The North Bay Life Science Alliance is working closely with government agencies and life science companies to take advantage of allowable tax benefits.
The results are paying off. Recently, two companies located in the North Bay Region were awarded tax credits by the California Competes Committee totaling more than $2 million dollars.
In addition, there are three programs you should be aware of, which are available through the Governor's Office of Business and Economic Development:
> California Research Credit
> State Incentive Programs
> California Competes Tax Credit
With assistance from the North Bay Life Science Alliance, Ultragenyx was awarded $2.1 million in state tax credits through California Competes tax credit program.
The company plans to use the credit to hire 180 new employees.
Also, in an effort to support the construction of BioMarin’s new laboratory, which is expected to cost $51 million, the City of San Rafael waived a portion of the required construction fees. BioMarin will be required to pay $255,000—half of the standard $510,000 fee.
Gail Maderis, President and CEO, BayBio
There are many local and regional resources dedicated to supporting life science businesses in the North Bay.
Governor’s Office of Business and Economic Development
Local Business Resources |
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| Governor’s Office of Business and Economic Development | ||
| Marin Small Business Development Center | Renaissance Entrepreneurship Center 1115 Third Street San Rafael, CA 94901 +1 415 755 1100 |
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| Napa-Sonoma Small Business Development Center | Napa County Services: Napa Valley Community College 2277 Napa Vallejo Highway, Bldg 3300 Napa, CA 94559 +1 707 256 7250 |
Sonoma County Services: 1377 Corporate Center Parkway Santa Rosa, CA 95407 +1 707 256 7250 |
| Solano Small Business Development Center | Solano Community College 360 Campus Lane, Suite 102 Fairfield, CA 94534 +1 707 864 3382 |
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| BayBio | 250 E. Grand Ave. Suite 26 South San Francisco, CA 94080 +1 650 871 3250 |
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The North Bay Region is attracting different types of financing from the Bay Area and around the world. There is a diversity of lenders in the region, including local community banks, credit unions and global lenders.
NBLSA is building relationships with these financial institutions. If you are thinking about relocating your life science business to the North Bay, or are looking for financial options here, please contact us.
Here is a list of regional institutions that have either a focus on life science or in business lending:
Venture Capital / Angel Funds |
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| Alta Partners | San Francisco, CA | |
| ARCH Venture Partners | San Francisco, CA | |
| Burrill & Company | San Francisco, CA | |
| Cargill Ventures | San Mateo, CA | |
| Clarus Ventures | South San Francisco, CA | |
| Column Group | San Francisco, CA | |
| Draper Richards L.P. | Menlo Park, CA | |
| Founders Fund | San Francisco, CA | |
| Kearny Venture Partners | San Francisco, CA | |