Fillmore County Develoment Corporation
Exeter-Fairmont-Geneva-Grafton-Milligan-Ohiowa-Shickley-Strang
1032 G ST
Geneva, NE 68361 USA
Ph 402.759.4910
Fax 402-759-4455
Email lentfer.fcdc@
genevamail.com
Fillmore County Development Corporation
Exeter-Fairmont-Geneva-Grafton-Milligan-Ohiowa-Shickley-Strang
1032 G ST
Geneva, NE 68361 USA
Ph 402.759.4910
Fax 402-759-4455
Email lentfer.fcdc@
genevamail.com
INCENTIVES - Financing Options for Business Needs
Geneva and Fillmore County have several financing options that partner well with Nebraska state economic development incentives and other sources of financial assistance.
Financial incentives for Fillmore County are available through several progams that include local loan reuse funds, FHL JOBS reuse funds, and Tax Increment Financing (TIF). The City of Geneva has Sales Tax for Economic Development reuse loan funds as well as some grants/loans for Downtown Revitalization.
Fillmore County Re-Use Fund for Economic Development - Business across Fillmore County have access to Re-Use Loan funds developed from CDBG grants received through the Nebraska Department of Economic Development. The objectives of the reuse fund are to provide financing for start-up and existing businesses that cannot obtain conventional financing, to attract new businesses to the area and to create and retain jobs. Eligible activities include acquisition of real estate, land and buildings, fixed assets, machinery and equipment, renovations, remodeling, site preparation, working capital and/or job training costs. The Re-Use funds can be approved for up to 40% of the total project costs. An application review committee reviews each application. To date over $1.5 million dollars has been loaned out to 27 different businesses.
Perennial Public Power District Revolving Loan Fund
This revolving loan fund can be used for projects that will significantly benefit rural areas by creating and retaining employment opportunities or provide necessary community facilities and services. Projects that can be considered will include medical or other emergency facilities; training and educational facilities; community infrastructure; small business start-up projects, small business expansion projects business incubators, and commercial or industrial development. Applications will be accepted for projects located within Fillmore and York counties in Nebraska. The minimum RLF loan will be $5,000 and the maxiumum up to $240,000. The term of the loan will not exceed 10 years. The interest rate on the loan will be determined upon an evaluation of the project.
Geneva City Sales Tax for Economic Development - The City of Geneva collects a 1.5% sales tax, of which 33.33% is used for economic development. The funds may provide loans or loan guarantees or grants to eligible businesses located or locating in Geneva.
FHLB JOBS Revolving Loan Funds - Fillmore County - A revolving loan fund is available through First National Bank in Exeter to provide direct or deferred loan for business start ups, business expansion, or job training. Loans can be for a maximum of $5,000 and may finance 50% of the project. Terms will mirror bank loan terms with the interest rate being one-half of bank rate.
FHLB JOBS Revolving Loan Funds-Geneva - A revolving loan fund is available through Geneva State Bank to provide interest free loans to any eligible business in Geneva who wants to enhance the physical appearance of their business. The owner must have 25% equity in the project. A maximum loan is $5,000 with a term of up to 10 years.
Revitalize Downtown Geneva Grant/Loan - More information about this grant/loan program and an application telephone 402-759-1155 or email revitalizegeneva@cityofgeneva.org
Tax Increment Financing
Tax Increcemnt Financing (TIF) is the use of newly created property tax dollars on improvements and can only be used in areas that have been designated as blighted and substandard. Following such a designation, a community redevelopment agency prepares a redevelopment plan. TIF projects may be commercial, residential, industrial, or mixed use. The purpose of TIF is to improve rundown properties, encourage new construction, and bring new jobs to the area. Every community in Filmore County has the ability to use Tax Increment Financing (TIF) to assist a new or expanding business.
SENDD has financial resources in two revolving loan funds (IRP-RLF and RBEG-RLF) which are utilized to make direct loans to new and expanding small business concerns within member political subdivisions. Most
owner-user for profit businesses will qualify for a SENDD IRP-RLF or RBEG-RLF loan. Eligible entities may also include many types of public and private organizations.
The Microenterprise Act provides persons actively involved in microbusinesses a refundable individual income tax credit based on demonstrated growth of their business over two tax years. The Microenterprise Act has $2 million available for each calendar year through December 31, 2015 to provide tax credits to applicants for creating or expanding microbusinesses. The total lifetime tax credits claimed by any one taxpayer and any related person(s) are limited to $10,000. An individual may file another Microenterprise Application after the first two year application period has ended. The individual may claim no more than the difference between the $10,000 lifetime limit and the pending amount previously requested. Details on the program can be found at the Nebraska Department of Revenue
REAP is a rural microenterprise lending organization created by the Center for Rural Affairs. Through REAP you can create a business plan, research potential markets and marketing ideas, discuss management issues with experienced business specialists, and apply for a small business loan. Started in 1990, REAP has provided business development services to over 10,000 micro businesses. REAP has placed over $5 million in loans and leveraged over $11 million in additional funds from other sources due to our assistance.
Nebraska Advantage was designed to create a business climate that makes Nebraska the
preferred location for starting and growing your business. In this progressive, pro-business
tax climate, corporate income and sales taxes are reduced or virtually eliminated. For
details on Nebraska Advantage, contact the Nebraska Dept. of Economic Development
at (800) 426-6505
Other financing options and business information can be found on the Nebraska Department of Economic Development website at www.neded.org
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