Business Incentives and Programs

Twin Cities Development works on a case by case basis with companies to provide competitive incentive packages. While TCD can provide information to companies seeking incentives, local financing is decided by local government. Programs available vary depending on the population of the community.

 

Local Programs

LB840 provides funds from a collected tax previously approved by local voters for economic development purposes. An economic development program may include, but is not limited to, the following activities:

  • Direct loans or grants
  • Loan guarantees
  • Grants for public works essential for the location/expansion of business
  • Grants or loans for job training
  •  The purchase of real estate
  • Payments for salary and support of city staff or an outside entity to implement the program
  • Bonding used to carry out program activities

 

TIF (Tax Increment Financing) is a local incentive offered to finance the public costs associated with a private development project. The property tax increases resulting from a development are targeted to repay the public investment required by a project.

 

State Programs

The Nebraska Advantage Act, LB 312 and the new Super Advantage Tier LB 895, are economic development incentives the make Nebraska more competitive for business expansions or locations and strengthen Nebraska’s economy.

  •  Nebraska’s comprehensive economic development incentives for your expanding or relocating business.  Nebraska’s competitive incentives package  LB 1118 creates an additional tier 2 providing additional benefits for large data center projects, in addition to the benefits currently available for other tier 2 projects, for a 10 year personal property tax exemption for those projects. LB 1118 also allows a taxpayer to sign a single agreement for a tier 2 large data center project and sequential tier 5 project.
  • The Nebraska Advantage Act includes multi-tiered benefits includes six different tiers tied to investments up to $109 million.
  • NE Advantage Benefit Calculator.   Download and use the Calculator to check your current costs of doing business to the potential savings your company could get by moving to western Nebraska.

 

Talent & Innovation Initiative

  • Business Innovation Act – Provides funding to help businesses develop new technologies that lead to quality job opportunities across the state
  • InternNE Grant Program – Provides financial assistance to employers creating new internships in Nebraska.
  • Angel Investment Tax Credit– Encourages investment in high-tech and other start-up Nebraska enterprises by helping attract private funding.
  • Site & Building Development Fund – Creates conditions favorable to improving Nebraska’s industrial readiness which furthers economic development and increases the general prosperity outlook for all Nebraska citizens

 

Federal Programs

The purpose of the Business & Industry Guaranteed Loan Program is to improve, develop, or finance business, industry, and employment and improve the economic and environmental climate in rural communities.  A borrower may be a cooperative organization, corporation, partnership, or other legal entity organized and operated on a profit or nonprofit basis; an Indian tribe on a Federal or State reservation or other Federally recognized tribal group; a public body; or an individual that will:

  1. Provide employment;
  2. Improve the economic or environmental climate;
  3. Promote the conservation, development, and use of water for aquaculture; or
  4. Reduce reliance on nonrenewable energy resources by encouraging the development and construction of solar energy systems and other renewable energy systems.

 

The Rural Energy for America Program Guaranteed Loan Program encourages the commercial financing of renewable energy (bioenergy, geothermal, hydrogen, solar, wind and hydro power) and energy efficiency projects. Under the program, project developers will work with local lenders, who in turn can apply to USDA Rural Development for a loan guarantee up to 85 percent of the loan amount.

Guaranteed Loan Specifications

Loans Limits: Loans up to 75% of the project’s cost with a maximum of $25 million and minimum of $5,000. 

Maximum percentage of guarantee (applies to whole loan):

  • 85% for loan of $600,000 or less
  • 80% for loans greater than $600,000 but $5 million or less
  • 70% for loans greater than $5 million up to $10 million
  • 60% for loans greater than $10 millon up to $25 millon

 

Contact Us to discuss the options that may available to assist you with your business expansion or location.