Local Assistance
The EDCMC can help you with understanding and with more information on the various financial option. We will work with you and the communities on securing the best options for you business.
| Revolving Loan Funds |  |
Tax Incremental Districts |
| Technology Zones | Industrial Revenue Bonds | |
| Development Funds | Private Investment Committee |
Revolving Loan Funds are designed to provide funds, generally at favorable interest rates, that can assist entrepreneurs with funds needed to start or expand a business. Loans are generally tied to maintaining or expanding the work force. As the business repays the funds to the local unit of government, the money can be loaned to other existing businesses within the community or county to finance additional economic development projects.
In Two Rivers, the city lends $5,000 to $20,000 for every job created, as long as the business invests at least twice the amount of the city loan. The financing may be used for capital improvements or investments needed to expand or maintain employment and production levels in the city. Local lenders can help with your portion of the investment. LEARN MORE
The City of Manitowoc has two fund programs; The City's Downtown Revolving Loan Fund (DRL) and the Industrial Revolving Loan Program (IRL). The DRL Program encourages the revitalization of businesses in downtown Manitowoc and provides long-term, fixed rate financing at 4% interest with low down payment requirements. The IRL program provides capital for projects city-wide at long-term, fixed rate financing at 65-75% of the prime rate, with low down payment requirements. LEARN MORE
Manitowoc County is one of eight zones created throughout Wisconsin to stimulate high-technology business growth. While the focus is on businesses engaged in research and the development of advanced products, the EDCMC assists businesses that use advanced technology in their production, operations or manufacturing processes.
Qualifying businesses earn these tax credits based upon four main criteria; the investment spending in the business, jobs created or retained, wages for the jobs created, and property taxes.
Allocations of Technology Zone tax credits will be determined based upon the following information for a three (3) year period:
1. Capital investments in taxable real and personal property.
2. Payroll (15% of projected wages for the first 12 months for new positions created).
3. Real and personal property taxes.
Applications under the program must first be reviewed and recommended for approval by NEWREP before being forwarded to the Department of Commerce (DOC) for final approval.
To learn if your business qualifies and for more information about the Technology Zone program, contact the EDCMC.
Community Development Zone Program
Tax credits for Environmental Remediation and Jobs Tax Credits
Two Rivers
Your business may qualify for state financial incentives by expanding in the Two Rivers Development Zone. The development zone includes 75% of the city, including a portion of downtown and two industrial parks. Expanding your business in the Two Rivers Development Zone can mean greater profits for you. LEARN MORE
Manitowoc
Manitowoc's program offers capital and employment-related tax credits to companies locating and investing in a zone. Credits equal to 50% of the amount expended for environmental remediation of property in a development zone are available. The credit can be used for the removal or containment of environmental pollution, and restoration of soil or groundwater that is affected by environmental pollution. Jobs Tax Credits are available for the hiring of targeted and non-targeted workers. LEARN MORE
A TIF is a mechanism for financing local economic development projects. Taxes generated by the increased property values pay for land acquisition or needed public works. Manitowoc has used TIF to accommodate and support selected new industrial and commercial development projects. Requires execution and compliance with a developers Performance Agreement.
In Two Rivers, three of the seven existing TIF districts have assisted industrial development while four have assisted in the redevelopment of blighted or obsolete properties.
Manitowoc County municipalities participate in Wisconsin's Industrial Revenue Bond program. The Wisconsin program now has more than $200 million available to assist small manufacturers with expansion projects through low interest financing. The Department of Commerce grants the bonding authority (volume cap allocation) to cities, villages and towns to issue the bonds on behalf of a business.
The Economic Developemnt Corporation of Manitowoc County is tapped into individuals sometimes known as angel investors and venture capitalist who make investments into qualified and fast-growth companies. They can be vital sources of capital for many kinds existing and start-up businesses. Providing entrepreneurs with the opportunity to turn a vision into reality, venture capitalists and angel investors lay the foundation for a healthy, vibrant economy. They not only act as a source of capital, but also offer a wealth of knowledge to fledgling entrepreneurs. Venture capital and angel investment funds offer a unique opportunity to tailor financial assistance that meets specific needs of business. Contact us for more information.
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1515 Memorial Drive Manitowoc, WI 54221-0813 • Phone: (920) 482-0540 Copyright © 2007 Economic Development Corporation of Manitowoc County • All rights reserved. Site Photo Credits |
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