Economic Development

Contact WCED

Bryce Davis, Director

Courtney Stewart, Assistant

Email:  wced@co.wright.ia.us.

Phone: 515-532-6422

Fax: 515-532-2348.

Mail/Delivery: 115 N. Main, Box 214; Clarion, IA 50525.

Location: Wright County Courthouse basement.

Hours: 8 a.m. to 4 p.m. weekdays in 2016, except for holidays on Jan. 1, Feb. 15, May 30, July 4, Sept. 5, Nov. 11, Nov. 24, Nov. 25, and Dec. 26.

Financial Assistance & Incentives

Banks, Loan Funds, Incentives Buoy Business

        Everyone appreciates a helping hand. In Wright County, we have lending institutions and incentives designed to assist your new, relocating or existing business.

        Wright County Economic Development can take you through the necessary steps and put you in touch with the Wright People to access the resources that will help you succeed. It may be a local bank, or may be a myriad of local, regional, state or federal incentives.

        One option that may work for you is the Wright County Intermediary Revolving Loan Fund. The fund is designed to assist you after you have secured primary funding from a lender for your project. Details are below.

        You can contact us at 515-532-6422 or at wced@co.wright.ia.us or find us in the basement of the courthouse in Clarion. We’re waiting to help!

 

Wright County Lending Institutions

        Citizens Community Credit Union, Belmond

        First Citizens National Bank, Clarion

        First State Bank, Belmond

        First State Bank, Clarion

        First State Bank, Eagle Grove

        Northwest Bank, Belmond

        Security Savings Bank, Clarion, Eagle Grove and Goldfield

        United Bank & Trust Co., Dows

        Wells Fargo, Clarion

        Wells Fargo, Eagle Grove

 

Wright County Area Incentive Programs

        Click on the name of the program below to learn more about it.

Wright County Revolving Loan Fund

Belmond Capital Assistance Program

Clarion Chamber & Development Revolving Loan Fund

Eagle Grove Community Development Corporation Revolving Loan Fund

Tax Increment Financing

Tax Abatement

Prairie Energy Cooperative Revolving Loan Fund

Corn Belt POWER Fund

MIDAS Council of Governments Revolving Loan Fund

 

State and Federal Incentive Programs

        Click on the name of the program below to learn more about it.

Iowa Capital Access Fund

Iowa Community Economic Betterment Account

Iowa Demonstration Fund

Iowa Economic Development Set-Aside (EDSA)

Iowa High Quality Jobs Creation Program

Iowa Infrastructure Financial Assistance Programs: RISE & PFSA

Iowa Innovation Acceleration Fund

Iowa Jobs Training Program (260E) – New Job Training

Iowa Jobs Training Program (260F) – Existing Job Training

Iowa Micro Loan

Iowa Small Business Linked Investments for Tomorrow (LIFT) Program

Iowa Self-Employment Loan Program  (Low Income & Disabled Eligibility)

Iowa Small Business Loan Support Program

Iowa Targeted Small Business Program (Women, Disabled, Minorities)

Iowa Value-Added Ag Products & Process Financial Assistance (VAAPFAP)

SBA Guaranteed Loan Programs (Debt Financing)

SBA Venture Capital Program

USDA Rural Development Grant (Business, Housing, Community, Energy)

USDA Rural Development Loan (Business, Housing, Community, Energy)

Non-Discrimination Statement

 

 

 

 

Belmond Capital Assistance Program

        This is a low interest loan made available through the City of Belmond at the recommendation of the BIDCO Finance Committee. It was established to assist industrial businesses with financing after all other avenues have been explored and used. You can get more information on this program, and other incentives from the community of Belmond, at: http://www.belmondiowa.com/bidco_index.php.

Back to top of incentives list.

 

 

Clarion Chamber & Development Revolving Loan Fund

        The Revolving Loan Fund available through the Clarion Chamber & Development is designed to provided gap or incentive financing to assist "for-profit" businesses that are starting, expanding or improving their business. The Revolving Loan Fund is not a primary source of capital for development projects and is not intended to compete with local banks. For more information about the Revolving Loan Fund contact the Chamber at 515-532-2256. You can get more information on this program, and other incentives from the community of Clarion, at: http://www.clarioniowa.com/.

Back to top of incentives list.

 

 

Eagle Grove Community Development Corporation Revolving Loan Fund

        The Eagle Grove Community Development Corporation Revolving Loan Fund is a pool of money from which loans can be made to businesses. The loan fund is designed to provide gap or incentive financing to assist “for-profit” businesses that are starting, expanding or improving their business. The loan fund is not a primary source of capital for development projects and is not intended to compete with local banks. The Loan Fund Committee will be controlled by a local committee with loan decision-making responsibility. Decisions will be based on pre-determined requirements and a review of a standard loan application. With a goal of stimulating the economic development, the loan program provides new, attractive financing that has not previously been available in Eagle Grove. You can get more information on this program, and other incentives from the community of Eagle Grove, at: http://www.eaglegrove.com/eagle-grove-cdc-revolving-loan-fund.htm.

Back to top of incentives list.

 

 

Tax Increment Financing

        For qualifying projects approved by the appropriate jurisdiction, Tax Increment Financing is a funding consideration in Wright County and its communities. Implementation practices vary by community. Contact Wright County Economic Development at 515-532-6422 or at wced@co.wright.ia.us with questions.

Back to top of incentives list.

 

 

Tax Abatement

        For qualifying projects approved by the appropriate jurisdiction, Tax Abatement is a funding consideration in Wright County and its communities. Implementation practices vary by community. Contact Wright County Economic Development at 515-532-6422 or at wced@co.wright.ia.us with questions.

Back to top of incentives list.

 

 

Prairie Energy Cooperative Revolving Loan Fund

        Prairie Energy Cooperative, based in Clarion, created its Community/Economic Development Revolving Loan Fund to improve the quality of life in rural areas by contributing to the long-term improvement in the local economy.

        Eligible uses of the funds are land purchase, buildings, fixed assets, machinery and equipment, infrastructure and residential housing projects (limits apply).

        Loan terms are set by the Prairie Energy Board of Directors based on the financial need of the project. Interest rates will vary from 0% to Prime Rate, though generally the rate will be 4%. There is an administrative fee of 1% and a minimum of 40% of the project must be funded from equity or debt sources other than the Prairie Energy RLF.

        For more information from Prairie Energy on its RLF, and other energy-related programs, go to: http://www.prairieenergy.coop/aspx/general/clientpage.aspx?pageid=48&n=9&n1=143&n2=570.

Back to top of incentives list.

 

 

Corn Belt Power POWER Fund

        Corn Belt Power Cooperative and its member systems provide financial expertise and assistance for business and industry to grow within the region through use of the Revolving Loan Fund, Joint Venture Fund and the USDA Loan Guarantee Program.
        The Revolving Loan Fund has been established to help create jobs and build the rural economy within 25 counties in North Central Iowa. Please call Brittany Dickey at 515-332-7715 or email brittany.dickey@cbpower.coop for more information. If you want more information on Corn Belt Power Cooperative’s financial assistance packages, including its POWER Fund, go to: http://www.cbpower.coop/aspx/general/clientpage.aspx?pageid=218&n=911&n1=912&n2=970.

Back to top of incentives list.

 

 

MIDAS Council of Governments Revolving Loan Fund

        MIDAS Council of Government’s administers a revolving loan fund that is designed to encourage new or expanded development activities in six north central Iowa counties, including Wright, Calhoun, Hamilton, Humboldt, Pocahontas, and Webster.

        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. For more information on MIDAS funding, go to: http://www.midascog.net/services/regional-initiatives/rlf.

Back to top of incentives list.

 

 

Iowa Capital Access Fund

        The Iowa Capital Access Program (ICAP) assists Iowa businesses secure the financing they need to launch, retain, or expand business operations in Iowa. ICAP encourages banks and other eligible financial institutions to consider small business loans that fall outside of conventional underwriting criteria by providing loan portfolio insurance to reduce lender risk and help businesses retain and create jobs for Iowans.

        IEDA has contracted with Iowa Business Growth Company (IBGC) to administer ICAP. For more information, go to: http://www.iowaeconomicdevelopment.com/Entrepreneurial/ICAP.

Back to top of incentives list.

 

 

Iowa Community Economic Betterment Account

        The CEBA program provides financial assistance to companies that create new employment opportunities and/or retain existing jobs, and make new capital investments. The amount of funding is based, in part, on the number of jobs to created/retained. Funds are provided in the forms of loans and forgivable loans. Projects eligible for CEBA funding include, but are not limited to, the following:

        - Building construction or reconstruction

        - Land or building acquisition

        - Equipment purchases

        - Operating and maintenance expenses

        - Site development – clearance, demolition and building removal

        - Working capital

        CEBA investments should not be considered a sole funding source. The program leverages other financial support such as bank financing and private investment.

        The CEBA program also contains a modernization project component. This part of the program is specifically designed for business investing in machinery and equipment and/or technology upgrades to improve or maintain their competitive edge in their respective markets.

         Call 515-725-3000 for more information.

Back to top of incentives list.

 

 

Iowa Demonstration Fund

        The Demonstration Fund provides financial and technical assistance to encourage high technology prototype and concept development activities that have a clear potential to lead to commercially viable products or services within a reasonable period of time. T

        The Demonstration Fund supports commercialization activities by small and medium-sized Iowa companies in the advanced manufacturing, biosciences, and information technology industries. The primary purpose of the fund is to help businesses with a high-growth potential reach a position where they are able to attract later stage private sector funding. For more information, go to: http://www.iowaeconomicdevelopment.com/Entrepreneurial/DemoFund.

Back to top of incentives list.

 

  

Iowa Economic Development Set-Aside Program

        The EDSA program provides financial assistance to companies that create new employment opportunities and/or retain existing jobs, and make new capital investments. The amount of funding is based, in part, on the number of jobs to be created and/or retained.

        Projects eligible for EDSA funding include, but are not limited to, the following:

        - Building construction or reconstruction

        - Land or building acquisition

        - Equipment purchased

        - Operating and maintenance expenses

        - Site development – clearance, demolition and building removal

        - Working capital

        EDSA investments should not be considered a sole funding source. The program leverages other financial support such as bank financing and private investment.

        The EDSA program assistance is targeted toward business projects located in communities of fewer than 50,000 population.

        Assistance is provided in the form of loans and/or forgivable loans. The maximum award is $1 million per project. Applications are filed by cities or counties on behalf of eligible businesses, which need to meet certain regional/county wage standards.

        For more information, go to: http://www.iowaeconomicdevelopment.com/CDBG/CDBGJob.

Back to top of incentives list.

 

 

Iowa High Quality Jobs Creation Program

        The Iowa HQJC 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, go to: http://www.iowaeconomicdevelopment.com/Finance/HQJ.

Back to top of incentives list.

 

 

Iowa Roads & Infrastructure Financial Assistance Programs: RISE & PFSA

        Financial assistance programs are available to finance road and community infrastructure to attract new development or support growth of existing development.

        The Revitalize Iowa’s Sound Economy (RISE) program is for eligible cities and counties to promote economic development in Iowa through construction or improvement of roads and streets.  This program is administered by the Iowa Department of Transportation for expenditures on city, county, and state highways to help attract new development or to support growth with existing developments. Projects are evaluated on economic potential and impact. Funding may be used in conjunction with other sources of federal, state, local, and private financing for the purpose of improving area highways and specific access to roads. Got more information, go to: http://www.iowadot.gov/systems_planning/rise.htm.

        Public Facilities Set-Aside (PFSA) assists with the construction of public infrastructure to serve industrial properties. For more information, go to: http://www.iowaeconomicdevelopment.com/CDBG/CDBGJob.

Back to top of incentives list.

 

 

Iowa Innovation Acceleration Fund

        The Iowa Innovation Acceleration Fund promotes the formation and growth of businesses that engage in the transfer of technology into competitive, profitable companies that create high paying jobs. The funds are designed to support commercializing research, launching new start-ups and accelerating private investment and industrial expansion efforts that result in significant capital investment.

        The fund provides financing to eligible businesses through three program components that correspond to three different stages of growth for investment-grade, high-growth enterprises. For more information, go to: http://www.iowaeconomicdevelopment.com/Entrepreneurial/SSBCIInnovation.

Back to top of incentives list.

 

 

Iowa Jobs Training Program (260E) – New Job Training

        Iowa Central Community College in Fort Dodge and North Iowa Area Community College in Mason City offer the 260E Program in Wright County.  The purpose of the job-training programs 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.

        The Iowa New Jobs Training Program was developed to assist businesses that are creating new jobs. If the company is expanding Iowa operations or locating a new facility in the state, the New Jobs Training Program can provide flexible funding to meet the wide variety of training and employee development needs for its new employees. The assistance available ranges from highly specialized educational programs to basic skills training for new positions. This program is administered through Iowa’s Community College Network.

        For more information, go to: http://www.iowaeconomicdevelopment.com/Finance/NewJobs.

Back to top of incentives list.

 

 

Iowa Jobs Training Program (260F) – Existing Job Training

        The Iowa Jobs Training Program invests in customized training for existing Iowa employers. Businesses with employee development or training needs should contact their local community college, which in Wright County is either Iowa Central Community College in Fort Dodge or North Iowa Area Community College in Mason City.

        The Community College assists businesses with funding. The maximum award is $25,000 for each project, provided the company offers a minimum 25 percent cash match. A business site may be approved for multiple projects - with maximum funding over three years not to exceed $50,000 per site.

        A New Jobs Tax Credit is available to businesses entering into an agreement under the state’s training program and which increase their workforce by at least 10 percent. The business qualifies for this credit to its Iowa corporate income tax. The credit is equal to 6 percent of the state unemployment insurance taxable wage base. The tax credit can be carried forward up to 10 years.

        For more information, go to: http://www.iowaeconomicdevelopment.com/WorkforceTraining/employeetraining.

Back to top of incentives list.

 

 

Iowa Micro Loan

        Iowa Micro Loan provides:

        - Loans for start-up, expansion or refinancing of small business entrepreneurs

        - A technical assistance action plan tailored to the needs of your business

        - A technical assistance grant up to $500/client/year to assist in the cost of accessing technical assistance resources

        - Access to local, regional, statewide, and online networks of microbusiness development mentors, coaches, and professionals willing to help your business become profitable

        - Assistance in improving your credit score and reducing overall business risk that will allow you to utilize traditional credit resources once you graduate from IowaMicroLoan.

        For more information, go to: http://www.iowamicroloan.org/.

Back to top of incentives list.

 

 

Iowa Small Business Linked Investments for Tomorrow (LIFT) Program

        The Small Business Linked Investments Program provides capital for 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.

        For more information, visit the website of the Iowa State Treasurer at: https://www.iowalift.com/.

Back to top of incentives list.

 

 

Iowa Self-Employment Loan Program – Low Income & Disabled Eligibility

        The Self-Employment Loan Program (SELP) assists in the creation and expansion of small businesses in Iowa by low-income individuals or persons with a disability.

        To receive a SELP loan, applicants must have an annualized family income that does not exceed current income guidelines for the program. An applicant is automatically eligible for SELP if they receive Family Investment Plan assistance or other general assistance such as disability benefits. SELP funds are also available to applicants who are eligible under the Job Training Partnership Act or certified as having a disability under standards established by the Iowa Department of Education, Division of Vocational Rehabilitation Services. Applicants for this program must obtain a local sponsor for the application process.

        SELP loans of up to $10,000 with a 5 percent interest rate are available. The loan is to be repaid in monthly installments over a five-year period, and the first payment may be deferred for three months for a start-up business.

        For more information, go to: http://www.niacc.edu/pappajohn/selp.html or call the John Pappajohn Entrepreneurial Center at North Iowa Area Community College, Mason City, at 641-422-4111 or 1-888-466-4222 ext. 4111.

Back to top of incentives list.

 

 

Iowa Small Business Loan Support Program

        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. For more information, go to: http://www.iowaeconomicdevelopment.com/Entrepreneurial/ISBLSP.

Back to top of incentives list.

 

 

Iowa Targeted Small Business Program (Women, Disabled, Minorities)

        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. Since its inception over two decades ago, the TSB program has issued hundreds of loans to Iowa small business owners. Besides financial assistance, the program has many additional benefits.

        Eligibility:

        - Business must be located in Iowa

        - Business must be operating for a profit

        - Business must have less than $4 million in annual gross income, computed as an average of the preceding three fiscal years.

        - At least 51% of the business must be owned, operated and actively managed by a female, a minority group member or a person with a disability.

        For more information, go to: http://www.iowaeconomicdevelopment.com/Entrepreneurial/TSB.

Back to top of incentives list.

 

 

Iowa Value-Added Agriculture Products & Process Financial Assistance Program (VAAPFAP)

        The VAAPFAP provides financial assistance to new or existing companies that utilize the state’s agricultural commodities to create new, innovative products or to produce renewable fuels (including soy diesel, ethanol and other renewable fuels). VAAPFAP can also assist those companies engaged in organic processing, bio-mass and creation of alternative energies. Financial assistance is provided in the form of loans and forgivable loans.

        More information is available at: http://www.niacc.edu/pappajohn/VAAPFAP.html.

Back to top of incentives list.

 

 

SBA Guaranteed Loan Programs (Debt Financing)

        The federal Small Business Administration (SBA) does not make direct loans to small businesses. Rather, SBA sets the guidelines for loans, which are then made by its partners (lenders, community development organizations, and microlending institutions).

        The SBA guarantees that these loans will be repaid, thus eliminating some of the risk to the lending partners. So when a business applies for an SBA loan, it is actually applying for a commercial loan, structured according to SBA requirements with an SBA guaranty. SBA-guaranteed loans may not be made to a small business if the borrower has access to other financing on reasonable terms.

         SBA loan guaranty requirements and practices can change as the Government alters its fiscal policy and priorities to meet current economic conditions. Therefore, you can’t rely on past policy when seeking assistance in today's market.

        For more information, contact your local bank or go to: http://www.sba.gov/category/navigation-structure/loans-grants/small-business-loans.

Back to top of incentives list.

 

 

SBA Venture Capital Program

        The federal Small Business Administration’s (SBA) Small Business Investment Company (SBIC) Program is a public-private investment partnership created to help fill the gap between the availability of growth capital and the needs of small businesses. The SBA does not invest directly in small businesses, relying instead on the expertise of qualified private investment funds. The SBA licenses these funds as SBICs and supplements the capital they raise from private investors with access to low-cost, government-guaranteed debt.

        With these two sources of capital backing them, SBICs search across the United States for promising businesses in need of debt or equity financing. SBICs are similar to other investment funds in terms of how they operate and their pursuit of high returns. However, unlike other funds, SBICs limit their investments to qualified small business concerns as defined by SBA regulations.

        For more information, contact your local bank or go to: http://www.sba.gov/category/navigation-structure/loans-grants/small-business-loans.

Back to top of incentives list.

 

 

USDA Rural Development Grant Assistance – Business, Housing, Community Development, Energy

        United States Department of Agriculture Rural Development Program assistance is provided in many ways, including direct or guaranteed loans, grants, technical assistance, research and educational materials. Visit the following sites for information and/or assistance: http://www.rurdev.usda.gov/RD_Grants.html. The local USDA Rural Development office is in Humboldt and can be contacted at 515-332-4411.

Back to top of incentives list.

 

 

USDA Rural Development Loan Assistance  - Business, Housing, Community Development, Energy

        United States Department of Agriculture Rural Development Program assistance is provided in many ways, including direct or guaranteed loans, grants, technical assistance, research and educational materials. Visit the following site for information and/or assistance: http://www.rurdev.usda.gov/RD_Loans.html. The local USDA Rural Development office is in Humboldt and can be contacted at 515-332-4411.

Back to top of incentives list.

 

 

Statement of Non-Discrimination

        In accordance with Federal Law and U.S. Department of Agriculture policy, this institution is prohibited from discriminating on the basis of race, color, national origin, sex, age or disability. (Not all prohibited bases apply to all programs.)

        To file a complaint of discrimination, write USDA, Director, Office of Civil Rights, 1400 Independence Avenue, SW, Washington, D. C. 20250-9410 or call (800) 795-3272 (voice), or (202) 720-6832 (TDD)

 

        De acuerdo con la Ley Federal y la política del Departamento de Agricultura de los Estados Unidos, a esta Institución se le prohíbe discriminar por razones de raza, color, origen nacional, sexo, edad, incapacidad física o mental. (no todas las prohibiciones aplican a todos los programas).

        Para radicar una querella sobre discriminación, escriba a: USDA, Director, Oficina de Derechos Civiles, 1400 Independence Avenue, SW, Washington, D. C. 20250-9410 o llame al (800) 795-3272 (voz), o (202) 720-6832 (TDD)

Back to top of incentives list.