WORK OPPORTUNITY TAX CREDIT (WOTC)

The Work Opportunity Tax Credit (WOTC) is a Federal tax credit available to employers for hiring individuals from certain targeted groups who have consistently faced significant barriers to employment.

The Work Opportunity Tax Credit (WOTC) is authorized until December 31, 2025 (Section 113 of Division EE of P.L. 116-260 -- Consolidated Appropriations Act, 2021). The WOTC fact sheet offers an overview of key information about the tax credit.

There are a variety of lending options available to small businesses. Please give us or the SLV Small Business Development Center a call to discuss your business’s particular funding needs.

• COMMUNITY BANKS: A locally owned and operated financial institution that offers loans to small business owners or personal loans to individuals

• MICROLENDERS: Smaller loans typically for businesses that do not meet traditional bank requirements

• SBA LENDERS: The SBA works with lenders to provide loans to small businesses and sets loan guidelines for its partnering lenders, community development organizations, and micro-lending institutions

• CROWDFUNDING: The use of small amounts of capital from a large number of individuals to finance a new business venture, typically through the internet

• OTHER FUNDING SOURCES:

  • Angel & Venture Capital

  • Veterans

  • Factoring

  • Grants (for non-profits)

Entities That Can Help: