The Utah Governor’s Office of Economic Development (GOED) is pleased to announce BlueVine Capital Inc. will expand its operations in Utah, creating 1,449 new jobs in the next nine years.
“Our fintech sector continues to grow, and we’re pleased BlueVine has chosen to expand in the state,” said Val Hale, executive director of the Governor’s Office of Economic Development. “This project to build a new operations center for BlueVine will create many high-paying jobs that will be economically impactful for Utah.”
BlueVine offers a suite of products designed to meet the diverse financial needs of today’s business owners, including BlueVine business checking, line of credit, term loan and invoice factoring. BlueVine has provided more than $2.5 billion in financing to small and medium-sized businesses since its founding in 2013.
“We’re very excited to join the thriving fintech community in Utah’s Silicon Slopes and look forward to welcoming local customer support and account management talent to our new operations center,” said Eyal Lifshitz, CEO and co-founder of BlueVine. “Our Utah operations center will help support and scale our vision for BlueVine business banking and help take our customer service to the next level.”
BlueVine may earn up to 25% of the new state taxes it will pay over the nine-year life of the agreement in the form of a Utah Legislature-authorized Economic Development Tax Increment Finance (EDTIF) tax credit. The GOED Board has approved a post-performance tax credit not to exceed $4,087,777. Each year that BlueVine meets the criteria in its contract with the state, it will earn a portion of the total tax credit.
“In April 2018, we met with BlueVine during a Bay Area global strategy and outreach campaign focused on fast-growing fintech companies,” said Theresa A. Foxley, president and CEO of EDCUtah. “Welcoming BlueVine to Utah validates the strength of our fintech cluster and the effectiveness of our GS&O initiative.”
State of Utah Tax Credit Projections by the Numbers
|Capital Investment||$20 million|
About Utah Corporate Incentives
The Utah Legislature has authorized economic development incentives in the form of post-performance tax credits. Eligible companies work with the Utah Governor’s Office of Economic Development to outline specific performance criteria. Once GOED confirms those criteria have been met, according to statute (U.C.A. 63N-2-106(2)), companies can receive a refund of up to 30% of the state taxes they paid for up to 20 years. The contract with the state is post-performance; it only provides a state tax credit if the company meets its obligations.