Cooperstown ~ Griggs County Economic Development Corporation

1)	Wage Tax Credits
	Credit against Federal taxes of up to $3,000 per employee per year for businesses of Griggs-Steele Empowerment Zone designation with existing employees and new hires who live and work in the Griggs-Steele Empowerment Zone. ð Employer is eligible to take 20% of the first $15,000 of each employee's wage in a federal tax credit with no limits on the number of employees. ð Credits are available through December 31, 2009. ð Unused credits can carry forward up to 20 years.
2)	Accelerated Depreciation (Increased Section 179 Deduction)
	ð Businesses that are located in the Griggs-Steele Empowerment Zone have the advantage of expensing up to an additional $35,000 per year on qualified property, this maybe carried forward until 2009.
3)	Tax Exempt Bond Financing
	ð $60 million in bonding capacity is available through December 31, 2009 with no per-borrower limit. ð Bonds are not subject to state volume cap. This typically reduces the cost of capital by 1.5% to 2.5% from conventional financing.
4)	Revolving Loan Fund
	ð This low interest gap financing loan fund can be approved for funding levels of up to 50% of their project. ð Through the Griggs-Steele Empowerment Zone the amounts are based on the number of employees at $20,000 each. ð Loans are at 2 points less than lead bank up to 5%, depending on risk. (Maximum of $250,000)
5)	Equity Fund
	The Griggs-Steele Empowerment Zone can participate in financing primary sector businesses by making an equity investment in the company. The company must create new wealth in the region and must be legally structured to accommodate an investment transaction. ð The equity investment will not exceed 50% of the funding needs. ð Up to $250,000 per company in project funding based on $20,000 per FTE job projected to be created. ð Up to $50,000 per company in seed or development stage funding of company.
6)	Work Force Development Program
	Griggs-Steele Empowerment Zone businesses are eligible to apply through the City/EDC sponsorship for matching dollars to fund work force training programs. ð This program provides a funding match to the business for their commitment to employing a trained workforce. ð Eligible expenses are for tuition or direct costs of course. ð A cash match of 50% is required with a maximum award of $500 per employee.
7)	Employee Attraction Program
	Griggs-Steele Empowerment Zone businesses are eligible to apply through the City/EDC sponsorship that will provide a cash incentive to an employee that commits to working and living in the zone. ð This program would provide new and existing businesses with retention and expansion assistance. ð This program would provide a total of $1,000 to an individual or family that relocates into the Griggs-Steele Empower Zone; the employer and the employee must document and establish full time employment and residence within a six month period prior to the application. ð The employee attraction incentive will be paid with an installment of $500 at time of award and $500 at completion of twelve months. ð No match is required.
8)	Feasibility Study Program
	City/EDC is eligible to apply for matching dollars to fund feasibility research for start-up companies and/or expansion for community and economic development. ð This program provides assistance to communities in making business location and community development decisions. ð Provides feedback to businesses on weaknesses or strengths and weaknesses of projects. ð Requires a local cash match of 10% with a $5,000 maximum award per project.
9)	Technology Infrastructure Program
	Griggs-Steele Empowerment Zone residents or businesses are eligible to apply for reimbursement for the installation of broadband internet service including DSL, broadband and wireless access to. ð Establishes a one-time (1x) connection fee to broadband internet service ð $200 maximum reimbursement. ð Reimbursement is sent directly to service provider and credited to their individual account. ð No match is required.
10)	Small Business Mini-Loan Program
	Griggs-Steele Empowerment Zone businesses are eligible to apply through a City/EDC sponsorship for a loan of up to $5,000 from the Griggs-Steele Empowerment Zone for the purpose of establishing or improving their market or retail presence. ð A streamlined application that does not require loan committee approval but requires signed support from their local EDC or City Council. ð No matching dollars are required. ð No collateral is required. ð Loan may be denied due to negative credit history. ð Interest rate is fixed at 5.0% and repayment terms are up to 36 months. ð a loan origination fee of $25 will apply. ð Funds can be used for property, equipment, inventory, technology, promotion, and working capital. ð Funds cannot be used for refinancing existing debt, personal use, or production agriculture.
11)	Business Technology Program
	Griggs-Steele Empowerment Zone businesses/organizations are eligible to apply through a City/EDC sponsorship for matching dollars for website design. ð This program provides businesses with retention and expansion assistance. ð Create or upgrade a web presence that is linked to Griggs-Steele Empowerment Zone web site. ð A cash match of 50% is required with a $1000 maximum award per applicant.
12)	Grant Writing Program
	Griggs-Steele Empowerment Zone businesses/organizations are eligible to apply through a City/EDC sponsorship for matching dollars for grant writing services to funding sources outside the Griggs-Steele Empowerment Zone. ð This program provides assistance to leverage funding for project financing. ð Grant award qualifies for match. ð If grant is awarded: Maximum reimbursement cannot exceed 10% of grant award. ð If grant is not awarded: Maximum reimbursement cannot exceed 50% of grant writing fee. ð Maximum reimbursement cannot exceed $5000. ð Must submit grant writer agreement with organizations signature upon reimbursement.

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