LOCAL FUNDING OPTIONS & INCENTIVES
Fairfield Cultural District
Fairfield is one of over 90 cities in the United States that have implemented a Cultural District, and has positioned the arts and culture as a key element in its revitalization efforts to enhance quality of life. Potential benefits offered to building owners within the Cultural District include certain types of tax credits, exemptions or other funding possibilities. Many of these benefits also apply to buildings outside of the Cultural District. See map (right) for Cultural District outlined in red. To learn more visit www.fairfieldculturaldistrict.com.
Equity Funding
The Fairfield Investors Roundtable meets monthly and is in the process of forming Silicorn Valley Investors, an Iowa community-based seed fund.
Fairfield Revitalization Loan Program
The Fairfield Chamber of Commerce and cooperating financial institutions operate the Fairfield Revitalization Fund. The maximize size of the loans are $100,000 with a three-year guaranteed fixed rate of 1% under the prime rate. The loan pool is $2 million. Local banks participating in the program are First National Bank, Iowa State Bank & Trust, Libertyville Savings Bank and MidWestOne Bank. The loan area includes Downtown Fairfield and the Cultural and Entertainment District. The loans can be used for major capital purchases such as real estate, remodeling, equipment, and expansions. Businesses interested in the program must meet eligibility requirements set by the Fairfield Revitalization Fund Committee. Applications are available at the Chamber of Commerce.
Fairfield Enterprise Zones
Fairfield Enterprise Zones are designed to stimulate development by targeting economically distressed areas in Fairfield. Through state and local tax incentives, businesses and developers are encouraged to make new investments, and create or retain jobs in these areas. The goal of the program is to revitalize these areas and make them competitive with other locations throughout the state. An incentive for housing development may also be available to developers and contractors building or rehabilitating housing in an established enterprise zone. Businesses locating or expanding in an established Fairfield Enterprise Zone may be eligible to receive certain local and state tax incentives. To view a map of Fairfield Enterprise Zones, click here. To review the eligibility requirements to qualify for Enterprise Zones click here.
REGIONAL/STATE FUNDING OPTIONS & INCENTIVES
REDI
SELP RLF Loans — Up to $10,000
This loan helps small business start-ups or small business expansion. The SELP (Self Employment Loan Program) RLF program loans up to $10,000 in assistance. To learn more visit www.area15rpc.com.
REDI RLF Loans — $5,000 - $125,000
This loan is available to help larger businesses to start-up or expand. The REDI (Regional Economic Development Investments) RLF loans $5,000 for each job created or retained, up to a maximum of $125,000. To learn more visit www.area15rpc.com.
RC&D
Pathfinders Resource Conservation & Development Loans — up to $20,000
Economic Development — Rural Enterprise Revolving Loan
This program was started in 1997 with a partnership with USDA Rural Development and Pathways Development, Inc. to provide low interest loans of up to $20,000 for small natural resources related businesses. Since its inception, there has been more than $214,225 loaned to small businesses for development. To learn more visit www.pathfindersRCD.com.
IEDA
Iowa Economic Development Authority
In Iowa we have the lowest new employer unemployment insurance rates in the nation and our worker's compensation costs are among the lowest. Under the state’s tax increment financing (TIF) program, businesses are given the incentive to construct new industrial or commercial facilities by receiving direct benefit from the property tax increase caused by the added value of those new facilities. Businesses can also qualify for a research and development tax credit, up to 6.5% (can be doubled under certain programs) for expenditures related to those activities. The Regulatory Assistance Program facilitates communication between businesses and regulators to expedite the permitting process with the Iowa Department of Natural Resources and other Iowa regulatory agencies. To learn more visit www.iowalifechanging.com. back to top