Business Economic Incentives Come With A Lot of Questions.
Here Are Some of The Answers.
What is an ENJEN Growth Profile®?
The ENJEN Growth Profile® is a short survey that highlights key points of your current business and what you envisage your company to be in the next few years. The survey is in a format that allows offering Organizations to identify and sometime pre-qualify you for specialized state subsidies like hiring tax credits, workforce development grants or credits, government lending, and expansion support at state and local levels. Your Growth Profile® costs nothing to create and is shared anonymously under a project name thereby giving you leverage to explore options when growth first becomes a thought.
How long does it take for a Government Agency to deliver my options?
The simple answer is about two weeks. Each state has separate entities and processes used to put together incentive offerings and support packages. Because users have seen responses that vary between 3 days up to 28 days in time taken for initial discovery. On average ENJEN Connects users receive their initial outline of options in 10- 14 business days. There is no cost for the initial discovery service.
What is ENJEN's fee structure?
Most economic incentive consultants charge high fees based on the percentage of awards that can be a burden to small to mid-sized companies. The founder of ENJEN Connects believes growing companies of all sizes should be able to harness the power of economic incentives, therefore we take different approach.
Our transparent flat-fee Connection Service ranges between $1495 to $5995, based on company size, and only comes into play after your government rep(s) has completed the 'No cost' discovery phase for your company. From there you may venture out on your own or choose ENJEN's Connection service which will not only reveal the programs identified by your Government rep but will also make a direct connection to them. This is the highest value, as our Government partners our powerhouses in guiding your journey towards securing maximum benefits that would not be able to achieve otherwise.
Does ENJEN work with companies in my state?
Yes. ENJEN Connects works with growth-stage companies in all US states as well as foreign companies looking to expand or relocate in the US.
What type of companies qualify?
Most growth staged companies will find some benefit or resource. Having said that each state has its own strategic target of industries that they are looking to attract or retain based on their uniques demographics like, talent pool, supply chain and natural resources. Typically, headquarter expansions and companies in life sciences, tech, advance manufacturing, professional services, logistics and distribution industries will find the most benefit.
Companies affected by COVID-19 may also find benefits in connecting, but it is not guaranteed.
Are economic incentives and grants FREE money?
There are numerous claims that economic incentives, grants, and other government programs are "free" money. Ask any entrepreneur or business owner and they will tell you that time IS money. A Growth Mindset and time are a requisite to venture into the process of receiving incentives. Depending on the type or program or resource offered an application process may be required. The good news is that your growth profile has already collected many of the items that go into most applications. All in all, the time requirements are eased considerably with ENJEN Connects and the long term financial benefits are being found highly beneficial.
These benefits sound too good to be true. Why has my company not heard of them before and why aren't we already using them?
There are several factors that result in companies not knowing about growth opportunities through economic incentives. First, government agencies are small businesses in and of themselves and have limited bandwidth to reach out to the myriad of smaller companies. Also their programs are ever changing and are not necessarily advertised or marketed to companies directly. Second, most business advisors, accountants and CPAs are not generally well versed in statutory programs. Third, there is a stigma around working with government agencies such as "too much red tape" and incentives are only for large enterprises. It comes down to the fact that companies and their trusted advisors simply are not aware of what is available and do not have a clear understanding of the process. ENJEN Connects work towards solving all these areas, first by creating an easy and time efficient medium for business owners and Economic Development Agencies to communicate. Secondly, we are partnering with Business advisors to use of our platform to provide awareness and education. Lastly we are using technology to break the common myths with ease and affordability.
Is my company really qualified?
Not all companies are qualified. This is why ENJEN Connects offers a 'NO Cost' Discovery Process to quickly determine and inform companies if their company is at the growth-stage that attracts incentives and awards. ENJEN believes companies of all sizes should know if they do qualify. Completing a Growth Profile® saves a considerable amount time and becomes a powerful strategic tool. Most companies that are growing—indicated by creating new jobs, developing new products, relocating, and expanding—will qualify for more than one program.
Can my company receive incentives and economic development resource on our own?
Yes. All of the programs provided by Economic Development Agencies are available through local, state, federal, and other agencies directly to companies and can be found by searching their websites. However, ENJEN's Connection service has proven to expedite benefit procurement beyond what small to mid-sized companies are able to receive on their own.
Is all of my information confidential?
The process to receive incentives and other benefits requires detailed information about the companies vision for growth. The ENJEN connects medium takes company data and information security very seriously. This system provides a way to connect directly with security and your information will remain anonymous until you choose to connect to a government rep. Our technology and software programs are secure and protected and are not subject to email press laws thereby giving you and your company's growth plans a much higher level of security.
Does ENJEN guarantee my company will receive benefits and awards?
No, it does not. This platform was developed to empower growth-stage businesses with the awareness and a path to connect to the resources and economic programs that assist in fueling growth. ENJEN Connects is only a technology medium and does not provide programs, incentives or other resources to business owners.
We do however, offer an initial eligibility check on your Growth Profile® before you subscribe, thereby if no benefits are found you will not be out of pocket. Also, for your reference most of our clients average a minimum of 10x to 35x above our fee structure when options are discovered.
Lastly, Connecting to your offering Rep is recommended to increase the potential of securing programs. Please note: Most programs require continued compliance, regulations, and paperwork to receive the full benefits, such as tax incentives and tax abatements that can last several years. A company must continue this process to receive full benefits.
What is the difference between a Growth Partner and an Offering Agency?
There is no difference. ENJEN uses the term interchangeably to collectively describe the myriad of organizations that provide economic incentives and support options to a companies expansion or growth project. Our platform brings them together in one place for your benefit.
My company is not considering location choices at this time, do I need to complete that section of the Growth Profile®?
Yes, this is a valuable projection tool in discovering options offered by multiple offering organizations. Think of it as shopping for a car or a house. You want to know what is available to leverage your decisions making. Please complete the real estate questions as if you were to imagine expanding, relocating, or establishing a physical location within the next 10 years.
Does ENJEN Connects offer consulting or hand-holding services?
We understand that each company has a unique set of opportunities and obstacles in their growth strategy, therefore we can also provide in-house consulting services on a case by case request basis or can offer a referral to our partners who are trained in managing municipal-level negotiations, application processing, past research and development discoveries, . compliance packages, and more. Please note this is a separate fee and will vary based on your needs.
What should I expect in using ENJEN?
ENJEN is built on a belief and passion for expansion and growth. We strive to continually evolve, listen with enthusiasm, and support our business leaders and partners in the endeavor of discovery and connections.