The Partnership for Economic Growth of Humboldt County is committed to assisting with the financial solutions businesses need to locate or expand in Humboldt County. Aside from providing information and resources on state and federal programs, low interest loans are also available through Partnership for Economic Growth and partner organizations. In addition, Humboldt County also offers tax incentives to new or existing businesses located in qualifying areas. For assistance with any of the programs listed here or for additional information on financing options available, please contact Partnership for Economic Growth Director, Alissa O’Connor, directly at 515.332.2557.
For more information on any of these programs, please contact Partnership for Economic Growth, Alissa O'Connor, Director, 29 Fifth Street South, Humboldt, Iowa 50548, phone 515.332.2557 or email: Contact Us. For a complete listing of the Financial Assistance Programs available click here.
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COUNTY:
Tax Increment Financing (TIF)
Tax increment finance (TIF) promotes economic development efforts in a specific area by directing limited property tax revenues generated from property value increases within a designated TIF district to finance the cost of certain improvements made in the district or to rebate back to developers for eligible projects. TIF incentives provided to developers are based upon the specific project parameters.
Central Business District Rehabilitation Matching Grant Program
The City of Humboldt wishes to incentivize the redevelopment of the Central Business District by providing grants to individuals wishing to rehabilitate and renovate their buildings. The purpose of this grant program is to give building owners located in the Central Business District an incentive to update, improve or enhance the facades of those buildings to create a more aesthetically appealing atmosphere and to preserve historic assets in the downtown. These projects can include painting, resurfacing of facades, new and decorative signage, tuck pointing, replacement of broken windows, etc. The City Council will consider a funding level annually to match for these projects.
New/Expanding Retail Business Utilities Assistance
Retail businesses may be eligible to have their City of Humboldt utility fees waived for the first 180 days from the day the utility account is opened. Fees to be waived include water sales, water service fee, sewer rental, garbage collection, storm water and related sales tax. The business must be located in a commercially zoned district. The maximum benefit of this incentive is $1,000.
ELIGIBLE BUSINESSES: Retail businesses which are new or relocating to another building as a result of an expansion, whose City of Humboldt utility accounts are opened after October 7, 2019. The Humboldt County Development Association must first recommend the business for consideration to the City Clerk's Office as the initial step to determine eligibility.
REVOLVING LOAN FUNDS:
Partnership for Economic Growth Revolving Loan Fund
Partnership for Economic Growth administers a USDA Rural Development Revolving Loan Fund. Loan funds can be used to leverage a prospective applicant’s capital in the development project, and are available for industrial and commercial business expansions for the County of Humboldt. The revolving loan fund is utilized for gap financing to help strengthen conventional financing packages.
Eligible Uses of Funds include, but are not limited to, the following:
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Business or Industrial acquisitions
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Business Construction and Expansions
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Equipment and Machinery
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Start-up Operating Costs and Working Capital
An application process is required.
Contact Alissa O'Connor, Director, 29 Fifth Street South, Humboldt, IA 50548, phone 515.332.2557, or e-mail: Contact Us
MIDAS Revolving Loan Fund
MIDAS administers a revolving loan fund that is designed to encourage new or expanded development activities in the north central Iowa counties of Calhoun, Hamilton, Humboldt, Pocahontas, Webster, and Wright. The primary purpose of this program is the creation and retention of quality jobs. This program meets this goal by bridging the financial gap that exists between the amount of private lending institutions are willing to commit for project development and the total amount needed to bring opportunities to completion.
Midland Power Coop and Corn Belt Power Cooperative Revolving Loan Fund
Midland Power Cooperative, in partnership with Corn Belt Power Cooperative, strives to create business opportunities for its customer-owners and the Humboldt area. The cooperatives offer a full spectrum of development services and resources.
The Programs:
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Intermediary Relending Program (IRP) & Rural Economic Development Loan and Grant Program (REDLG) – improve the quality of life in rural areas by contributing to long-term improvement in the local economy.
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Joint Venture Loan Financing – provides low-interest loans for business creation, location and expansion.
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Industrial Site Development – assists with financing, infrastructure, and development of industrial parks and sites.
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Speculative Building Development – assists with the financing, construction, and marketing of speculative industrial buildings to meet the needs of new and expanding businesses.
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Housing Development – works with member systems and communities to promote affordable housing, start new housing developments and build speculative housing
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Economic Development Rates – promote business growth and reward company’s ability reduce peak load
The Services
In addition, our staff can assist with:
- Power Needs Analysis
- Competitive Rate Design
- Financial Packaging
- Marketing Assistance
For more information, contact Stacy Cirks, Development Finance Director at Corn Belt Power Cooperative, 515.332.7727, or visit their website at: www.cbpower.com.
WORKFORCE TRAINING:
Iowa Central Community College Job Training Programs (260E, 260F, 260G (ACE)
Iowa Central Community College has been one of Humboldt County's most active economic development partners. The purpose of this job-training program is to lower a company's cost of expanding employment and training employees in new jobs. The employees benefit by expanding their job skills and abilities. This training is funded by ICCC through the diversion of State withholding taxes generated by the creation of these new positions.
- The Iowa Industrial New Jobs Training (260E) program assists businesses creating new positions with new employee training. Eligible businesses may be new to Iowa, expanding the Iowa workforce or relocating to the state.
- The Iowa Jobs Training Program (260F) provides job training services to current employees of eligible businesses.
- The Accelerated Career Education (ACE) program is designed to provide businesses with an enhanced, skilled workforce. ACE assists Iowa's community colleges to either establish or expand programs that train individuals in the occupations most needed by Iowa businesses.
For further information, go to their website www.iowacentral.edu/businessandcommunity/job_training.asp or www.iowaeda.com/grow
STATE:
Targeted Small Business Financial Assistance Program (TSBFAP)
The TSB Financial Assistance Program is designed to assist in the creation and expansion of Iowa small businesses that have an annual gross sales of $3 million and are at least 51 percent owned, operated and managed by women, minorities or persons with a disability. The business must be certified as a "Targeted Small Business" by the Iowa Department of Inspections and Appeals before applying for or receiving TSB funds.
For more information, visit the website www.iowaeda.com/small-business/targeted-small-business/
High Quality Job Creation Program (HQJ)
The HQJ program is designed to promote the creation of quality jobs by assisting businesses locating, expanding or modernizing their facilities in Iowa. To be eligible, businesses must meet criteria relating to targeted industries, employee benefits, and building specifications, among others. The program offers a package of tax credits, exemptions and/or refunds to approved businesses. The level of assistance is based on the amount of qualifying investment and the number of new jobs that meet wage targets.
For more information, visit the website www.iowaeda.com/grow/high-quality-jobs/
Disabled Access Credit (Form 8826)
The Disabled Access Credit provides a non-refundable credit for small businesses that incur expenditures for the purpose of providing access to persons with disabilities. An eligible small business is one that earned $1 million or less or had no more than 30 full time employees in the previous year; they may take the credit each and every year they incur access expenditures
For more information, visit the website www.irs.gov/businesses/small-businesses-self-employed/tax-benefits-for-businesses-who-have-employees-with-disabilities
Community Catalyst Building Remediation Program
The Community Catalyst Building Remediation Program assists communities with the redevelopment, rehabilitation or deconstruction of buildings to stimulate economic growth or reinvestment in the community.
- Funding based on annual availability
- Maximum grant: $100,000
- 40% of funds will be awarded to cities with populations under 1,500
For more information, visit the website www.iowaeda.com/downtown-resource-center/community-catalyst/
New Jobs Tax Credit
This one-time, corporate income tax credit is available to participants in the New Jobs Training (260E) Program. Iowa offers this credit as an incentive for businesses that provide additional training to employees and expand their workforce.
For more information, visit the website www.workforce.iowa.gov/employers/build-your-workforce/training-programs-and-tax-credits/new-jobs-tax-credit
Targeted Jobs Withholding
The Targeted Jobs Withholding Tax Credit is a pilot program that allows diversion of withholding funds paid by an employer to be matched by a designated pilot city to create economic incentives directed toward the growth and expansion of targeted businesses.
For more information, visit the website www.iowaeda.com/grow/targeted-jobs-withholding/
Manufacturing 4.0 Technology Investment
The Manufacturing 4.0 Technology Investment Program provides grants that assist small- and mid-sized enterprises with the adoption and integration of smart technologies into existing operations in the state. Grants offered through this program are aimed at helping manufacturers increase productivity, efficiency and competitiveness. They may be used for the purchase of equipment and specialized hardware or software in the Industry 4.0 technology groups. Check website for date when applications are open.
For more information, visit the website www.iowaeda.com/grow/manufacturing-technology-investment/
Butchery Innovation and Revitalization
The Butchery Innovation and Revitalization Fund, administered by the Iowa Economic Development Authority (IEDA), was created in 2021. The fund provides financial assistance in the form of grants to businesses for projects relating to small-scale meat processing, licensed custom lockers and mobile slaughter units. For Fiscal Year 2024, the State of Iowa appropriated $1,000,000 to IEDA with direction to administer these funds for continuation of the program.
Check the website for the application window. www.iowaeda.com/grow/butchery-innovation-revitalization/
Apprenticeships & Internships – STEM Internship Program
The Science, Technology, Engineering and Mathematics (STEM) Internship program provides grants to Iowa companies for internship programs with a goal of transitioning interns to full-time employment in Iowa upon graduation. The goal is to retain educated workers in Iowa.
For more information, please visit their website www.workforce.iowa.gov/employers/build-your-workforce/training-programs-and-tax-credits/stem-internships
For a complete list of State incentive programs, please visit: www.iowaeda.com/all-programs/
Nondiscrimination Statement
In accordance with Federal civil rights law and U.S. Department of Agriculture (USDA) civil rights regulations and policies, the USDA, its Agencies, offices, and employees, and institutions participating in or administering USDA programs are prohibited from discriminating based on race, color, national origin, religion, sex, gender identity (including gender expression), sexual orientation, disability, age, marital status, family/parental status, income derived from a public assistance program, political beliefs, or reprisal or retaliation for prior civil rights activity, in any program or activity conducted or funded by USDA (not all bases apply to all programs). Remedies and complaint filing deadlines vary by program or incident.
