Small Business Linked Investments for Tomorrow (LIFT) Program (www.iowalift.com/)
- The Small Business Linked Investments Program will inject capitol into small businesses owned and operated by Iowa residents. One-half of the moneys invested will be available for qualifying small businesses which are 51 percent or more owned, operated, and actively managed by one or more women, minority persons, or persons with disabilities.
Brownfield/Grayfield Tax Credit Program (http://www.iowaeconomicdevelopment.com/Regulatory/brownfield)
- State and federal incentive programs exist that can make the purchase and redevelopment of a Brownfield site a good economic opportunity for many businesses. These incentive programs exist because Brownfield redevelopment can promote general economic health by reducing environmental hazards, cleaning up neighborhood eyesores, creating jobs, boosting tax revenue, and so on.
- Brownfield sites are abandoned, idled or underutilized industrial or commercial properties where real or perceived environmental contamination prevents productive expansion or redevelopment. Examples of Brownfield sites include former gas stations, dry cleaners, and other commercial operations that may have utilized products or materials potentially hazardous to the environment
- Grayfield sites are industrial or commercial properties that are vacant, blighted, obsolete, or otherwise underutilized. A grayfield has been developed and has infrastructure in place but the property’s current use is outdated or prevents a better or more efficient use of the property. Iowa law defines a grayfield as having improvements and infrastructure that are at least 25 years old and one or more of the following conditions exists:
Thirty percent or more of a building located on the property that is available for occupancy has been vacant or unoccupied for a period of twelve months or more.
The assessed value of the improvements on the property has decreased by 25% or more.
The property is currently being used as a parking lot.
The improvements on the property no longer exist.
Iowa Community Cultural Grants (ICCG) Job Creation Grant (http://www.iowaartscouncil.org/funding/assets/JobCreationGrant_Guidelines080113.pdf)
- The Iowa Department of Cultural Affairs is committed to encouraging cultural growth and development throughout the state. Job Creation Grants provide funds to support the creation of quality jobs for Iowans that contribute to the cultural vitality of Iowa. Funding for Job Creation Grants is made possible through an appropriation from the Iowa Legislature to the Iowa Community Cultural Grant program. Awards range from a minimum of $1,000 to a maximum of $10,000. Job Creation Grants support salaries, wages and job benefits for current Iowa residents. Employment must be tied to a cultural project (see glossary for definition) and must be a new, permanent full or part-time position or a new contract position. New, permanent full or part-time positions must be paid at least $14.50/hour.
Small Operating Support Grants (SOS) (http://www.culturalaffairs.org/funding/sos_grant_program/index.htm)
- Healthy arts, history, and cultural organizations enhance quality of life in Iowa communities. With SOS Grants, the Department of Cultural Affairs wants to help small and mid-sized arts, history, and cultural organizations: Take steps toward improved professionalism and standards of operation; to temporarily cover some operational costs to free up other funds for programming or purchases; become more effective at achieving goals that will directly affect their community. Applicants may apply for up to $2,500.
Cultural and Entertainment District (CED) (http://www.iowahistory.org/historic-preservation/cultural_districts/index.html)
- The benefits available to certified districts could include historic tax credits for rehabilitation of historic structures or other incentives which create live/work space for cultural workers, space for cultural and entertainment enterprises and access financial assistance programs from state agencies and other funding partners.
Paint Iowa Beautiful (http://www.keepiowabeautiful.com/grants/paint-iowa-beautiful )
- Keeping up the appearance of our buildings and facilities is an important component of viable communities. Well-maintained and painted buildings reflect pride in our communities. Through a partnership with Diamond Vogel Paint of Orange City, Iowa groups can receive paint for community enhancement projects. More than 5,000 gallons of paint have been donated to community groups through the Paint Iowa Beautiful program.
- IowaMicroLoan has created a fund to provide a source of capital for microentrepreneurs who are seeking a direct loan of $5,000 to $50,000 or a co-financing arrangement of up to $150,000. Applicants must have applied for a loan at a traditional credit source and have been denied to be eligible to apply for IowaMicroLoan.
Small Business Credit Initiative (http://iowaeconomicdevelopment.com/Entrepreneurial/SSBCI)
- The Iowa Small Business Loan Support Program (ISBLSP) aids Iowa entrepreneurs and small businesses in their efforts to access capital for business purposes including startup costs, working capital, business procurement, franchise fees, equipment, inventory, as well as the renovation or tenant improvements of an eligible place of business that is not for passive real estate investment purposes.
Workforce Housing Tax Credits (http://www.iowaeconomicdevelopment.com/Community/WHTC )
- A tool in assisting communities with providing affordable housing options. Developers and contractors building or rehabilitating housing in Iowa may be eligible to receive certain state tax benefits.
- Eligibility Requirements
- Projects must meet one of four criteria:
- Housing development located on a grayfield or brownfield site
- Repair or rehabilitation of dilapidated housing stock
- Upper story housing development
- New construction in a greenfield (community with demonstrated workforce housing needs)
- The developer must build or rehabilitate at least four single-family homes or at least one multi-family building containing three or more units or at least two upper story units.
- Total project costs may not exceed $200,000 per unit for new construction or $250,000 per unit for historic rehabilitation.
- Total program benefits are limited to a maximum of $1 million per recipient.
- The housing project must be completed within three years of award.
- IEDA must approve the developer’s application for Workforce Housing Tax Credit prior to project initiation.
- Projects must meet one of four criteria:
- Eligibility Requirements
- This federal tax credit was created to help small businesses cover ADA-related eligible access expenditures. A business that for the previous tax year had either revenues of $1,000,000 or less or 30 or fewer full-time workers may take advantage of this credit. This federal tax credit can cover 50% of the eligible access expenditures in a year up to $10,250 (maximum credit of $5000). In addition the tax deduction is available to all businesses with a maximum deduction of $15,000 per year for the other costs the credit doesn’t cover. The tax deduction can be claimed for expenses incurred in barrier removal and alterations.
Targeted Small Business Program (http://www.iowaeconomicdevelopment.com/Entrepreneurial/TSB)
- The Targeted Small Business (TSB) Program of Iowa is designed to help women, minorities and the disabled overcome some of the major hurdles to starting or growing a small business in Iowa. The TSB program makes microloans available to qualified Iowa small business owners.
- To become certified, a business must:
- be located in Iowa
- operate for a profit
- have less than $4 million in annual gross income, computed as an average of the preceding three fiscal years.
- be majority-owned (51 percent or more), operated and managed by a female, minority group member or a person with a disability.
- The Iowa Department of Inspections and Appeals (DIA) handles the certification. For more information on how to get a business TSB-certified, visit http://www.dia.iowa.gov/page7.html.
- The loan program is managed by ISED Ventures. For more information on TSB Loans, contact Amelia Lobo at 515.283.0940 ext. 30 or email@example.com.