Whether you are launching a new business or expanding an existing one, economic growth can come with big challenges and sizable investments.
If you would like to discuss financial assistance options, please contact, Jason White.
A wide variety of programs and incentives are designed to support growth – offering key financial assistance that can help make difference-making projects viable.
The Greater Dubuque region is known for effective public/private partnerships, and our staff is well-versed on the incentive programs available at the local, state, and federal levels. We are proud to serve as your advocate as you assess your company’s needs and evaluate your path forward.
Developers in Iowa can receive tax credits for redeveloping properties known as Brownfield and Grayfield sites. Additional tax credits are available for projects that meet or exceed sustainable design standards as defined by state law.
Brownfield sites are abandoned or underutilized industrial or commercial properties where real or perceived environmental contamination prevents productive expansion or redevelopment. Examples include former gas stations, dry cleaners, and other commercial operations that may have utilized products or materials potentially hazardous to the environment.
Grayfield sites are industrial or commercial properties that are vacant, blighted, obsolete, or otherwise underutilized. A Grayfield site has been developed and has infrastructure in place, but the property's current use is outdated or prevents a better or more efficient use.
This tax credit program promotes the economic health of communities by reducing potential environmental hazards, cleaning up eyesores, creating new jobs, and boosting tax revenue:
The Dubuque County Revolving Loan Fund supplies up to $250,000 to purchase fixed assets and targets manufacturing, high-tech, and service industries located in Dubuque County. The City of Dubuque is excluded.
Fixed-asset acquisition or expansion including:
The East Central Intergovernmental Association (ECIA) Revolving Loan Fund supplies up to $250,000 to purchase fixed assets and targets manufacturing, high-tech, and service industries located in Cedar, Clinton, Delaware, Dubuque, and Jackson counties. The cities of Dubuque and Clinton are excluded.
Eligible projects
Fixed-asset acquisition or expansion including:
The Economic Development Administration (EDA) Revolving Loan Fund supplies up to $250,000 to purchase fixed assets and targets manufacturing, high-tech, and service industries located in Cedar, Clinton, Delaware, Dubuque (including the City of Dubuque), and Jackson counties.
Fixed-asset acquisition or expansion including:
The Energy Efficiency Loan Fund (EELF) is a $250,000 revolving loan fund established through funds from the U.S. Department of Energy. Its purpose is to help finance energy improvements in buildings owned or leased by commercial businesses, nonprofits, and multi-tenant facility-management groups. The projects that receive loans will be those seeking to fund innovative energy-efficiency projects that significantly reduce greenhouse gas emissions. The EELF is for Dubuque-based businesses to help reduce their energy consumption through greater efficiency.
Activities eligible for funding include:
The Iowa Economic Development Authority (IEDA) has several assistance programs for entrepreneurs.
DEMONSTRATION FUND
HELPING BUSINESSES DEVELOP AND BRING NEW TECHNOLOGIES AND CONCEPTS TO MARKET
The Demonstration Fund is designed to help companies with market-ready innovative technologies or products that have a clear potential for commercial viability:
IOWA INNOVATION ACCELERATION FUND
HELPING EMERGING INDUSTRIES COMMERCIALIZE TECHNOLOGY
The Iowa Innovation Acceleration Fund promotes formation and growth of businesses that engage in the transfer of technology to competitive, profitable companies that create high-paying jobs. Funds are designed to accelerate the pace of market development, leverage private investment, and promote industrial expansion efforts that result in significant capital investment. The fund provides financing to eligible businesses through two program components that correspond to different stages of growth for investment-grade, high-growth enterprises:
PROOF OF COMMERCIAL RELEVANCE
HELPING COMPANIES REACH COMMERCIALIZATION
The Proof of Commercial Relevance (POCR) program is designed to define and articulate the opportunity for businesses that demonstrate a proof-of-concept for innovative technology:
SMALL BUSINESS INNOVATION RESEARCH AND SMALL BUSINESS TECHNOLOGY TRANSFER OUTREACH PROGRAM
HELPING COMPANIES APPLY FOR FEDERAL SMALL BUSINESS FUNDING
The Iowa Economic Development Authority has delegated the delivery of the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Outreach program to the Iowa Innovation Corporation to help companies apply for federal small business funding. This program reviews ideas and offers professional proposal assistance and matching funds for awarded companies. This program assists Iowa companies by reviewing SBIR/STTR grant-proposal applications and providing commitments to matching grant funds for Phase I SBIR/STTR awards.
THE INNOVATION FUND TAX CREDIT
The Innovation Fund Tax Credit was created to stimulate venture capital investment in innovative Iowa businesses. Individual investors receive tax credits equal to 25% of an equity investment in a certified Innovation Fund. In turn, those certified Innovation Funds make investments in promising early-stage companies that have a principal place of business in Iowa.
SUPPORT FOR INDIVIDUALS GROWING A BUSINESS
The certified Targeted Small Business (TSB) program is designed to help women, individuals with minority status, service-connected disabled veterans, and individuals with disabilities overcome some of the hurdles to start or grow a small business in Iowa. Support for TSBs can occur either through an official third-party certification of the business or through the low-interest TSB loan program. Certified TSBs can be found in the online public directory.
TSB loans are available to businesses that are eligible for TSB certification – are 51% or more owned and actively managed by a female, an individual with minority status, a service-disabled veteran, or an individual with a disability. Loan eligibility is not dependent on TSB certification; however, it is strongly encouraged that once the entity is in business that they become a certified TSB:
The High-Quality Jobs program provides qualifying businesses tax credits and direct financial assistance to offset some of the costs incurred to locate, expand, or modernize an Iowa facility. To qualify for this very flexible assistance package that includes loans, forgivable loans, tax credits, exemptions, and/or refunds, eligible businesses must meet certain wage-threshold requirements.
Potential tax incentives
The following tax incentives may be available:
For more information regarding this incentive, contact Greater Dubuque Development Corp. at 563.557.9049 or by email.
The Historic Preservation Tax Credit program offers tax credits to developers who sensitively rehabilitate historic buildings to offer them new life. Iowa offers this tax credit program to ensure character-defining features and spaces of buildings are retained to help create distinct and vibrant communities:
More information can be found here.
Often considered the best and most flexible job-training program in the United States, the Iowa New Jobs Training program provides funding to meet the wide variety of employee training and development needs of companies that are expanding operations or locating a facility in the state. Administered in the Greater Dubuque area through Northeast Iowa Community College (NICC), the program helps meet your needs, whether you require highly specialized educational programs or basic skills training for new positions.
The program is financed through bonds sold by NICC. Depending on wages paid, the business then diverts 1.5 or 3% of the Iowa state withholding taxes generated by the new positions to NICC to retire the bonds. Because of this structure, the training is available at what is essentially no cost since the bonds are retired with dollars that otherwise would have been paid to the state as withholding taxes.
In addition to increasing worker productivity and company profitability, businesses participating in the Iowa Industrial New Jobs Training program may also be eligible for reimbursement up to 50% of the annual gross payroll costs expended for on-the-job training, as well as a corporate tax credit if Iowa employment is increased by at least 10%. Training can be provided by NICC, local colleges, or private contractors, including in-house trainers.
For more information regarding this incentive, contact Greater Dubuque Development Corp. at 563.557.9049 or by email.
The Iowa Jobs Training program (260F) provides job-training services to current employees of eligible businesses:
The Iowa New Jobs Tax Credit is an Iowa corporate income tax credit available to a company that has entered into a New Jobs Training Agreement (260E) and expands its Iowa employment base by 10% or more.
The amount of this one-time tax credit will depend upon the wages a company pays and the year in which the tax credit is first claimed. The maximum tax credit in 2021–22 is $1,944 per new employee. Unused tax credits may be carried forward up to 10 years.
For more information regarding this incentive, contact Greater Dubuque Development Corp. at 563.557.9049 or by email.
Improvements to real property that are primarily used to control pollution of air or water, or primarily used for recycling, may qualify for a property tax exemption.
For more information regarding this incentive, contact Greater Dubuque Development Corp. at 563.557.9049 or by email.
Greater Dubuque communities have the option of offering an industrial tax abatement to eligible businesses. Typically, the industrial tax abatement is allowed in lieu of Tax Increment Financing (TIF). Each community will set the abatement schedule for years and ratio. Please contact us to find out whether the community where your business is located or locating and whether your business could be eligible for this assistance.
As one of only a few states in the United States to offer a refundable research activities credit, Iowa sets itself apart. Iowa companies earn refundable tax credits for research and development investments that may be paid directly in cash to the company once its tax liabilities have been met. This is a critical difference and a huge benefit in Iowa because each research or development decision depends on a delicate balance between the inherent financial risk and the return of profitability. The weight of that risk is mitigated with the refundable aspect of the state’s Research Activities Credit.
Specifically, the qualified research expenditures include:
For more information regarding this incentive, contact Greater Dubuque Development Corp. at 563.557.9049 or by email.
The SBA 504 Loan program is the Small Business Administration’s (SBA) economic development financing program that helps American small businesses grow. Loans are available for all types of small, for-profit businesses to purchase and/or renovate capital assets including land, buildings, and equipment. A small business is defined as having net worth under $15 million and net annual profit under $5 million. $50,000 minimum loan amount.
For more information regarding this incentive, contact Greater Dubuque Development Corp. at 563.557.9049 or by email.
Tax Increment Financing (TIF) is available in urban renewal districts only. City councils or boards of supervisors may use the property taxes resulting from the increase in taxable valuation caused by the construction of new industrial or commercial facilities to provide economic development incentives to a business.
TIF can be structured as an up-front loan, with debt service paid from the future flow of new taxes generated by the project over a 10-year period, or the property owner can opt to take the TIF as a rebate of the new taxes over 10 years.
For more information regarding this incentive, contact Greater Dubuque Development Corp. at 563.557.9049 or by email.
The Workforce Housing Tax Credit program provides tax benefits to developers to provide housing in Iowa communities, focusing especially on those projects using abandoned, empty, or dilapidated properties.
A Small Cities set-aside for this program is available to eligible projects within the 88-least populous counties in Iowa:
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