Financing is the lifeblood of any type of business. WCEDC has a network of partners which can provide a myriad of funding solutions. This network begins with Warren County’s banking institutions, which have a lot of experience making conventional commercial loans, and also utilizing programs available through USDA Rural Development and the Small Business Administration (SBA). The type of financing for which a business might qualify depends on the specific type business, market demand, history, equity position, and project needs.
Local Government Financing
Warren County’s cities and county government partners have diverse tools at their disposal to capitalize projects with high economic value. Local governments are responsible for approving land use regulations such as zoning, issuing permits, and extending services and infrastructure. Therefore, Warren County’s local government leaders will often include these considerations when creating a financial assistance package to entice a new or expanding business.
Iowa communities have two tools which are most used to assist economic development – tax abatement and tax increment financing (TIF). Every Warren County community has the ability to offer an industrial tax abatement to reduce or eliminate overall several years a business’s property tax liability on new tax value added. A number of Warren County communities even offer tax abatement for commercial or residential development additions.
Tax increment financing (TIF) is a tool that is available for projects anywhere in Warren County, subject to approval by the local elected representatives. TIF is a preferred economic development finance tool in many communities as a way to pay for the infrastructure needed for a project, such as utilities or roads. The purpose of TIF is to stimulate economic development activity within a given zone or part of a community, so communities are given latitude under the Iowa Code to use flexibly on a case-by-case basis. More information about the application of TIF can be found at the Q&A provided by the Professional Developers of Iowa.
Warren County Revolving Loan Fund
Warren County Economic Development offers a revolving loan fund for small to medium sized businesses. WCEDC has available matching funds through state and federal programs to increase the size of the revolving loan fund pool currently at $90,000. We will be posting updates on this program once criteria and application guidelines have been established so please check back often.
State Financial Assistance Programs and Resources
Federal Financial Assistance Programs
There are several programs, grants and contests available throughout the year for our area businesses and organizations. The information below is updated as new contests and programs become available. Please check back often.
- Warren County Small Business Grant Contest
- Dream Big Grow Here Business Grant Contest
- Warren County Philanthropic Partnership Grants
- Iowa Tourism Grants
- Iowa Economic Development Authority Grants
- USDA Rural Development Grants
For more information contact WCEDC at 515-961-1067 or email us.