The objective of the O'Brien County Economic Development Revolving Loan Fund is to further the public purpose of economic development through joint private and public investments which involve the creation of new jobs and income, or the retention of existing jobs and income that would otherwise be lost.
Revolving Loan Funds may be used for:
Length and project terms may be based on the criteria:
Length of Loan
0 – 2 Years 40% of commercial interest fixed rate available to the applicant
2 – 4 Years 50% of commercial interest fixed rate available to the applicant
4 – 6 Years 70% of commercial interest fixed rate available to the applicant
6 – 8 Years 80% of commercial interest fixed rate available to the applicant
8 – 10 Years 100% of commercial interest fixed rate available to the applicant
“This institution is an equal opportunity provider and employer.”
If you wish to file a Civil Rights program complaint of discrimination, complete the USDA Program Discrimination Complaint Form, found online at http://www.ascr.usda.gov/complaint_filing_cust.html, or at any USDA office, or call (866) 632-9992 to request the form. You may also write a letter containing all of the information requested in the form. Send your completed complaint form or letter to us by mail at U.S. Department of Agriculture, Director, Office of Adjudication, 1400 Independence Avenue, S.W., Washington, D.C. 20250-9410, by fax (202) 690-7442 or email at firstname.lastname@example.org.”
Tax Increment Financing
Tax Increment Financing (TIF) is a process whereby the taxes generated by new development are captured by the County and utilized to finance public improvements within the county or related to a specific economic development project. The way it works is that O'Brien County captures all new taxes generated in specific areas created for the purpose of economic development or the elimination of slum and blighting influences. We then may utilize these funds for the installation of sewers, water mains, storm sewers, street construction, or acquisition and clearance.
A different program business owners might take advantage of is tax abatement. The County may abate the property taxes on new developments for a period of years. The advantage is this program helps reduce the initial costs experienced by a new business.
For more information contact Kiana Johnson 712-957-1313.