Iron County Wisconsin - It'll Work for You!

Iron County Wisconsin - "It'll Work for You!"

Business & Funding Resources

· “Moving to this area was the best business decision we've made. We are real happy with the area and the people are great and we are real happy with the workforce we have here.”

· Steve Scharpf Art Unlimited, Hurley

Development Zone Tax Incentives

· For businesses locating or expanding within Iron County’s Development zone, the following credits are available:

· A non-refundable jobs credit for new full-time jobs being created and filled by members of target group. Eligible target groups include W2 participants, dislocated workers, federal Enterprise community residents, vocational rehabilitation program referrals and Vietnam-era veterans, ex-felons and youth from low-income families.

· A non-refundable jobs credit for new full-time jobs being created and filled by Wisconsin residents who are not members of target groups.

· A non-refundable environmental remediation credit affected by environmental pollution in a brownfield and investigation. "Brownfield" means an industrial or commercial facility the expansion or redevelopement of which is complicated by environmental contamination.

· The actual amount of job credits is dependent upon wages and benefits. One-third of the allocated job credits must be claimed for jobs that are filled by target group members.

· Northwest Wisconsin Regional Economic Development Fund (NWREDF) Commerce launched the new initiative in late 2005 as a pilot program to encourage the voluntary consolidation of local community business revolving loan funds. Governor Doyle announced the project six months ago as part of his Grow Wisconsin plan to illustrate how regionalizing dormant local funds results in job creation. Currently, there are over 200 local revolving loan funds with approximately $30 million not being utilized. Wisconsin Department of Commerce

· Northwest Wisconsin Business Development Corporation The Northwest Wisconsin Business Development Corporation (NWBDC) is a revolving loan fund designed to address a gap in private capital markets for long-term, fixed-rate, low down payment, low interest financing. It is targeted at the timber and wood products industry, tourism and other manufacturing and service industries.

· Wisconsin Development Fund The Wisconsin Development Fund (WDF) provides federal Community Development Block Grant funds to eligible municipalities for approved housing and/or public facility improvements and for economic development projects. Economic Development grants provide loans to businesses for such things as: Acquisition of real estate, buildings, or equipment; Construction, expansion or remodeling; Working capital for inventory and direct labor.

· WDF Funds are also available for: Technology Development grants and loans; Customized Labor Training grants and loans; and Major Economic Development Project grants and loans. Application is made through the municipality.

· Rural Economic Development Fund This program provides grants and low interest loans for small business (less than 25 employees) start-ups or expansions in rural areas like Iron County. Funds may be used for “soft costs” only, such as planning, engineering, ad marketing assistance.

· Other State/Federal Programs

· Economic Development Administration (EDA) offers a guaranteed loan program as well as public works grant program. These are administered through local units of government for the benefit of the local economy and, indirectly, private enterprise.

· State of Wisconsin Investment Board places $2.5 billion into private investments and will provide loans of a minimum of $3 million to Wisconsin companies to promote economic development within the state.

· Wisconsin Business Development Finance Corporation acts as an agent for the U.S. Small Business Administration (SBA) programs which provide financing for fixed asset loans and for working capital.

· Transportation Economic Assistance (TEA) program, administered by the Department of Transportation, provides immediate assistance and funding for the cost of transportation improvements necessary for major economic development projects.

· Wisconsin Community Capital (WCC) is a for-profit affiliate of the Wisconsin Community Development Finance Authority (WCDFA) which provides both debt and equity financing to start-up or existing businesses.

· Small Business Administration (SBA) provides business and industrial loan programs which will make or guarantee up to 90% of the principal and interest on loans to companies, individuals, or government entities for financing in rural areas.

· Wisconsin Minority Enterprise Small Business Investment Company (MESBIC) may either purchase equity or convertible debt securities from minority businesses, or may make loans.

· Business Energy Fund, established by the Wisconsin Housing and Economic Development Authority (WHEDA), has been designed to provide low-cost financing to commercial and industrial businesses for energy conservation improvements.

· Employee Ownership Assistance Loan Program, administered by the state Department of Commerce, makes loans to employee groups seeking to determine the feasibility of such employee group purchasing an existing or recently closed Wisconsin business.

· Linked Deposit Loan Program, established by WHEDA, is a reduced rate loan program for small businesses more than 50% owned or controlled by women or minorities to purchase land, buildings, or equipment.

· Business Development Fund, another WHEDA program, allows small and medium-sized businesses to obtain fixed--rate financing through the issuance of tax-exempt bonds which are enhanced by bank letters of credit.

· “Our development zone welcome mat is out for you, whether you are already in business here, a visitor enjoying our hospitality, or interested in joining us by investing here”

· Jack Giovanoni, President Iron County Development Zone Council

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