C.L. "BUTCH" OTTER
FOR IMMEDIATE RELEASE
July 29, 2010
CONTACT: Jon Hanian
GOVERNOR’S FINANCE SUMMIT REPORT IS ONLINE
RECOMMENDATIONS ARE AIMED AT IMPROVING BUSINESS ACCESS TO CAPITAL
(BOISE) – Idaho businesses need better access to early and mid-level investment capital and State government can help, according to a report released jointly today by the state departments of Commerce and Finance.
The report outlines recommendations from the Governor’s Finance Summit held earlier this year. A total of 61 suggestions were made by financial industry experts and Idaho business representatives. Those suggestions were reviewed by Idaho Department of Commerce Director Don Dietrich and Idaho Department of Finance Director Gavin Gee, who then submitted recommendations to Governor Otter in four categories:
- Infrastructure to support mid-level investment deal-flow
- Expanded availability and access to seed/early stage investment capital
- Development and support of investment funds for all business and investment levels
- Aggregation and promotion of available resources at all levels
“Our agencies’ advice represents its best assessment and determination – based on suggestions from finance and other business leaders – of what public policies could work to advance the Governor’s priorities of creating career-path jobs and economic opportunities for Idahoans,” the directors wrote in submitting the report.
Among the specific recommendations was that the departments of Commerce and Finance, along with the State Tax Commission, review and revise legislation drafted during 2010 session of the Legislature aimed at using targeted tax incentives to encourage investment. The proposed bill would have provided tax incentives to pre-qualified companies that agreed to apply half of the investment they attract to new Idaho jobs.
The January 5, 2010 Finance Summit provided a forum for a broad segment of Idaho’s business and financial communities and government funding authorities to describe the current conditions in their finance sectors, the challenges they face in the current economic climate, and what solutions they would propose – in partnership with State government – to address those challenges.
It was one of four summits that Governor Otter convened during the past year – the others focused on Business, Innovation, and Small Business – to solicit advice from the private sector and business experts on strengthening Idaho’s economy. The programs were part of the Governor’s Project 60 initiative to grow Idaho’s economy and create career opportunities.