A recent study by the U.S. Department of Commerce – praising steps taken by the State of Tennessee to help entrepreneurs looking to start a company or form an LLC – was the subject of a recent roundtable discussion among many of the state’s business leaders.
The report praised steps like the creation of the states’ Jobs Cabinet, which it said was a unique approach to help companies cut through the “red tape” that was holding them back. In addition, officials praised the state’s many business tax credits and business investment programs, such as TNInvestco.
“I believe a key part of Tennessee’s success is the state’s willingness to take partisanship out of the equation when it comes to job creation,” Governor Phil Bresden told the Daily News Journal.
Officials say that in the last year, the state brought in more than $4 billion in new investments in the automobile, solar and clean technology sectors, which are expected to create an additional 3,000 jobs.
The $120-million TNInvestco program was created in 2009 as a way to increase funding for early-stage companies in the state. The program gives venture capitalists tax credits, which they can sell to insurance companies to generate investment capital.
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