian companies have made their mark through greenfield and brownfield investments, mergers and acquisitions, joint ventures, and other business collaborations with US companies. CII is proud of its relationship with Select USA which has been vastly helpful in facilitating the entry of Indian companies into the US market. We first released the report, ‘Business Climate in the United States’ in 2011, and it has come to serve as a critical tool kit, for not just Indian companies, but indeed, any company across the world that may be interested to enter the US market. In this updated version of the report, we once again look at the ‘Top 10 reasons’ why a company should invest in a par-‐ ticular state, the core and upcoming sectors of strength and growth, as well as the various tax and financial incentives on offer. Our aim, through this report is to provide a ‘first, one-‐stop guide’ to companies as they evaluate the strengths of various US states and decide where to put their investment dollars to work. Through such efforts, CII continues to fulfill its role as the premiere industry association in India, playing a pro-‐active role in advancing the US-‐India trade, commercial and investment relationship.

4. 5 BUSINESS AND INVESTMENT CLIMATE IN THE UNITED STATES FOREWORD Vinai Thummalapally Executive Director, SelectUSA U.S. Department of Commerce The year 2014 was an exciting one for investment in the United States, which was again ranked #1 by A.T. Kearney’s Foreign Direct Investment (FDI) Confidence Index. According to A.T. Kearney’s survey of global executives: “The mes-‐ sage here is crystal clear: the United States is back in the minds of global business leaders as the prime destination for their investment. Never in the 16-‐year history of this index has a country had such a positive net position.” It has also been an exciting time for India, with the election of a new government with a mandate to make it easier than ever for Indians to do business. In July 2014, I had the pleasure of hearing directly from Indian investors during a lunch-‐ eon hosted by the Confederation of Indian Industry (CII) welcoming U.S. Commerce Secretary Penny Pritzker to Mumbai. When I returned to India in September, I took the opportunity to meet with CII leadership in New Delhi and to speak to CII’s Young Indians group in my hometown of Hyderabad. In my travels to the country, including joining President Obama during his January 2015 visit, I felt a palpable atmosphere of optimism. Quite simply, there has never been a bet-‐ ter time for Indians to expand their businesses to the United States than 2015. That goes for the rest of the world as well. As I’ve told investors in Japan, Korea, China, the United Kingdom, France, and many other countries, the United States is recovering strongly from the recession. It is the only place in the world with the combination of a top consumer market, world-‐class university system, strong intellectual property regime and pro-‐ ductive workforce. However, we understand that, with so many states and territories, the United States can be a daunt-‐ ing market to navigate. At SelectUSA, we aim to make your entry into the United States as easy as possible. When we work with Indian businesses, CII is a trusted partner both in India and in the United States. We are excited to partner with CII on producing the second edition of Business and Investment Climate in the United States. By giving a state-‐by-‐state view of the United States, this guide serves as a toolkit to help bring clarity and direction to individuals and companies around the world that want to learn more about how business is done in the United States, and how to reach the right contacts in each state to quickly get more information. Housed within the U.S. Department of Commerce, SelectUSA coordinates across the federal government to serve as a single point of contact for investors. We assist investors to find information and contacts, address regulatory questions, and access the resources they need for success. To learn how we can help you, please visit www.SelectUSA.gov. Thank you to CII for producing such an informative and essential guide. Please don’t hesitate to reach out to us with your investment questions and concerns.

5. 6 BUSINESS AND INVESTMENT CLIMATE IN THE UNITED STATES ALABAMA Top 10 Reasons to Do Business in Alabama: 1. Tax Climate: The tax burden in Alabama is one of the lowest in the United States. In addition, Alabama is one of a small num-‐ ber of states that allow a full deduction of Federal taxes paid from state income tax liability. The state has developed aggres-‐ sive tax incentive programs for new and expanding industry in-‐ cluding sales and property tax abatements, and a capital in-‐ come tax credit. 2. Location and Logistics: Alabama is a prime location in the heart of the fast-‐growing U.S. South. The State’s interstate system al-‐ lows companies to access over 160 metropolitan areas in a 600 mile radius. Alabama’s comprehensive transportation network includes six interstate highways, seven commercial airports, five Class I railroads, multi-‐modal services and facilities and one of the nation’s largest inland waterway systems. The Port of Mobile, Alabama’s deep-‐water seaport on the Gulf of Mexico, is an integral part of the nation’s intermodal freight infrastruc-‐ ture. 3. Labor Environment: Hailed as one of the nation’s most effective state-‐sponsored workforce training programs, AIDT has provid-‐ ed state-‐of-‐the-‐art industrial training to thousands of workers of Alabama industries. AIDT’s services are cost-‐free for qualify-‐ ing new and expanding industries in Alabama. AIDT was award-‐ ed ISO 9001:2008 certification by the International Organiza-‐ tion for Standardization. 4. Access to Talent: Alabama offers a labor pool of more than two million dedicated, reliable and skilled workers. Alabama’s edu-‐ cation systems and workforce development agency work in conjunction with Alabama industry to meet current and future workforce needs. Alabama’s institutions of higher education are strategically located throughout the state providing Ala-‐ bamians with educational opportunities to meet the emerging needs of citizens and industry. 5. Cost of Doing Business: Alabama offers an overall cost structure that is one of the Country’s most competitive. In 2014, Site se-‐ lection consultants surveyed by national economic develop-‐ ment publication Area Development ranked Alabama a top state for doing business and gave high marks to the state for its labor climate and business environment. Alabama ranked fourth overall and first for competitive labor costs. 6. Leading Exporter: Located on the Gulf of Mexico, Alabama is a gateway to growing international markets. In 2014, Alabama exports were valued at $19.518 billion with shipments to 194 countries. 7. International Appeal: Companies all over the globe have made their way to Alabama. Alabama is an ideal hub for foreign-‐ based businesses. Currently, more than 425 foreign-‐based companies from more than 30 nations enjoy success in Ala-‐ bama. 8. Quality of Life: Alabama offers an abundance of natural and scenic diversity -‐ mountains to the north, beaches to the south, expansive rivers and lakes, forests and plains. Alabama has an overall cost of living that is ranked below the national index and housing costs that are well below the national average. Ala-‐ bama has nationally-‐acclaimed medical, award-‐winning schools, and universities including those with highly-‐respected schools of Engineering, Medicine, and Agriculture. 9. Custom Solutions: The Alabama Department of Commerce and its five divisions (Business Development, International Trade, Small Business Advocacy, AIDT, and Film Production) are led and staffed by professionals ready to assist businesses. 10. Leadership with a forward-‐looking approach: Alabama’s $73 million Robotics Technology Park was the first of its kind in North America. Accelerate Alabama, the State’s comprehensive

6. 7 BUSINESS AND INVESTMENT CLIMATE IN THE UNITED STATES action plan for economic development growth, includes strate-‐ gic market targets, timelines, and measureable objectives. The plan is now entering its second phase. Governor Robert Bentley ran his campaign based on a promise that he would not accept a salary until Alabama reaches full employment level. Core Industry Sectors of Strength: • Aerospace • Food Production • Automotive • Chemical • Forestry products • Primary Metals Upcoming Sectors of Growth: • Aerospace • Automotive • Bioscience • Distribution • Information Technology Select Tax Incentives:1 The corporate income tax rate in Alabama is 6.5 percent. Because Alabama allows for the deduction of federal income tax (one of the only states in the United States to do so), the net effective rate is 4.52 percent. 1. The Income Tax Capital Credit: Designed to create jobs and to stimulate business and economic growth. It is an annual credit of five percent of the capital costs of a qualifying project each year for 20 years, to be applied to the Alabama income tax lia-‐ bility or financial institution excise tax generated by the project income. 1 For complete information on the various tax incentives being offered by the state of Alabama, please visit http://revenue.alabama.gov/taxincentives/ Photo Credits: Alabama Department of Commerce 2. Abatements are also available and may include: (a) non-‐ educational state, county, and city property taxes for a period of up to 10 years, (b) state sales and use taxes on construction materials and equipment used in manufacturing, and (c) non-‐ educational county and city sales and use taxes on construction materials and equipment used in manufacturing. 3. No Inventory Tax: Alabama does not levy property tax on in-‐ ventory. Raw materials and goods-‐in process are also exempt-‐ ed. 4. Business Privilege Tax Cap: The maximum business privilege tax for most business entities is $15,000. The exceptions are for fi-‐ nancial institutions, financial institution groups, and insurance companies that have a maximum business privilege tax of $3 million.

7. 8 BUSINESS AND INVESTMENT CLIMATE IN THE UNITED STATES Other Incentives: 1. Alabama Industrial Development Training (AIDT) 2 : Ranked first among workforce training programs, AIDT services are usually provided at no cost to employers, and is the first organization of its kind in the United States to earn international certifica-‐ tion (ISO: 9001:2008) for its quality management system. AIDT total workforce delivery system includes: recruiting potential employees through advertisements and announcements, col-‐ lecting and screening applications, assisting with interviews, pre-‐employment training, on-‐the-‐job training, leadership de-‐ velopment, safety training, and maintenance technical assess-‐ ments. 2. Alabama’s Robotics Technology Park (RTP) 3 : The Alabama Ro-‐ botics Technology Park consists of three individual training fa-‐ cilities, each targeted to a specific industry need. The Robotic Maintenance Training center, The Advanced Technology Re-‐ search and Development Center, and The Integration, Entre-‐ preneurial and Paint/Dispense Training Center (to be complet-‐ ed in 2015), represent an investment of approximately $73 mil-‐ lion, including robotics equipment. 3. Grants and Bonds for Infrastructure: Grants may be available for site preparation, water and sewer improvements, and in-‐ dustrial roads and bridge access for qualifying projects. Indus-‐ trial Revenue Bonds financing can be available for part or all of the cost of land acquisition, site preparation, construction, equipment, and other basic costs for qualifying new or expand-‐ ing projects. 2 For more information on AIDT, please visit www.aidt.edu 3 For more information on Alabama’s Robotics Technology Park, please visit www.alabamartp.org 4. Income Tax Education Credit: Employers who provide or spon-‐ sor a program which enhances basic educational skills of em-‐ ployees, up to and including the 12 th grade level, could qualify for an income tax credit of 20 percent of the actual costs of an approved program, limited to the employer’s income tax liabil-‐ ity. 5. One-‐Stop Environmental Permitting: The Alabama Department of Environmental Management (ADEM) has authority to issue the permits required by all the major federal environmental laws. Therefore, Alabama can offer “one-‐stop” permitting. 4 6. Property is available statewide: Businesses of all sizes will find plenty of available building and sites options to suit their needs. Over 500 industrial and commercial buildings are available for sale or lease. Business and technology incubators throughout the state provide support for budding businesses. Almost 500 prepared industrial parks, greenfield sites and reusable proper-‐ ties are available in Alabama, with acreage ranging from five to 5,000 acres. For more information, please contact: Agency: Alabama Department of Commerce Address: 401 Adams Avenue, Montgomery, Alabama 36130 USA Email: angela.till@commerce.alabama.gov Phone: 334.353.0221 Website: www.madeinalabama.com 4 For more information, please visit www.adem.state.al.us

8. 9 BUSINESS AND INVESTMENT CLIMATE IN THE UNITED STATES ALASKA Top 10 Reasons to Do Business in Alaska: 1. Tax Climate: Alaska levies a corporate income tax on Alaska taxable income which is based on federal taxable income with certain state adjustments. Multistate corporations apportion income on water’s edge basis using the standard apportion-‐ ment formula of property, payroll and sales. Oil and gas corpo-‐ rations use a modified apportionment formula applied to worldwide income. Tax rates are graduated from 1 percent to 9.4 percent in increments of $10,000 of taxable income. The 9.4 percent maximum rate applies to taxable income of $90,000 and over. There is no State personal income tax and no statewide sales tax, although some communities do have local sales taxes. 2. Location and Logistics: Over 90 percent of the freighter aircraft operating Asia/North America Routes stop in Anchorage, mak-‐ ing it an important transit hub. Alaska is centrally located to serve the entire Pacific Rim and is well positioned to serve the Canadian and U.S. west coasts. 3. Labor Environment: Workers’ Compensation -‐ Alaska’s mini-‐ mum wage as of January 1, 2015 is $8.75. The minimum wage will increase January 1, 2016 to $9.75 4. Access to Talent: Alaska boasts several world class institutions of higher learning including multiple campuses for the Universi-‐ ty of Alaska Anchorage, University of Alaska Fairbanks, and the University of Alaska Southeast. The next largest post secondary institution in Alaska is Alaska Pacific University. Alaska is also home to other colleges like Alaska Bible College, Charter College, Saint Herman's Orthodox Theological Seminary, and Wayland Baptist University. The colleges and universities provide an excellent source of work-‐ready talent to businesses in the state. 5. Cost of Doing Business: The Anchorage Consumer Price Index (CPI) is probably the most important cost-‐of-‐living index in Alaska, and it is often treated as the de facto statewide inflation measure. In 2014, prices in Anchorage increased by 1.6 percent. See http://laborstats.alaska.gov/cpi/cpi.htm 6. Alaska’s unemployment rate was below the national average from mid 2008 through 2013. 7. Alaska’s State Energy Policy target is to generate 50 percent of electricity from renewable energy by 2025, and improve energy efficiency by 15 percent. The Alaska Department of Labor received a $3.6 million grant from the U.S. Department of Labor, Employment and Training Administration to focus training for careers in emerging energy-‐efficient and renewable energy industries including geothermal, hydroelectric, wind turbine, and biomass. Thus, there is a renewed focus on green jobs in the state. 8. Alaska avoided the worst effects of the economic recession thanks to the structure of its economy, with its dominance of natural resource development and government, and the relative lack of speculative real estate investment. Alaska’s economy was simply different enough to avoid being pulled down in the nationwide furor. 9. Finding a job in Alaska has been easier than in most other places in the U.S for the last three years. The July 2011 issue of Forbes magazine deemed Anchorage the third best mid-‐sized city for jobs in the United States. 10. Permit Assistance and Development Bank: The state of Alaska assists natural resource development companies in permitting a major facility through the Department of Natural Resources Office of Project Permitting. The state can also participate in major infrastructure developments through the Alaska Indus-‐ trial Development and Export Authority (AIDEA).

9. 10 BUSINESS AND INVESTMENT CLIMATE IN THE UNITED STATES Core Industry Sectors of Strength: • Energy • Fisheries • Mining • Tourism • International Air Cargo Transportation • Forest Products • Healthcare • Retail Trade Upcoming Sectors of Growth: Same as above Select Tax Incentives: Alaska has adopted several exploration and development incentive programs to encourage active exploration and the timely develop-‐ ment of the state's oil and gas resources 5 . A few are listed below: 1. Production Tax Credits 2. Exploration Tax Credits Under AS 43.55.025 3. Exploration Incentives Under AS 38.05.180(i) 4. Cook Inlet Jack-‐Up Tax Credit 5. Tax Credits Under AS 43.20.043 6. Production Tax Ceiling for “New Production” 7. Production Tax “Forgiveness” for Small Producers 8. Nonconventional Natural Gas Rent and Royalty Incentive 9. Royalty Modification 5 For more information on incentives, please see: http://dog.dnr.alaska.gov/Programs/ExplorationIncentives.htm Photo Credits: ABB/ Matthew F. Smith, KNOM – Nome For detailed information about the Production Tax Credits and Ex-‐ ploration Tax Credits listed, please see: http://dog.dnr.alaska.gov/Programs/ExplorationIncentives.htm For more information, please contact: Agency: Office of International Trade, Office of the Governor Address: 550 West 7th Avenue, Suite 1700, Anchorage, AK 99501 Email: patricia.eckert@alaska.gov Phone: (907) 269-‐8118 Website: www.Trade.Alaska.Gov

10. 11 BUSINESS AND INVESTMENT CLIMATE IN THE UNITED STATES ARIZONA Top 10 Reasons to Do Business in Arizona: 1. Tax Climate: Arizona levies no corporate franchise or business inventory tax, no income tax on dividends from out-‐of-‐state subsidiaries, and no worldwide unitary tax. In addition, virtually all services are exempt from Sales Tax. The Arizona Competi-‐ tiveness Package, passed in 2011, called for a four-‐year, phased-‐in reduction of the state’s corporate income tax to 4.9 percent, which began in January 2014. The package also man-‐ dates an increase in the electable state corporate income-‐tax sales factor to 100 percent, up from the current 80 percent, as well as a 5 percent acceleration of the depreciation schedule for business personal property. 2. Location and Logistics: Arizona is strategically located to serve a company’s western US customers efficiently and cost effective-‐ ly. Companies can sell and ship to customers in California from Arizona where operational costs are less and transportation routes are often faster to reach major California markets. 3. Labor Environment: Arizona is one of the few Right to Work states by virtue of the State Constitution, providing more stabil-‐ ity to the environment than is the case in states that can make the change legislatively. According to data from the National Academy of Social Insurance, Arizona’s workers’ compensation employer costs are among the nation’s lowest, at $0.89 per $100 of covered wages. 4. Access to Talent: Arizona employers benefit from a high per-‐ formance, educated, diverse and fast growing workforce that is backed by a strong university system that includes Arizona State University, University of Arizona, and Northern Arizona University. In addition, Arizona is home to the Maricopa Com-‐ munity College District (MCCD), the nation’s largest community college system. MCC has a well deserved and envied track rec-‐ ord for working closely with employers to design programs to meet specific industry requirements. 5. Cost of Doing Business: Arizona offers one of the nation's low-‐ est costs of doing business, thanks to its low taxes and small state government. 6. Arizona has demonstrated an enduring pro-‐business mentali-‐ ty– a long tradition that transcends politics and trends. The state combines a minimalist regulatory approach with legisla-‐ tive consistency and predictability with respect to business. In fact, for 12 consecutive years, Arizona has reduced taxes or passed legislation favorable to business. 7. According to the U.S. Department of Labor, Employment and Training Administration, UI Data Summary for the third quarter, 2014, Arizona’s average unemployment insurance tax rate is just $0.46 on total wages, among the lowest in the country. 8. The state's universities and its research-‐intensive companies drive Arizona's research and development activities, and make it one of the nation's top patenting states. Intel, IBM, Honey-‐ well International, Raytheon and Freescale Semiconductors lead the state's patenting activity. Arizona is a leader in semi-‐ conductor device manufacturing, solid-‐state devices, computer memory, electrical systems and optics. Arizona excels in the ability of its small firms to attract federal funding for commer-‐ cialization, and the state's universities' ability to attract federal R&D funding. 9. Many recent studies have hailed Arizona's potential for growth over the next few years due to the state's continued strong economic performance and its vibrant technology community. Arizona is expected to increase its venture capital investments, business openings, and jobs over the next few years. 10. Arizona is a safe operating environment with little risk of natu-‐ ral disasters, such as earthquakes, hurricanes, floods, etc.

11. 12 BUSINESS AND INVESTMENT CLIMATE IN THE UNITED STATES Core Industry Sectors of Strength: • Aerospace and Defense • Science and Technology • Biosciences • Nanotechnology • Environment • Renewable Energy • Optics • Advanced Business Services Upcoming Sectors of Growth: Same as above Select Tax Incentives:6 1. Qualified Facility Tax Credits: Refundable income tax credit for a manufacturing facility or a manufacturing-‐related research or headquarter facility. Credit is equal to 10% of the qualifying capital investment in a new facility or $20,000 per qualified new job created, whichever is less. 51% of new jobs must pay wages of at least 125% of the state median and the company must offer to pay at least 80% of health insurance premium costs for the employee. 2. Arizona’s Renewable Energy Tax Incentive Program (RETIP): Administered by the Commerce Authority, the Program offers a refundable tax credit of up to 10 percent of the qualified in-‐ vestment made in real and personal business property for use in eligible renewable energy manufacturing operations. The credit is taken over a five year period and may be submitted for cash refund if there are no state income taxes due, or tax credit value exceeds the amount of tax liability. 3. Arizona’s Quality Jobs Tax Credit: Provides corporate tax credits of up to $9,000 for each qualifying new job. (Paid out at $3,000 per job, per year over a 3-‐year period). The program is capped at 10,000 jobs-‐per-‐year. Credits can be carried forward for five years. To qualify for the $9,000 tax credit for net-‐new hires, a firm’s capital investment in metro communities must be at least $5,000,000 and create at least 25 new qualified employ-‐ ment positions within a 12-‐month period. The wage must equal or exceed the county median wage and the employee must offer to pay 65 percent of the employee’s health insur-‐ ance premium. 4. Research & Development Income Tax Credit: Arizona provides a tax credit for investments in research and development in ex-‐ cess of expenditures from the previous year. The amount of the credit is based on the federal regular credit computation meth-‐ od for Arizona qualified research expenses and Arizona basic research payments. The current formula calculates the income tax credit equal to 24 percent of the first $2,500,000 in qualify-‐ ing expenses. When qualifying costs exceed $2,500,000, the 6 For complete information on the various tax incentives being offered by the state of Arizona, please visit http://www.azcommerce.com/incentives.aspx Photo Credits: Arizona Commerce Authority credit is $600,000 plus 15 percent of the amount exceeding $2,500,000. 5. Arizona Additional Depreciation Program (AADP): The AADP provides a unique and aggressive depreciation schedule to en-‐ courage new capital investment and reduce a company’s per-‐ sonal property tax liability. It is worth pointing out that sched-‐ ules for most equipment classes provide for depreciation down to 2.5 percent of original value, thus virtually eliminating the tax liability. 6. Sales and Use Tax Exemptions: Exemptions are available for equipment and machinery used in R & D and directly in manu-‐ facturing, as well as for electricity used in manufacturing. Other Incentives: 1. Arizona’s Job Training Program: Administered by the Arizona Commerce Authority, this program has been ranked among the best in the nation in terms of training flexibility and ease of ac-‐ cess to the funds. Depending on location and wage structure,

12. 13 BUSINESS AND INVESTMENT CLIMATE IN THE UNITED STATES the reimbursable grant program provides up to $8,000 of eligi-‐ ble training costs per employee to companies creating perma-‐ nent, full-‐time new jobs or up to $4,000 of eligible training ex-‐ penses for existing workers within the state. The program is streamlined, extremely flexible and is tailored to meet the spe-‐ cific needs of the company. The grant can be used to cover up to 75 percent of training costs for net new employees, and up to 50 percent of the training costs for incumbents. 2. Foreign Trade Zone Program: Arizona has enacted special legis-‐ lation that makes businesses located in a zone or sub-‐zone eli-‐ gible for up to an 80 percent reduction in state real and per-‐ sonal property taxes. The reduction lasts for the entire time the company operates in the zone or sub-‐zone. The company must meet the Foreign Trade Zone federal eligibility guidelines. For more information, please contact: Agency: Arizona Commerce Authority Address: 333 North Central Avenue, Suite 1900, Phoenix, AZ 85004 Email: kevins@azcommerce.com Phone: 602-‐845-‐1200 Website: http://www.azcommerce.com/

13. 14 BUSINESS AND INVESTMENT CLIMATE IN THE UNITED STATES ARKANSAS Top 10 Reasons to Do Business in Arkansas: 1. Tax Climate: When it comes to incentives in Arkansas, the numbers speak for themselves. There is a strong variety, com-‐ petitiveness and customization of incentives. Create Rebate can provide up to 5% payroll rebate; Targeted ArkPlus credits 2% on investments from $250,000 up to $500,000 and researchers that partner with an Arkansas university receives a 33% income tax credit. 2. Location and Logistics: Arkansas’s transportation network and central U.S. location define the state as a strategic distribution center. Midway between Mexico City and Montreal, Arkansas offers a valuable distribution advantage. 3. Labor Environment: Arkansas boasts a skilled, and well-‐trained manufacturing workforce, as well as low turnover rates. Arkansas is a right-‐to-‐work state, as well as a non-‐union state. In addition, state-‐sponsored, custom-‐built, training assistance programs can help businesses hire the right kind of talent. The state also offers easy access to universities and community colleges, which work with local businesses to create courses to produce a better trained workforce. 4. Access to Talent: More than 60,000 Arkansans are now certified through the Arkansas Career Readiness Certificate Program, which confirms to employers that individuals possess basic workplace skills in reading for information, applied mathemat-‐ ics, and locating information. 5. Cost of Doing Business: Market entry costs into Arkansas are lower than a lot of other states in the United States. Arkansas has the second-‐lowest cost of doing business in the U.S and the second-‐lowest cost of living among U.S. metropolitan areas. 6. Amendment 82 – Customer friendly approach: Amendment 82 was approved by Arkansas voters in 2004 and amended in 2010. It allows the State of Arkansas to issue General Obligation Bonds to finance infrastructure costs associated with eligible companies locating or expanding operations in Arkansas. The state can issue bonds to fund a prospect’s infrastructure needs through the Arkansas Development Finance Authority, limited to 5% of net general revenues during the most recent fiscal year. 7. Infrastructure: We have all of the 4 Rs – rail, roads, runways, and rivers. Arkansas’s intermodal transportation network of highways, railways, air routes, waterways, and pipelines is ide-‐ ally suited to meet the needs of business. These facilities pro-‐ vide easy access to U.S. markets and the world. 8. Amazing quality of life: Arkansas is an outdoor paradise with plenty of opportunities for hunting, hiking, cycling, fishing, and running. Cultural offerings include world-‐renowned museums and fine art galleries, theaters, symphonies and performing arts centers. The state’s capital city, Little Rock, has received top honors for places to live and travel. 9. Pro-‐business leadership: Newly elected Arkansas Governor Asa Hutchinson has stated that economic growth and job creation is his number one priority through his PREPARE workforce train-‐ ing and education plan. 10. Entrepreneurial Spirit: The state’s seven homegrown Fortune 500 companies are proof that Arkansas has what you need to grow your business in the 21 st century global marketplace. The seven companies – Dillard’s, JB Hunt, Murphy Oil, Murphy USA, Tyson Foods, Walmart, and Windstream – represent five differ-‐ ent industry sectors, demonstrating Arkansas’s diverse econo-‐ my.

14. 15 BUSINESS AND INVESTMENT CLIMATE IN THE UNITED STATES Core Industry Sectors of Strength: • Aerospace/Aviation • Automotive • Paper & Timber Products • Rubber & Plastics • Software Development • Agriculture/Food Processing • Steel • Information Technology Upcoming Sectors of Growth: • Advanced materials and manufacturing systems • Firearms & Ammunition • Agriculture, food and environmental sciences • Transportation logistics • Biotechnology, bioengineering and life sciences • Bio-‐based products Select Tax Incentives: 1. Advantage Arkansas Income Tax Credit: Advantage Arkansas of-‐ fers a state income tax credit for job creation based on the pay-‐ roll of new, full-‐time, permanent employees hired as a result of the project. The payroll threshold for qualifying for Advantage Arkansas, and the benefit received, depends on the tier as-‐ signed to the county in which the business locates or expands. 2. Sales and Use Tax Refund: Advantage Arkansas participants in-‐ vesting at least $100,000 are eligible for the Tax Back program. This program provides a refund of sales and use taxes for build-‐ ing materials, taxable machinery, and equipment associated with the approved project. The business must sign a job-‐ creation agreement under the Advantage Arkansas program within 24 months of signing the Tax Back agreement or have an existing Advantage Arkansas agreement within the previous 48 months. 3. InvestArk Sales and Use Tax Credit: This program is available to businesses established in Arkansas for two years or longer, that invest $5 million or more in plant or equipment for new con-‐ struction, expansion or modernization. The business must be approved for the program prior to beginning construction. The business must obtain a direct-‐pay sales and use tax permit from the State of Arkansas. Total project expenditures must be in-‐ curred within four years of the project plan approval. All pro-‐ jects will be audited upon completion to confirm the tax cred-‐ its. 4. Tuition Reimbursement Tax Credit: Arkansas provides a 30 per-‐ cent state income tax credit to eligible companies for reim-‐ bursements they make on behalf of employees for approved educational expenses. The employees must successfully com-‐ plete the course at an accredited Arkansas post-‐secondary edu-‐ cational institution. The credit authorized by this program cannot offset more than 25 percent of the company’s state income tax liability in any tax year. 5. Research and Development Tax Credit: Eligible businesses that contract with one or more Arkansas colleges or universities in performing research may receive an income tax credit of 33 percent of the amount spent on qualified research expendi-‐ tures. The income tax credit may be carried forward for nine years beyond the year in which it was earned. 6. Recycling Equipment Tax Credit: Arkansas allows taxpayers to receive an income tax credit for the purchase of equipment used exclusively for reduction, reuse or recycling of solid waste material for commercial purposes, whether or not for profit,

15. 16 BUSINESS AND INVESTMENT CLIMATE IN THE UNITED STATES and the cost of installation of such equipment by outside contractors. The amount of the tax credit shall equal 30 percent of the cost of equipment and installation costs deemed eligible by the Arkansas Department of Environmental Quality. Credits may be carried forward for three consecutive years following the taxable year in which the credits accrued. Other Incentives: 1. The Business and Industry Training Program of the Arkansas Economic Development Commission (AEDC) provides pre-‐ employment training for workers to meet the skills needed in the state’s new and expanding businesses. AEDC’s Existing Business Resource Division works with AEDC’s Business Devel-‐ opment Division during the negotiation process. 2. The Existing Workforce Training Program (EWTP) provides fi-‐ nancial assistance to Arkansas’ businesses, and eligible consor-‐ tia of businesses, for upgrading the skills of the existing work-‐ force. Skills upgrade training is instruction conducted in a class-‐ room environment at a work site, an educational institution, or a neutral location that provides an existing, full-‐time employee with the new skills necessary to enhance productivity, improve performance, and/or retain employment. For more information, please contact: Agency: Arkansas Economic Development Commission Address: 900 West Capitol Avenue, Suite 400, Little Rock, Arkansas 72201 Email: hhauk@arkansasedc.com Phone: (501) 682-‐1682 Website: www.ArkansasEDC.com Photo Credits: Welspun Tubular/ Lockheed Martin/ Walmart /APEI

16. 17 BUSINESS AND INVESTMENT CLIMATE IN THE UNITED STATES CALIFORNIA Top 10 Reasons to Do Business in California: 1. Tax climate: California is continuously working to improve the tax climate in the state. California does not levy a tax on inven-‐ tory. Furthermore, the State has instituted tax incentives to off-‐ set a company’s investment. These incentives consist of a Re-‐ search Tax Credit, Cal Competes Tax Credit, Partial Sales and Use Tax Exemption on Manufacturing equipment, Full Sales and Use Tax Exclusion for Advanced Manufacturing, and a New Em-‐ ployee Credit for firms that are located in a Designated Geo-‐ graphic Area who hire employees who meet certain criteria. California does not levy additional taxes on foreign firms. 2. Location and Logistics: California’s location on the Pacific Rim gives businesses access to the global economy and one of the largest trade networks of any state. California is connected by more than 15,000 miles of highways and freeways, and the state is home to 12 cargo airports, and 11 cargo seaports. The state also boasts 18 foreign trade zones. 3. Labor Environment: One of Governor Brown’s landmark re-‐ forms, Senate Bill 863 passed on August 1, 2012, and was signed into law on Sept. 18, 2012. The bill makes wide-‐ranging changes to California’s workers’ compensation system, includ-‐ ing increased benefits to injured workers and cost-‐saving effi-‐ ciencies. The bill took effect on Jan. 1, 2013, although some of its provisions take effect at a later date. 4. Access to Talent: California’s culture embraced technology as part of its founding DNA. Technological innovation powers the California economy. The state is home to nearly 1 million high-‐ tech workers, twice the number of the next-‐closest state, and one-‐sixth of all U.S. high-‐tech workers. California possesses the nation’s highest concentration of engineers, scientists, mathe-‐ maticians and skilled technicians. California leads the nation in several strategic high-‐tech industry segments, comprising be-‐ tween 20-‐60 percent of U.S. market share in electronic compo-‐ nents, commercial aerospace, medical instruments, biotech-‐ nology, and transportation. 11 of the top 50 engineering schools are located in California. The state is a major center for design of automobiles, furniture, apparel, software, electronics, telecommunications services, computers, and semiconductors. Over 2.3 million students are enrolled in 330 colleges and uni-‐ versities. On average, California universities graduate over 266,000 college graduates every year. The California Communi-‐ ty College system is without rival in the nation. It is comprised of 72 districts, 112 colleges, and enrolls more than 2.9 million students. 5. Cost of Doing Business: California offers a variety of incentives that assist in reducing a company’s cost of doing business. The-‐ se incentives consist of tax credit, sales and use tax exemptions for manufacturing and agriculture equipment, and reimbursa-‐ ble training dollars 6. California is currently the seventh largest economy in the world, and the state’s 2014 Gross State Product (GSP) is ap-‐ proximately $2.2 trillion. California’s strength lies in the size, di-‐ versity, and adaptability of its economy, as well as in the talent and range of its population of 38.8 million people. 7. In CNBC’s 2014 Top States for Business, California was ranked at number 1 for Technology & Innovation and Access to Capital. California boasts 13 companies on Fortune’s 100 Best Compa-‐ nies to Work For, 2014. Additionally, California is tied for the most Fortune 500 companies in the country with 54. 8. California is the number 1 state for venture capital (VC) invest-‐ ment, receiving four times more venture capital (as a share of gross state product) than the national average. 9. California is a global export leader with over $174 billion in sales of merchandise goods. . International-‐related commerce accounts for a large percentage of the state’s economy. Exports from California reached 229 foreign markets and accounted for 11 percent of the total of U.S. exports in 2014. The ports of Los Angeles, Long Beach, and Oakland are among the busiest in the country.

17. 18 BUSINESS AND INVESTMENT CLIMATE IN THE UNITED STATES 10. California's strategic growth plan forecasts an ambitious expan-‐ sion of California's highways, freeways, railways, aviation, and electrical infrastructure, investments that will create immediate jobs and pave a foundation for long-‐term economic growth. Core Industry Sectors of Strength: • Tech Industry • Manufacturing • Agriculture Upcoming Sectors of Growth: • Technology and High-‐tech • Renewable Energy Select Tax Incentives: New Business incentives 7 : Governor Brown enacted a new Economic Development Initiative that brought together business leaders, labor interests and legislators from both sides of the aisle. This created a more flexible, more competitive set of economic development tools that include a Sales and Use Tax Exemption for Manufacturing, Bio-‐ tech and R&D equipment; a Hiring Tax Credit, and the CA Competes Tax Credit designed to incentivize companies to locate or expand in CA. The Governor’s Office of Business and Economic Development will allocate $789 million to companies that want to expand in Cali-‐ fornia and add jobs. Other incentives: State Assistance for Companies Locating in California: Firms looking to relocate or expand in California can contact the Governor’s Office of Business and Economic Development (GO-‐Biz). GO-‐Biz serves as the state’s single point of contact for economic development spe-‐ cialists advising on site selection, permit streamlining, clearing regu-‐ latory challenges, small business assistance and international trade development. GO-‐Biz provide no-‐fee, tailored site selection services to employers, corporate real estate executives and site location con-‐ sultants considering California for business investment. • California is the largest, and most diverse economy in the United States • California is one of the nation’s fastest growing economies and national leader in job creation • California leads the nation as the Number 1 State for manufacturing and technology • California leads the nation as the Number 1 State for capi-‐ tal access 7 A summary of Business incentives in California: http://www.business.ca.gov/RelocateExpand/BusinessIncentives.aspx Photo Credits: Todd Jones/ Calilover/ Rich Niewiroski, Jr.

18. 19 BUSINESS AND INVESTMENT CLIMATE IN THE UNITED STATES • California leads the nation with the most Fortune 500 companies • California’s quality of life standards is one of the highest in the nation • California is a global leader in agricultural output and ex-‐ ports • California is a global leader in attracting and retaining in-‐ ternational talent and investment • California is a global leader in innovation and entrepre-‐ neurship • California is a global leader in higher education and work-‐ force readiness For more information, please contact: Agency: California Governor’s Office of Business and Economic Development (GO-‐Biz) Address: 1325 J Street, 18 th Floor, Sacramento, CA 95814. Email: GOBizBusinessHelp@GOV.CA.GOV Phone: 877-‐345-‐4633 Website: www. Business.ca.gov

19. 20 BUSINESS AND INVESTMENT CLIMATE IN THE UNITED STATES COLORADO Top 10 Reasons to Do Business in Colorado: 1. Tax Climate: Colorado has a competitive business tax structure that rewards investment and innovation. With low taxes at the state level, and a wide range of local tax structure, Colorado of-‐ fers almost unlimited choices to meet the needs of all types of businesses. Colorado has one of the lowest income tax rates of any state with a corporate income tax (4.63%). The state prides itself on having a fair and accessible regulatory environment with competitive business costs. 2. Location and Logistics: Located 346 miles west of the geograph-‐ ic center of the U.S., Colorado is an excellent location for doing business across America. Denver International Airport’s (DIA) connectivity also makes Colorado a national and international transit hub. Skytrax ranked DIA as the third-‐best airport in North America. It is also the nation’s 5 th busiest airport, and the 16 th busiest globally. 3. Labor Environment: Colorado’s 2012 annual average wage rate for all industry sectors was $49,950, according to the Bureau of Labor Statistics (Occupational Employment & Wage Estimates, 2013). Moreover, the Denver Metro Area consistently main-‐ tains a lower annual wage rate than other major metropolitan areas, making it an ideal location for investors by combining leading talent and low wage rates. 4. Access to Talent: Colorado’s highly educated workforce offers world-‐class R&D capabilities to companies in the areas of ICT, energy, bioscience, and engineering. The state ranks second in the nation for percentage of adults with bachelor’s degrees— many of which are degrees and training in STEM. In 2013, Forbes ranked Colorado as the best state for labor supply. 5. Cost of Doing Business: In addition to a favorable tax climate, Colorado’s utility rates are equitable compared to other states and costs are lower than in many large metropolitan areas. Ac-‐ cording to the U.S. Energy Information Administration, average household energy costs in Colorado ($1,551 per year) are 23 percent less than the national average, primarily due to histori-‐ cally lower natural gas prices in the state. 6. Focus on Innovation: Colorado is a natural fit for start-‐ups and fast-‐growing companies. In 2013, Bloomberg ranked Colorado as a top 10 state in innovation. Engine and the Kauffman Foun-‐ dation have placed Boulder, Fort Collins, and Denver in the 1 st , 2 nd , and 4 th positions, respectively, for cities with the highest startup density. Colorado is also home to the annual Colorado Innovation Summit (COIN) which convenes hundreds of leaders from around the world to discuss innovation. 7. Colorado’s Spectacular Quality of Life: Colorado’s excellent quality of life helps attract people from all over the world. A combination of stunning scenery, recreational opportunities, moderate climate, world-‐class arts and culture, safe streets, and excellent health care and schools make Colorado an ideal place to call home. 8. Strong Public-‐Private Collaboration: In Colorado, state and lo-‐ cal governments work hand in hand with the private sector every day to ensure that companies have the freedom and sup-‐ port needed to grow in an increasingly competitive global economy. As a community, there is collaboration to improve companies’ access to capital and markets, the public infrastruc-‐ ture, the education system, etc. 9. Appreciation for the Cluster-‐Based Development Model: Colo-‐ rado’s government and industry collaborate to enhance the state’s 14 major clusters. From ICT to aerospace, Colorado is weaving the cluster mentality into everything that is done as a community to expand the economy. Companies find Colorado to be a truly welcoming environment. 10. Large Indian Expatriate Population: Colorado is a second home to many people who moved from foreign countries, including India. The community is increasingly a melting pot of many cul-‐ tures that all share in the beautiful natural environment, entre-‐ preneurial spirit, and innovation-‐based economy.

20. 21 BUSINESS AND INVESTMENT CLIMATE IN THE UNITED STATES Core Industry Sectors of Strength: • Aerospace • Infrastructure Engineering • Bioscience • Technology and Information • Electronics • Advanced Manufacturing • Energy and Natural Resources Upcoming Sectors of Growth: • Smart Grid Modeling, Testing and Technology • Natural Gas Science and Technology • Oil Shale Science and Technology • Biofuels Science and Technology • Energy Efficiency, Storage and Transmission Tech. • Cleaner Coal Technology • Transportation Tech: EVs, NGVs, Efficient Diesels • Security and Defense Technology • Film, TV and Media Creation and Distribution • Infectious Disease Modeling and Treatments Select Tax Incentives:8 1. Job Creation Incentive Tax Credit (JGITC): The performance-‐ based Job Growth Incentive Tax Credit provides a state income tax credit to businesses undertaking job creation projects that would not occur in Colorado without this program. Businesses need to create at least 20 new jobs in Colorado, with an aver-‐ age yearly wage of at least 100% of the county average wage 8 For more information on the various incentives being offered by the State of Colorado, please visit http://www.advancecolorado.com/funding-‐ incentives/incentives. Photo Credits: David Shankbone/ Clean Energy Collective and Martifer Solar USA/ Hogs555 rate based on where the business is located. A business located in an Enhanced Rural Enterprise Zone has to create at least five new jobs in Colorado, with an average yearly wage of at least 100% of the county average wage. All new jobs must be main-‐ tained for at least one year after the positions are hired to qual-‐ ify. 2. Strategic Fund Incentive (SF): The SF provides an upfront per-‐ formance-‐based incentive commitment to businesses that will create and hire net new, full-‐time, permanent jobs paying at or above average wages, and that meet other specified require-‐ ments. The cash incentive award may range from $2,000-‐ $5,000 per net new, full-‐time, job created, based on the aver-‐ age wage rate of the new jobs actually created, the location of those jobs, and other factors. The program is designed to sport highly desirable and high-‐impact job creation opportunities.

21. 22 BUSINESS AND INVESTMENT CLIMATE IN THE UNITED STATES 3. Enterprise Zone Program: Colorado's Enterprise Zone Program provides tax incentives to encourage businesses to expand or locate in designated economically distressed areas of the state. Businesses located in a zone may qualify for nine different En-‐ terprise Zone tax credits and incentives to encourage job crea-‐ tion and investment in these areas. 4. Local Government Incentives: Local governments can provide property tax credits or incentive payments based on the amount of increased property taxes for qualifying new business activity in their jurisdictions. 5. Job Training Grant Programs: The Colorado FIRST and Existing Industry grants are jointly administered by OEDIT and the Colo-‐ rado Community College System. Colorado job training grants are for companies that are relocating to or expanding in Colo-‐ rado and provide funds to net new hires. Existing Indus-‐ try grants focus on providing assistance to established Colorado companies in order to remain competitive within their industry, adapt to new technology, and prevent layoffs. 6. Public Infrastructure Grants: The Infrastructure Assistance pro-‐ gram is designed to create new permanent jobs and retain ex-‐ isting jobs, primarily for low-‐ and moderate-‐income per-‐ sons. The state may be able to provide specific support to re-‐ tain jobs or offers business-‐friendly tools that assist in retaining jobs (such as the Enterprise Zone Program) for this grant. 7. Biotechnology Sales and Use Tax Refund: Colorado promotes its biotechnology industries by providing them with a taxpayer-‐ friendly means to recover the sales and use previously-‐paid tax expenses on equipment and supplies used for research and de-‐ velopment. 8. Manufacturing Sales and Use Tax Exemption: Colorado encour-‐ ages manufacturers to locate their manufacturing operations in Colorado, recognizing their importance to the state's economy. Colorado provides an exemption from state sales and use tax on purchases of manufacturing machinery, machine tools and parts. 9. Sales Tax Exemption on Components for Production of Energy from Renewable Energy Sources: Components used in the pro-‐ duction of electricity from a renewable energy source, including wind, are exempt from state sales and use tax. Components used in solar thermal systems are also exempt from state sales and use tax. 10. Advanced Industry Investment Tax Credit: The Advanced Indus-‐ try Investment Tax Credit helps Colorado advanced industry companies receive capital from Colorado investors. 11. Aviation Development Zone Tax Credit: A business, or any por-‐ tion of a business that is involved in the maintenance and re-‐ pair, completion or modification of aircraft located within the boundaries of an airport designated as an Aviation Develop-‐ ment Zone, may qualify for a state income tax credit of $1,200 per new full-‐time employee. Other Incentives: 1. Advanced Industries Accelerator Programs: The Advanced In-‐ dustries (AI) Accelerator Programs promote growth and sus-‐ tainability in Colorado's seven advanced industries by helping drive innovation, accelerate commercialization, encourage pub-‐ lic-‐private partnerships, increase access to early stage capital and create a strong ecosystem that increases the state’s global competitiveness. a. Proof-‐of-‐Concept Grant b. Early-‐Stage Capital and Retention Grants c. Infrastructure Funding 2. Colorado Capital Access (CCA) -‐ SSBCI: Colorado Capital Access (CCA) creates greater access to capital for small and medium sized businesses operating in Colorado by using small amounts of public resources to encourage financing by eligible lenders (such as banks and community development financial institu-‐ tions). 3. Cash Collateral Support (CCS) – SSBCI: Cash Collateral Support (CCS) creates greater access to capital for small and medium sized businesses operating in Colorado that are experiencing difficulty securing credit due to collateral shortfalls. CCS uses small amounts of public resources to encourage private lender financing. The program provides a deposit of cash as collateral for a business loan or credit facility when a business cannot meet the lender’s collateral requirements. 4. Colorado Credit Reserve: The Colorado Credit Reserve (CCR) Program increases the availability of credit to small businesses in Colorado by establishing a pooled loan-‐loss reserve fund that banks or sponsored lending entities may access to recover loss-‐ es associated with loans registered with the program. OEDIT works with the Colorado Housing and Finance Authority (CHFA) to administer this program. 5. Venture Capital Authority (VCA): The Colorado Venture Capital Authority (VCA) was established in 2004 to make seed-‐ and ear-‐ ly-‐stage capital investments in businesses. The VCA selected fund manager High Country Venture, LLC, and established Colo-‐ rado Fund I and Colorado Fund II, each with approximately $25 million. High Country Venture is independently operated and generally makes funding decisions. State approval is limited to ensuring that businesses receiving funding meet minimum specified requirements. The minimum and maximum invest-‐ ment size generally ranges from $250,000 -‐ $3.375 million. 6. CDGB Business Loan Funds: Every year, the State of Colorado receives an allocation of federal funds to use for both commu-‐ nity and economic development efforts within the state. Cur-‐ rently, Colorado has 14 Business Loan Fund locations, which have service areas covering the majority of the state’s rural ar-‐ eas. 7. Certified Capital Companies (CAPCO) Program: The Certified Capital Companies Program (CAPCO) makes venture capital funds available to new or expanding small businesses through-‐ out Colorado. The program encourages new business develop-‐ ment and expansions of businesses by making a $75 million statewide pool available for investment throughout Colorado, and a $25 million rural pool available for investment in desig-‐ nated rural counties in Colorado.