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Moving Forward with Fintech

While many organizations still file their articles of incorporation in The First State for its business-friendly laws, they’re also looking at the state for new operations.

Adesis announced it will construct a state-of-the-art lab in New Castle, and Ashland and Belchim Crop Protection have both announced headquarters here in in the past year.

Key Contacts

Economic Development Office

302-672-6809
99 Kings Highway,
Dover, DE 19901
http://dedo.delaware.gov/

Key Incentives

Delaware Strategic Fund: Offers low-interest loans and grants to businesses for job creation, relocation, expansion or capital investment.

New Economy Jobs Tax Credit: Offers a refundable state tax credit based on the portion of total payroll for companies that contribute high-paying jobs to the state economy.

New Business Facility Tax Credit: Offers credits against corporate or personal income taxes, gross receipts tax and public utility tax for businesses that hire five or more employees and invest at least $200,000 in a qualified facility.

Research and Development Tax Credits: Promotes new R&D by lowering payments on taxable expenses with two available methods to determine the credit.

Angel Investor Tax Credit: Create a refundable personal income tax credit for qualified investors in innovative, Delaware-based small businesses to spur job creation and innovation.

EDCs

Delaware Prosperity Partnership: deprosperitypartnership.com

Mayor’s Office of Economic Development, Wilmington, DE: wilmingtonde.gov/government/city-departments/ office-of-economic-development

Delaware Division of Small Business: business.delaware.gov

Highlighted Program or Initiative

Gov. John Carney signed in September 2018 a 50-year concession with Gulftainer, the world’s privately owned independent port operator and logistics company, to significantly expand the Port of Wilmington and create a new facility in the Delaware River. GT USA, a subsidiary of Gulftainer, will invest up to $600 million in both ports over the next decade, something officials say will expand economic opportunity in the region.

Big Deals

• Advanced chemicals company Solenis announced in August 2018, the expansion of its Wilmington headquarters with 92 jobs and a $763,0000 capital investment.
• Allen Harim followed a $22 million investment in a new hatchery and opened its new corporate headquarters in Seaford in August 2018.
• Global chemicals company FMC announced a $50 million investment to construct a new R&D center in Newark.
• Fintech company Marlette Funding announced 121 new jobs and a $7.5 million investment in its Wilmington headquarters in December 2018.
• DOT Foods announced a new $35 million distribution center and 200 new jobs in Bear in August 2018.
• Adesis announced the expansion of its New Castle headquarters and 59 new jobs in July 2018.

Big Companies

DuPont
JPMorgan Chase
M&T Bank
Merck Animal Health
Mountaire Farms
Perdue Farms

3 Fortune 500 companies headquartered in state:
Chemours
DuPont
Navient

C-Suite Testimonials

“There’s no better place to be in business than in Delaware. You can make one call and speak to the governor, you run into your legislators on a regular basis and you can contact any agency and get immediate personal attention.” —Rob Rider, CEO, O.A. Newton

“This area provides access to an outstanding workforce, easy access for our corporate partners and interaction with a thriving economic and scientific community.” —Richard Birkmeyer, CEO, CD Diagnostics