Business
Opportunity Zone Businesses Receive Key Support in Riverside County

OPINION
By Stacy Cumberbatch — Content Contributor
While the Opportunity Zone tax incentive introduced at the end of 2017 has well known benefits on the real estate development side, a lesser known aspect is how businesses can take advantage of the incentive for their own benefit. Riverside County aims to change that, doubling down on efforts to attract investment capital and new job opportunities to the county by fully utilizing the tool as part of its overall strategy.
First, a bit of context. The Opportunity Zone incentive was introduced in December of 2017 as a bipartisan act as part of the Tax Cut and Jobs Act, in essence, largely intended to be a job creation tool. Capital gains invested into the zones from the sale of real estate, stocks, or even cryptocurrency can receive attractive tax incentives including deferral, exemption, and exclusion of taxes for investing long term into the zones, with the maximum benefits coming from a 10 year investment period. In return, local communities, developers, and business owners can gain access to hyper local equity investments for development projects and business expansion. Now, in addition to seeking bank loans, or venture capital investments, Opportunity Zones capital is an entirely new source of capital with built in selling points to investors for project sponsors. Investors can be as small as local neighbors pooling gains or as large private equity funds or family offices, making the capital source truly ubiquitous.
The zones were subsequently certified in June 2018, and guidelines around the legislation were released across three sets of regulations which took place between October 2018 to December 2019. With full clarity finally available, 2020 was poised to be a strong year for business investments into Opportunity Zones. Then a global pandemic hit in early February 2020, putting the world to a halt and leading the IRS to extend timelines for investment activity into the zones first to December 2020, and in January 2021, again extended relief to March 2021. In short, for individual investors with any capital gain event between October 4, 2019 and October 2, 2020, the deadline to invest could have been as long as a year versus the standard 180 days.
Still, tremendous funds have been moved into the zones with estimates of equity raised by qualified opportunity funds (QOFs) tracked by Novogradac surpassing $15 billion at the end of 2020. More importantly, the number of investments in businesses is growing. NES Financial, a leading fund administration platform announced on its 2021 Trends report that after analyzing 300 QOFs there is a growing investment in operating businesses, up from roughly 20% of funds on their platform in 2018 to close to 32% in 2020.
Businesses considering expanding in Riverside County are starting to notice this trend. Opportunity Riverside, an economic development advisory group focusing on Opportunity Zones and adjacent areas in the county, has been assisting and tracking both real estate and business projects in Opportunity Zones and has a current pipeline split almost 50/50. Some of the businesses preparing for Opportunity Zone capital range from an electric microgrid company in the Coachella Valley to a water desalination plant in the Salton Sea to an autonomous vehicle SaaS company with offices in Los Angeles and the Inland Empire.
A huge opportunity ahead. For business owners, some of the incentives of being in an Opportunity Zone or relocating to one include:
- You make your business more attractive to potential outside investors and can seek investments (tax incentivized investment opportunity)
- You have the potential to retain more ownership in your business when receiving investment from a Qualified Opportunity Fund (a bigger slice of the pie)
- You have your own capital gains and want to invest them into your business and receive tax benefits (invest in yourself)
- You want to receive priority consideration for federal contracting opportunities (via OZ and HUB Zones overlaps– 44 of the 49 OZs are also Hub Zones)
- You want to defer duty payments on merchandise until it is entered into U.S. commerce (via OZ and Foreign Trade Zones overlaps– 11 of the 14 cities that contain OZ census tracts also contains Foreign Trade Zone census tracts)
- You want preference points or priority consideration for grant opportunities (over 300 grants & programs aligned to OZs, some restrictions apply–nonprofit and/or local government partnership required in most instances)*
- You want to bring jobs into and impact a historically under-invested community that has been designated an OZ (impact investment / do good & do well)*
- You want to be in potential future paths of progress (following the zones)*
In fact, Blake Christian, CPA Partner with HCVT states that “Riverside County represents one of the top counties in the U.S. to start or move an OZ business into due to existing OZ buildings and infrastructure, large tracts of undeveloped land, excellent demographics, and very pro-business leadership. Due to the very flexible final regulations it is relatively easy to meet the OZ tests and entrepreneurs can start, acquire or move an existing business into an OZ census tract and begin the OZ tax-free period. Furthermore, Internal Revenue Code Section 1202 (Qualified Small Business Stock) can offer added flexibility for businesses in certain industries.”
To qualify as a Qualified Opportunity Zone Business (QOZB), a few criteria have to be met according to IRS regulations including:
- Be located in one of the 49 Opportunity Zone census tracts in the county
- 70% of tangible property owned or leased must be located within the zones and acquired after December 2017
- 50% of total gross income must be derived from active business conducted in the zones
- 40% of intangible property must be used in the zones
- Additional tests for Non Qualified Financial Property (e.g. stocks, bonds, and long-term notes) and sin businesses apply
- Additional tests for timeliness of use of funds and working capital safe harbors apply
- Additional investment criteria/underwriting may apply varying by investor
What’s Next in Riverside County. Given the number of tests needed to qualify as a QOZB, specialized CPAs and Attorneys are always needed in the process. To connect businesses and projects needed with the resources needed to complete deals, Blended Impact Labs, a venture development firm and innovation lab, is hosting a series of webinars in the month of April as part of Riverside County Innovation Month to focus on supporting businesses expanding and raising capital in Opportunity Zones with access to investors, CPAs, state and local resources, and more.
Stacy Cumberbatch, Managing Director of Blended Impact Labs, adds “Riverside is unique in the variety of industries we support that would be ideal for Opportunity Zone investments. From life sciences labs and R&D anchored by UCR in opportunity zones in the west, to clean energy, agritech, and manufacturing businesses in zones in the central over to the east, our geography supports a wide range of possibilities for business expansion and gives investors great diversity in options. Additionally, local leaders have coalesced around key growth areas including sustainable logistics, cyber security, air emissions and environmental technology, and advanced manufacturing creating a welcome environment for businesses seeking to relocate to Southern California and grow their business.”
Interested businesses are invited to join the upcoming webinar series:
- April 7th: Opportunity Zones for Expanding Businesses
- April 14th: Opportunity Zones, A Founder’s Perspective Raising Funds
- April 21th: Inland Empire Innovation Ecosystem Report Launch
- April 28th: Opportunity Zones, Developer Roundtable
RSVP for any of the webinars here: https://www.opportunityriverside.com/news/march-21-newsletter
*Information within does not constitute tax or legal advice. Please consult with your tax advisor for specific advice.*
Business
Fire Helmet Manufacturer Helps Disabled Community find Employment

Riverside’s Phenix Technology Leads with Inclusion, Empowering the Disabled Community Through Workforce Training and Employer Education
Written by Logan Rosselli, IEBJ Content Contributor
In the heart of Riverside, off of Chicago Avenue, a small, but mighty team has been quietly manufacturing life-saving equipment for firefighters across the world for over 50 years. Phenix Technology Inc. is an internationally recognized fire helmet manufacturer who builds their products from start to finish right here in the Inland Empire. For their great products, they’ve received numerous awards such as the Greater Riverside Chamber of Commerce’s 2025 Innovator of the Year, a 2016 “E” for Exports award from the U.S. Department of Commerce, a finalist position in the “Coolest Thing Made in California” competition and more. However, their most recent accolade doesn’t involve their products at all.
In 2024, Phenix founded the ground breaking “Opportunity for All” program to provide disabled community members with the opportunity to access career education, hands-on experience and employment opportunities through an 11 week training cohort. In this program, neurodivergent individuals wanting to find stable employment learn about standard hiring practices, writing a resume, effective interviewing and professional attire while getting on-the-job training with a partnered employer in the community. It has helped dozens of disabled community members to find a new sense of independence and achieve their full potential while helping local employers find dependable employees who bring a unique perspective to the workplace.
It’s for this program that the National Association of Workforce Development Boards (NAWB), a representative of over 570 workforce development boards across the United States, honored Phenix with the prestigious W.O. Lawton Business Leadership Award in late March.
“While we take tremendous pride in the products we make, we also believe we have a mission to create a better world through developing opportunities,” said Angel Sanchez, CEO of Phenix Technology in a statement released in early April. “Opportunity for All has helped prove that individuals who have historically been excluded from the workforce don’t just contribute — they elevate organizations. We are honored to receive this national award and grateful to the partners who have helped us make this vision a reality.”
CEO Angel Sanchez Jr. accepts the NAWB Award
Though “Opportunity for All” is certainly the cornerstone program for the company, Phenix’s leadership team was not satisfied to leave their mission there. Thus, in 2024, the company founded its nonprofit arm, Phenix Gateway to offer more programs and advocacy to the community. Through Phenix Gateway, the company offers workforce development workshops for individuals who don’t need the full scale of the “Opportunity for All” program, but want to improve a specific skill like resume writing or workplace social skills.
However, Phenix knows that preparing disabled people for the workforce is only one end of the equation; the workforce also has to be prepared to accept the unique skills, perspectives and challenges of the disabled community. For this reason, Phenix Gateway offers employer training workshops as well as educational materials available to businesses and the community. Training programs cover a lot of ground, ranging from assistance with optimizing interviews for people with neurodevelopmental disorders to creating sensory-friendly environments in the workplace.
In Riverside, these programs have had a huge impact on the local community. As of March 2025, Phenix’s Opportunity for All program has had over two dozen participants and 44% found stable employment through or after the program. Their one-off workforce development workshops have seen over 200 participants learn new skills and help them find employment and the nonprofit currently partners with close to 90 businesses to assist them in their endeavor to create a more inclusive workforce.
Phenix Gateway staff helps a program participant with his skills
For businesses or community members interested in learning how they can support or participate in these programs, Phenix encourages them to reach out by email to info@phenixgateway.org and to attend their First Annual Gala: Rising Together, A Phenix Gateway Celebration, on Thursday, May 15th. Tickets for this event are available at phenixgateway.org.
Business
Supported by Local Leaders, CALED’s Annual Conference will be in Ontario this May

Empowering Economic Growth: CALED Conference Set to Unite Industry Leaders in Ontario
CALED’s ‘Growing Local Economies from the Ground Up’ Conference is being held in Ontario at the DoubleTree by Hilton Hotel Ontario Airport on May 7-9. This event is co-hosted by the City of Ontario and San Bernardino County, with Jennifer McLain Hiramoto, CALED’s Chair of the Board and Derek Armstrong respectively representing their city and county as Co-Chairs of the event.
With over 950 members and 45 years of empowering economic developers, CALED is the largest economic development association in the country and the annual conference is the number one place to meet and connect with the boots-on-the -ground, decision makers in our communities.
The conference will include a pre-conference teaching tour, ‘Building & Paying for Development Projects’ on May 6th and then begin in full on May 7th, with a welcome session and breakouts. Overall, there will be four general assembly sessions and 18 breakout sessions, which will delve into local economic development practices and innovative tools.
In addition to compelling content, the conference will have numerous opportunities to connect with community leaders and valued peers through networking receptions, the culinary crawl, and new this year, the Tournament of Champions, where conference attendees will navigate a gauntlet of games to win the grand prize on the evening of Thursday, May 8th.
To learn more about the conference and register, visit the CALED website at www.caled.org.
Business
Strengthening Community Connections: Our Exciting New Partnership with Toyota Arena, Ontario Convention Center, and GOCAL

Contributed Content | By Chris Venhoff, Senior Vice President and Inland Empire Market Leader for Consumer and Business Banking at U.S. Bank
As the Inland Empire market leader for U.S. Bank, I’m thrilled to share some exciting news: we are proud to be the Official Bank Partner of Toyota Arena and Ontario Convention Center. This partnership represents a reflection of our deep commitment to the Inland Empire and our dedication to fostering a vibrant, thriving community.
At U.S. Bank, we believe that strong partnerships drive meaningful progress. Toyota Arena and Ontario Convention Center are at the heart of the region’s culture and economy, bringing people together for world-class entertainment, business conventions, and community events. By joining forces, we’re not only expanding our presence but also creating opportunities to engage with residents, businesses, and organizations in ways that make a lasting impact.
Through our sponsorship, we’ll support concerts, sporting events, and conventions that showcase the diversity and energy of the Inland Empire. But this is only the beginning. As our partnership evolves, we’ll work closely with Toyota Arena, Ontario Convention Center, and GOCAL to introduce community-focused programs, including financial literacy workshops and charitable giving initiatives.
This partnership is designed to bring added value to the people we serve. For our customers, we’re introducing the U.S. Bank Fast Pass Lanes, providing priority access at Toyota Arena events. Special offers, exclusive event experiences, and tailored financial solutions for businesses operating in the region are just a few of the many perks we’re excited to roll out.
Our employees are at the core of our success, and this partnership allows us to recognize their dedication. Through exclusive access to events, corporate hospitality opportunities, and community volunteer programs, our team will have new ways to engage with and celebrate the community they serve.
The Inland Empire is a dynamic, fast-growing region, and we’re committed to supporting its continued success. By investing in Toyota Arena and Ontario Convention Center, we’re helping to create and sustain jobs while driving local business growth. These venues bring in visitors, revenue, and visibility, strengthening the region’s economy.
This collaboration is about more than just sponsorship—it’s about making a difference. By working together, we can elevate not just these venues but the entire Inland Empire. At U.S. Bank, we’re committed to being a partner in progress, supporting our customers, businesses, and communities every step of the way.
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