For more than 20 years, Midwest Partnership has worked with local communities and prospective and expanding businesses across industry sectors to help lower capital costs to facilitate job and wealth creation. Information on common sources of funds is below. For more information and to determine the best financial program for your project, contact our office.
Tax Increment Financing
Communities throughout the region have created Urban Renewal Districts which provide the opportunity to access tax increment financing for qualifying projects. Funds may be used for necessary infrastructure extension, property tax rebates, upfront cash awards and other needs depending on the project size and needs.
Revolving Loan Funds
Midwest Partnership has access to several low-interest loans that assist with business expansion or startups. The funds are available for projects that meet certain job creation/retention, capital investment and collateral requirements. Loans generally can be for up to 50 percent of a project, or $250,000 with terms between 2.4 – 4.5 percent depending on the fund used and type of project. Loan applications may be made at any time.
State of Iowa Programs
Iowa offers a variety of avenues for financial assistance options to assist with relocations and expansions to locations within Iowa. Assistance is provided in the form of loans and/or forgivable loans, based in part on job creation, capital investment, the ability to meet certain wage standards, quality of employment, and economic benefits for the state and local community.
The High Quality Jobs Program (HQJ) is the state’s premier financial assistance program designed to support innovation and job growth. Applications for this program are filed by cities, counties or community colleges on behalf of eligible businesses.
Banks and Lenders
The Midwest Partnership region is home to many great local banks and lenders that are great partners for small businesses and make significant contributions to their communities.