A variety of financing options are available to companies interested in acquiring capital for start-up, expansion, or relocation to Burt and Nebraska.
Local Resources
- First Northeast Bank
Two locations in Oakland, also Lyons, Tekamah
Phone: 402.687.2640 - First Nebraska Bank
Decatur
Phone: 402.349.5353 - Washington County Bank
Tekamah
Phone: 402.374-2020
For information on our programs, visit our Local Grants and Loans page, or for more information, contact Burt County Economic Development Corporation at (402) 374-2953
Regional Resources
The Rural Enterprise Assistance Project’s (REAP) Loan Programs focus on providing capital for rural Nebraska based start-up and existing businesses. REAP’s loan products are coupled with business technical assistance and counseling to clients to help them prosper in their business.
The Northeast Nebraska Development District Revolving Loan Fund (RLF) was created to help fund economic development projects within the District’s 22 county region of Northeast Nebraska. The RLF loans provide for subordinate or gap financing for micro-enterprise, in conjunction with local financial institutions: allowing the business owner the ability to expand a current business, transfer of ownership or purchase an existing business. Loans range from $5,000 to $100,00, but not more than 40% of total financing needs. Loans can be used on fixed assets and working capital. At least one job must be created or retained per each $20,000 created.
State Resources
The Community Development Block Grant program provides Nebraskans appropriate, affordable and accessible housing and infrastructure; and quality jobs through financing new and expanding businesses
The Customized Job Training Program provides training assistance on projects that offer an opportunity for economic development in Nebraska. Use of the funds is limited to eligible companies and eligible training projects. In general, the types of companies qualifying are those engaged in activities that sell goods/services primarily to a non-Nebraska market: manufacturing, processing, warehousing, and headquarter facilities are some examples.
The Nebraska Enterprise Fund (NEF) is a Certified Community Development Financial Institution (CDFI) that provides loan capital to businesses and programs across Nebraska. In addition to offering direct loans to businesses from $5,000 to $150,000, NEF collaborates with other lending programs or financial institutions when gap financing is needed. NEF offers a unique gap financing product called a CD (certificate of deposit) Guarantee to assist banks and credit unions in lending to small businesses based on the credit and security needs of the total loan package. 402.685.5500. The NEF website provides information specifically about our loan products.
The Nebraska Worker Training Program provides grants to assist firms in the retraining and upgrading of existing employees. Funds are available each quarter and use is flexible to meet the needs of the employer. The source of training, provider, and materials are at the company’s discretion. A match of employer’s funds for each dollar of state funds received is required.
The Work Opportunity Tax Credit is a federal tax credit program available to employers who hire employees from “targeted” groups which have historically had difficulty in finding employment. The tax credit is used to reduce the federal tax liability of private, for-profit employers. This program covers only new hires – the employee may not have worked for that employer in the past.
Employers can claim a maximum federal income tax credit of $2,400 per eligible employee (for all target groups except Welfare-to-Work). This is the full WOTC tax credit of 40% of the first $6,000 in wages paid within one year of hire.
Invest Nebraska helps emerging Nebraska-based businesses identify their barriers to success through business evaluation, develop strategies to overcome the barriers, and then connect with the right network of financial, educational and professional resources.
The Nebraska Investment Finance Authority (NIFA) provides a broad range of financial resources for agricultural, residential, manufacturing, medical and community development endeavors, and provides technical assistance for activities related to these areas while preserving and growing the asset base used to provide these resources.
Tax-exempt issuers, such as NIFA, cities, and counties, have the authority to issue revenue bonds or other debt instruments to raise funds used to finance eligible development projects. Industry targets include manufacturing, warehousing, transportation, and tourism and recreation services.
The Nebraska Economic Development Corporation (NEDCO), a certified development company (CDC), is a statewide private non-profit corporation licensed by the U.S. Small Business Administration to finance small business by providing long term fixed rate financing for fixed asset projects. NEDCO’s mission is to further the economic development and social welfare of Nebraska and its environs with specific emphasis on promoting and assisting the growth and development of business concerns. The principal objective is to foster increased employment opportunities and expansion of business.
Capital Gains Exemption
A one-time exemption from state personal income tax on gains realized from selling or exchanging stock of a corporation acquired by an employee with the corporation is available. The corporation must do business in Nebraska for at least three years and must have a minimum of five shareholders, at least two shareholders/groups of shareholders must be unrelated and no more than 90 percent of the stock can be owned by one related group of shareholders. The provision is an excellent recruitment tool for growth-oriented companies that use company stock options as part of employee compensation or retirement programs.
Federal Resources
The U.S. Small Business Administration (SBA) offers numerous loan programs to assist small businesses. SBA is primarily a guarantor of loans made by private and other institutions.
USDA Rural Development Nebraska assists Nebraskans in accessing USDA financing programs that are designed to offer: Affordable home ownership and repair opportunities; Business opportunities to build and sustain healthy economies; Financial and technical assistance to cooperative and value-added efforts across Nebraska; Safe and modern rental housing facilities; and Essential public facilities and services including Water and sewer systems, Community facilities, Telecommunications equipment and facilities.
