The Governor’s Office of Economic Development (GOED) and Snap Finance today announced that the digital financing company will expand their customer service and corporate operations in Utah. The project will add up to 142 jobs to the community and produce an expected $2.5 million in capital investment.
“Supporting local business growth is one of the most important economic development investments we can make in the state of Utah,” said Val Hale, executive director of GOED. “This new addition strengthens our economy by offering residents diverse jobs in the growing financial-tech industry.”
Founded in Utah in 2012, Snap Finance provides lease-purchase financing on durable-goods for consumers across the country. Snap Finance has grown to hundreds of employees across the U.S. and will continue to grow at their headquarters location in West Valley City.
“We appreciate GOED and the state of Utah supporting our rapid expansion and longer-term commitment to the state,” said Matt Hawkins, CEO of Snap Finance. “We find Utah a compelling location with a favorable business climate. We are excited to build our team with both local and relocated talent.”
The Snap Finance expansion will create up to 142 jobs over the next five years. The total wages in aggregate are required to exceed 110 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $33,483,873. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $3,759,592 over five years.
“We congratulate Snap Finance, a homegrown Utah success story, on their decision to expand in the state,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah.
Snap Finance may earn up to 15 percent of the new state taxes they will pay over the five-year life of the agreement in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) tax credit rebate. As part of the contract with Snap Finance, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $563,939. Each year as Snap Finance meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.
Snap Finance is working closely with the local community to determine the best location for the expansion. Exact location will be determined at a future date.