Governor's Strategic Reserve Fund (SRF)
The Governor's Strategic Reserve Fund (SRF) is a discretionary tool used for a variety of projects impacting economic development. Projects considered for funding are put through an extensive internal vetting process and ultimately submitted to the Governor for final approval.
SRF funded projects fall into two categories:
- Job Creation/Retention - Projects in this category focus on business retention and expansion. The performance agreement will outline direct job creation and retention requirements. Additionally, all projects undergo a financial review, including an evaluation of the return on investment.
- Capacity-Building - Projects in this category invest in broader industry capacity building and may include actionable research, industry studies, emergency response related to economic development, and small business initiatives. While direct job creation is not a requirement for these projects, the performance agreement will outline specific project deliverables.
All SRF projects now have public benefit components as part of the contract and are tied to loan forgiveness when applicable. While the entire project is meant to be a benefit to the public, public benefit components are separate elements of the contract not necessarily tied to the growth of a company but to the independent benefit of the public.
These components include but are not limited to:
- Career ladder programs with documented internal hiring targets;
- Targeted job recruitment to underserved populations;
- Adopted diversity, equity, and inclusion plans;
- First-source hiring agreements; and
- Contributions to local non-profit organizations.
Components look to leverage existing shared values and goals between a business and community and may vary depending on their needs.
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