Financial Incentives
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.
For more information on any of the following programs, please contact the OCAD office at 319-283-1105 or ocad@oelwein.com.
Revolving Loan Fund
The City of Oelwein Revolving Loan Fund became available in October of 2007 to make monies available to help businesses in Oelwein improve their properties, expand, acquire buildings/land and more. In 2015 and 2019, additional Revolving Loan Funds were awarded to the City of Oelwein from USDA to enhance and expand the opportunities of the existing program to further increase the capability of funding new and existing businesses.
A similar regional program is available through Upper Explorerland Regional Planning Commission (UERPC).
City and regional applications may be picked up the OCAD office or found on the UERPC website.
Incentive Programs
Fayette County has two revolving loan funds available to small business.
- Job creation-oriented loans offer $8,000 to $9,000 in incentives per job created
- Non-job creation-oriented loans
The CDC/504 Loan Program provides long-term, fixed rate financing of up to $5 million for major fixed assets that promote business growth and job creation.
For more information on this program, please visit the Small Business Administration website.
The High Quality Jobs (HQJ) program provides qualifying businesses assistance to off-set some of the costs incurred to locate, expand or modernize an Iowa facility. This flexible program includes loans, forgivable loans, tax credits, exemptions and/or refunds.
For more information on this program, please visit the Iowa Economic Development website.
The Iowa Industrial New Jobs Training (260E) program assists businesses creating new positions with new employee training. Eligible businesses may be new to Iowa, expanding the Iowa workforce or relocating to the state.
For more information on this program, please visit the Iowa Economic Development website.
In addition, the State of Iowa New Jobs Tax Credit is a one-time, corporate income tax credit is available to participants in the New Jobs Training (260E) Program. Iowa offers this credit as an incentive for businesses that provide additional training to employees and expand their workforce.
For more information on this program, please visit the Iowa Economic Development website.
All real estate assessed as residential property; assessed as commercial property, if the commercial property consists of three or more separate living quarters with at least 75% of the space used for residential purposes; or assessed as multi-residential property, is eligible to receive a partial exemption from taxation on the actual value added by new construction or improvements. The exemption is for a period of five years and is applicable to the first $75,000 of value added.
For more information on this program as well as the application, please visit the City of Oelwein website.
Housing Incentives
Beginning July 1st, 2020, the City of Oelwein will begin offering residents a new funding source to finance needed home repairs and improve residential neighborhoods and livability of single-family homes. The Home Rehabilitation Revolving Loan Fund (RLF) Program provides low interest loans to residents meeting eligibility criteria.
For more information on this program as well as the application, please visit the City of Oelwein or the Upper Explorerland Regional Planning Commission (UERPC) website.
The goal of this fund is to develop, redevelop, rehabilitate, and renovate single-family and/or multi-family owner-occupied and rental dwellings. Funding limits are set at $10,000 per project including 1st time homebuyers.
For more information on this program as well as homebuyer, landlord, and non-profit applications, please visit the Upper Explorerland Regional Planning Commission (UERPC) website.
The UERPC Homeowner Rehabilitation Program is funded by the Federal Home Loan Bank (FHLB). The funds will be used to assist households with homeowner rehabilitation under 80% of the HUD guidelines and the funds will be geared towards elderly and special needs clients.
For more information on this program as well as the application, please visit the Upper Explorerland Regional Planning Commission (UERPC) website.
Confidential Assessment
For a confidential assessment of potential incentives for your proposed building project, relocation or expansion, please contact:
Oelwein Chamber & Economic Development
Deb Howard, Executive Director
6 South Frederick
Oelwein IA 50662
Phone: 319-283-1105
Email: dhoward@oelwein.com
City of Oelwein
Brett Devore, Mayor
Phone: 319-283-5440
Email: brett.devore@cityofoelwein.org
Dylan Mulfinger, City Administrator
Phone: 319-283-5440
Email: dmulfinger@cityofoelwein.com
Website: www.cityofoelwein.org
Fayette County Economic Development
Mallory Hanson, Executive Director
101 North Vine St
West Union, IA 52175
Phone: 563-265-5248
Email: director@visitfayettecountyiowa.com
Website: www.visitfayettecountyiowa.com
Iowa Economic Development
Debi Durham, Executive Director
1963 Bell Avenue, Suite 200
Des Moines, Iowa 50315
Phone: 515-348-6200
Email: info@iowaeda.com
Website: www.iowaeda.com
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