Areas Served: City of McCook
This economic development program will help establish a business right here in McCook and is made possible by revenue from a ¼ cent sales tax.
The program offers assistance with eligible business-related activities such as: – Businesses which create one job for each $25,000 or less in public financing assistance.
– Applications which provide for the expansion or enhancement of existing businesses in McCook or its surroundings.
– New business starts.
– Businesses that in the opinion of the loan committee have unusual potential for growth.
– Businesses that are relocating from outside Nebraska.
– Businesses that provide for important local or regional needs.
– Businesses that bring revenue into McCook from outside Nebraska.
The amount of funds available for any single project shall not exceed the amount of funds available under the Economic Development Program during the project term, nor shall it provide for more than fifty percent (50%) of applicant’s total project costs.
An applicant must provide participation and evidence of participation through private funding as distinguished from Federal, State, or local funding in the minimum amount of ten percent (10%) equity investment.
The right is reserved to negotiate the terms and conditions of the loan with each applicant, which terms and conditions may differ substantially from applicant to applicant.
The interest rate shall be fixed and negotiated on an individual basis; usually one-half of the lending rate for the project at a traditional banking source.
The term shall not exceed ten (10) years for loans used for capital assets and seven (7) years for loans involving any other asset category.
Contact InformationMcCook Economic Development Corporation
Address: 402 Norris Ave. Suite 301
City: McCook
State: Nebraska
Website:
http://mccookne.org/business-resources/financial-resources/local-incentive-programs/
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