Earnest may earn up to 20 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 Earnest, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $2,803,422. Each year as Earnest meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.
Press Release - Utah Governor's Office of Economic Development
Earnest, a financial technology lender with a new merit-based approach to lending, announced its expansion in Utah during the Utah Governor’s Office of Economic Development (GOED) board meeting.
EDCUtah identified Earnest’s potential to expand and, with GOED, pitched them on a Global Strategy and Outreach (GS&O) campaign in San Francisco in January 2016. Earnest’s expansion will occur as a direct result of the GS&O campaign.
In February 2016, the Earnest team made a site visit to Utah to learn more about operating a business here. Top priorities for Earnest revolve around the workforce, hiring process and the experience of other tech companies in Utah. EDCUtah highlighted Utah’s strong workforce to Earnest through connections with staffing agencies and local universities. After the site visit, EDCUtah remained in contact with Earnest, keeping the company updated on Utah’s thriving tech and financial services industries. When Earnest decided to expand, Utah was already on its radar screen.
Ultimately, the cost savings and strong workforce available in Utah were primary decision factors for the company. EDCUtah worked closely with Earnest to ensure that the company felt comfortable during the expansion process and knew they had allies in Utah.
On August 10, 2017, Earnest announced they will expand in Utah with 500 new jobs and $5.6 million in capital investment.