CEDC aggressively pursues funding options available through Tax Increment Financing, Community Development Block Grant Re-Use Funds and other grant and business assistance opportunities. In addition, CEDC works aggressively with four member financial institutions to help fund new businesses, encourage business retention and support business expansion.
The objectives of the funds are to provide financing for start-up and existing businesses that cannot obtain conventional financing, to attract new business to the area and to create and retain jobs for low to moderate income persons. The minimum loan amount is $5,000 and the maximum loan amount is $20,000. An application review committee has been created to review applications.
Tax Increment Financing
The City of Broken Bow has the ability to use TIF to assist a new or expanding business. For more information, contact the City of Broken Bow at (308) 872- 5831 for details on our community redevelopment areas.
The Microenterprise Act provides persons actively involved in microbusinesses a refundable individual income tax credit based on demonstrated growth of their business over two tax years. The Microenterprise Act has $2 million available for each calendar year through December 31, 2015 to provide tax credits to applicants for creating or expanding microbusinesses. The applicant earns a credit equal to 20% of new investment and new employment at the microbusiness in the year of application and the year after application. The total lifetime tax credits claimed by any one taxpayer and any related persons are limited to $10,000. View the Nebraska Department of Revenue for more information on this program.
REAP is a rural microenterprise lending organization created by the Center for Rural Affairs. Through REAP you can create a business plan, research potential markets and marketing ideas, discuss management issues with experienced business specialists, and apply for a small business loan. Started in 1990, REAP has provided business development services to over 10,000 micro businesses (defined as one with less than 5 employees). REAP has placed over $6.2 million in loans and leveraged nearly $13 million in additional funds from other sources due to their assistance. View REAP for more information.
Nebraska Department of Economic Development also offers financing programs and incentives to start-up and existing businesses by providing businesses with a competitive edge through incentives and financing programs.