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
- Tax increment Financing (TIF) is primarily designed to finance the public costs associated with a private development project. Essentially, the property tax increases resulting from a development are targeted to repay the public investment required by a project. TIF provides a means of encouraging private investment in deteriorating areas by allowing city governments to devote all property tax revenue increases to repay the public investment needed to attract development.
- LB 840 Economic Development Revolving Loan Fund – City of Tekamah and Village of Decatur
The primary purpose of the Revolving Loan Fund is to provide financial assistance to new or existing businesses to expand or start up. Eligible activities are direct loans to eligible businesses and industries for fixed assets which include the acquisition of land; the acquisition, construction, reconstruction, rehabilitation or installation of commercial or industrial buildings/structures; and the acquisition of machinery and equipment. - Burt County Demolition and Renovation Grants
Grant funds are available to assist in the demolition of dilapidated structures, both residential and commercial, and the renovation of commercial buildings in each of the five communities in Burt County. The renovation grant is for exterior improvements, such as roof, windows, doors, tuckpoint, etc. (View Demolition Application) (View Renovation Application) - Façade Improvement Loan
Burt County Economic Development Corporation(BCEDC) has created a no-interest revolving loan fund from private dollars that will be used for commercial property revitalization in Burt County. Washington County Bank in Tekamah will serve as processor and administrator of the fund, while the BCEDC board will approve loans. The loans funds are available for exterior improvements and/or signage to storefront buildings. (View Application) - Burt County Visitors Promotion Fund
The Burt County Visitors Promotion Fund was created by the county approving a 2% lodging tax. Organizations and/or non-profits can apply for up to $650 to market and/or promote their attraction or event to people outside of Burt County. (View Application)
Contact Burt County Economic Development Corporation for more information on these three programs at 402.374.2953 Regional Resources
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.
