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The following financial incentive programs are available through cooperative efforts of the State of Iowa, Fayette County, the City of Oelwein, OCAD, and local financial institutions.
City of Oelwein Revolving Loan Fund
The City of Oelwein Revolving Loan Fund became available in October of 2007 to make monies available to help businesses in downtown Oelwein improve their properties. Applications are available at the OCAD office at 25 W. Charles Street. Click here for a printable brochure with all the details.
Discounted Loan Pool
Downtown businesses can be successfully remodeled using available loan funds.
Two special Loan Pools were created to encourage business in Oelwein and improvement of existing Oelwein business buildings.
1.) Fidelity Bank & Trust in Oelwein
A new "Positively Focused on Oelwein" loan is available through the Fidelity Bank & Trust in Oelwein. Loans are made in amounts from $5,000 to $25,000 at 6.95% annual interest rate to be used for:
the purchase of real estate for a business location
the purchase of an unoccupied building for a business location
exterior remodeling of currently occupied buildings
rehabilitation or modification of currently unoccupied buildings
Downtown Revitalization Assessment
Physical location of the business needs to be on retail or commercially zoned Oelwein property. Please contact Fidelity Bank for an application. Phone 319-283-2524 or 800-568-4239 for details. www.bankfidelity.com
2.) Oelwein Community Bank Revolving Loan Fund
Loan fund available through Community Bank of Oelwein to finance qualifying purchases from Oelwein Chamber and Area Development (OCAD) member businesses or for purchase of Oelwein Dollars at special discounted interest rates. Loans made in amounts of $1,000 to $25,000 per family or business. Call 319-283-4000 for details. www.bankoelwein.com
Tax Abatement
Assistance to industry in the form of property tax abatement over a 3-5 year period, to be used for new construction or property improvement. Qualifications are determined by actual facility investment.
Urban Renewal Program
Incentives to build or remodel residential or business property.
Enterprise Zones - The City of Oelwein works with the Fayette County Enterprise Zone Commission and the State of Iowa to provide building assistance in certain approved areas.
Fayette County has two revolving loan funds available to small business
1.) Job creation oriented loans offer $8,000 to $9,000 in incentives per job created. 2.) Non-job creation oriented loans.
State of Iowa New Jobs and Income Program (NJIP)
Assistance to increase job training for value-added production or service in Iowa through extended property tax abatement and additional state corporate income tax credits. Qualify by creation of at least 50 new production jobs with a median wage that changes quarterly plus a $3 million capital investment.
State of Iowa Industrial New Jobs Training Program
Assistance in the form of reimbursement of trainees' and trainers' wages, travel, materials. To be used as job training only. Qualifications are based on the number of jobs created and annual payroll over 3 years.
State of Iowa Community Economic Betterment Account (CEBA)
Assistance in the form of low interest, no interest or forgivable loans. Estimate of $3,000 per job created. To be used for fixed assets and/or for working capital. A certain wage is required for each new job created, changing quarterly.
State of Iowa Income Job Tax Credit
State income tax credit of $1,152 per job created. To be used in hiring new Iowa workers. Credit against state form; can carry forward up to 7 years.
SBA 504 Loan Program
40% of total project cost, Second Lien. Can be used for land, buildings, and certain equipment. For businesses employing less than 500.
Rail/RISE Economic Development Program
80% of infrastructure construction costs, up to $100,000 maximum. Use for rail or road extensions or improvements. Need to be filed by the city; 30-45 days review process.
Housing Incentives
City of Oelwein Incentives...
offers the following incentives to owners of newly constructed single family residential dwellings and/or condominiums:
Waiver of Statutory Building Permit Fees
Waiver of Statutory Water and Sewer Hook-up Fees
Free Water and Sewer Services for six months from date of occupancy by the first individual qualifying for a homestead exemption on the newly constructed home
Five-year Property Tax Abatement
A single season family pass to the Oelwein Family Aquatics Center
A single season family membership to the Williams Wellness Center
Season tickets for two to the Williams Center for Performing Arts
The Trees Forever program will provide two free trees (choice) for any new house built within city limits.
Some restrictions apply.
Fayette County Incentives....
is a certified Enterprise Zone that allows developers additional benefits to qualified projects. Developers and contractors either building or rehabilitating housing may be eligible to receive:
Refund of state sales, service or use taxes paid during construction
Investment Tax Credit up to 10% of investment directly related to construction or rehabilitation on the first $140,000 of value for each home or unit. This credit may be carried forward up to seven years.
(NOTE: Projects must meet Eligibility Requirements established by the City of Oelwein and/or Fayette County Enterprise Zone Commission. Prior approval must be determined prior to construction. This is for information use only. Phone 319-283-1105 to find out how to apply for benefits.)
For a confidential assessment of potential incentives for your proposed building project, relocation or expansion, please contact:
Sally Falb
Director of Economic Development
Oelwein Chamber and Area Development
25 West Charles, Oelwein IA 50662
319-283-1105
Email: sfalb@alpinecom.net
Iowa Department of Economic Development
www.iowalifechanging.com
1-800-245-IOWA
for more information about qualifications
and availability of state programs
Fayette County Economic Development
www.fayettecountyia.com
Robin Bostrom, Executive Director
563-422-3070
fced@alpine.net
for more information about Fayette County programs
City of Oelwein
www.oelweingov.com
Mayor, Larry Murphy - llmurphy@fbx.com
City Manager, Steve Kendall - c1ken@oelweingov.com
319-283-5440
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