The State of Iowa has several business tax incentives available based on the type of business venture and job creation efforts. Revolving loan funds are available through several organizations to assist businesses, of all sizes, in their growth in Buchanan County. Property tax relief and infrastructure enhancements are additional options for incentives that can be made by local governments to assist in growing business in Buchanan County, Iowa. The State is also investing heavily in job training and education through the Future Ready Iowa Initiative.
The Buchanan County (IA) Economic Development and the local community government will work with state and regional partners to assemble a completive incentive package to attract an employer and offer sustainable growth for the local area.
The BCED offers low-interest revolving loans to provide gap financing to assist with your expansion needs. Funds are based on job creation, wages and private investment. All loans made at 3% interest with a 6-month delay in repaying the loan and interest accumulation.
- 543 Kick-Starter Loan || $5,000 || 4 Years || 3% Interest
- Business Growth Loan || Up to $25,000 || 3% Interest
For more information on either loan, please see our BCEDC RLF Brochure.
Additional local revolving loans include:
- CARES RLF || For more information as well as the application, please see the INRCOG website.
- East Central Iowa REC
- East Buchanan Telephone Coop
- Independence Light & Power RLF
- Black Hawk Economic Development RLF
In addition to the revolving loan funds listed above, BCEDC offers a Key Business Grant. An economic development tool to assist Buchanan County communities in attracting and keeping Key-Businesses.
- Key-Business Grant || Up to $10,000 or 25% of the total project amount
The Cedar Valley Region offers a variety of tools to help new and expanding businesses make effective decisions on financing and cost savings of their project. These tools not only include loan programs but may include tax incentives, special building and site pricing, direct financial assistance and more.
- Tax Increment Financing (TIF) || City councils or boards of supervisors may use new property taxes resulting from the increase in taxable valuation caused by the construction of new industrial or commercial facilities to provide economic development incentives to a business. TIF Basic explanation.
- Local Tax Abatement || Iowa law allows cities and counties to abate local property taxes for value added to industrial and commercial real estate.
- Rural Economic Development Loan & Grant Program (REDLG) || Zero interest loans, up to $1 million
- Direct Financial Assistance || Communities and utilities have access to a variety of local and regional business growth incentive tools including revolving loan funds and local development corporation funds.
- CIRAS || Iowa State University Center for Industrial Research and Service
The State of Iowa was ranked as the 9th best state in the US for doing business in 2016. Iowa was also noted as having the 2nd lowest business costs in the nation. (CNBC)
Our state offers a comfortable corporate income tax based on total in-state sales revenue, no property, sales or use tax on industrial machinery and equipment, no personal property (inventory) tax, and no sales and use tax.
Iowa is also investing heavily in job training and education through the Future Ready Iowa.
For more information, please visit the Iowa Economic Development website.