Rural Business Enterprise Grant (RBEG) Loan
Qualifications:
fewer than 50 employees
adjusted gross income of less than $1 million
The loan program will be very flexible depending on the applicant’s needs. The moneys are intended to be a part of a finance package working with other lending sources.
Tax Abatement
The County may exempt property taxes on a sliding scale
Year 1 75%
Year 2 60%
Year 3 45%
Year 4 30%
Year 5 15%
Tax Increment Financing
TIF is a public financing method that is used as a subsidy for redevelopment, infrastructure, and other community-improvement projects. Through the use of TIF, cities can dedicate future tax revenues of a particular business or group of businesses toward an economic development project in the community.
New Market Tax Credits
The NMTC Program provides tax credit incentives to individuals for equity investments in certified Community Development Entities. The credit equals 39% of the investment paid out (5% in each of the first three years, then 6% in the final four years, for a total of 39%) over seven years (more accurately, six years and one day of the seventh year) . A Community Development Entity must have a primary mission of investing in low-income communities and persons.