Existing Business Local Programs

The Iowa Falls area benefits from both local and regional programs supporting the retention and growth of existing business.  For a comprehensive and confidential analysis of your project and/or request, please contact IFADC or call 877-648-5549.

City of Iowa Falls RLF - Priorities include: job creation and retention; diversification of the local economy; improving the skills of rural workforce; and upgrading the public infrastructure to improve the health, safety, and/or medical care of rural residents.  Loan amount minimum is $5,000.  Interest rates will vary depending on the project's rating and risk factors, not to exceed prevailing prime rate.  Contact Darrel Steven Carlyle, City Manager, 641-648-2527 for more information.

Iowa Falls Commercial & Industrial Tax Abatement - Iowa law allows cities and counties to abate local property taxes for value added to industrial real estate.  The maximum amount of actual value added at a new or expanded facility, which is eligible to be exempt from taxation is: Year One: 100%, Year Two: 100%, Year Three: 100%.  Contact Darrel Steven Carlyle, City Manager, 641-648-2527 for more information.

Midland Power Cooperative RLF - Low-interest loans in the amount of $5,000 to $150,000 are available to business developers, governmental/public bodies and nonprofit/ community development entities for building, real estate, equipment and working capital. Interest rates will not exceed prime, and terms are 10 years or less. The requesting entity must provide at least a 20 percent cash match and appropriate collateral. Pre-development costs, housing projects and refinancing of existing debts are not eligible for funding through this program.  Contact Norm Fandel, MPC Regional Manager, at 515-386-4111 or 800-833-8876 for more information.

Region 6 Planning Commission RLF - Region 6 Planning has developed a $300,000 ecomonic development revolving loan fund for new start-ups or existing businesses in Hardin, Marshall, Poweshiek, and Tama Counties.  Loan funds must be used to create or retain jobs.  Applicants must demonstrate the need for the Region 6 gap financing and the ability to repay the debt.  The maximum loan award is $75,000, loan interest rate can be as low as 4% apr., Region 6 loan funding needs to be a minor portion of the project budget and no more than 1/3 of the total budget can be from the Region 6 Economic Development fund.  Contact Marty Wymore, Regional Director, at 800-417-4699 for more information.

Corn Belt Power Cooperative Fund Programs - Corn Belt Power Cooperative and its member systems provide financial expertise and assistance for business and industry to grow within the region through use of the Joint Venture Loan Fund, Intermediary Revolving Program (IRP) Loan Fund, Interest Buy-Down Program and the USDA Loan Guarantee Program.  The IRP Loan Fund has been established to help create jobs and build the rural economy within 25 counties in North Central Iowa.  Contact Jim Vermeer, Regional Director, at 515-332-2571 x227 for more information.

Tax Increment Financing (TIF) - City councils or county 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 or industry.  Tax Increment Financing may be used to offset the cost of public improvements and utilities that will serve the new private development, to finance direct grants or loans to a company, or to provide the local match for federal or state economic development assistance programs. 

TIF Rebate - Cities use a method known as a “TIF rebate agreement” in which a developer agrees

to invest a certain amount of private capital in the cost of infrastructure, in return for the city’s commitment to reimburse the developer by making payments out of the future TIF revenues generated from development in the area which is served by the infrastructure.  In this fashion, TIF makes it possible for new development to be constructed, without direct cost to other taxpayers in the city. 

Hardin County Enterprise Zones - Business locating or expanding in an Enterprise Zone may receive tax benefits. 

* Businesses located in the Iowa Falls Downtown/Main Street may qualify for additional programs.  Please contact the Iowa Falls Chamber/Main Street at 877-648-5549 for more information.