Considering the business incentives available from the State of Indiana and the following from Wayne County, Indiana¦we can provide the best location for your business or development. Contact Dan Tate today for the current status of available properties and for assistance regarding State & Local incentives.
LOCAL BUSINESS INCENTIVES & ASSISTANCE PROGRAMS
Workforce Development Grants
Training Grant: If a company qualifies for a Skills Enhancement Fund (see State of Indiana grants offered by the Indiana Economic Development Corporation) or other employees training grant from the State of Indiana, the EDC will consider paying for up to one-half of the matching cost for training covered under those grants, for Wayne County residents, to a maximum of $25,000. This grant requires approval from the EDC Board of Directors and may require approval from the Wayne County Commissioners.
Adult Education Workforce Education Project: The Workforce Education Project has grant money available from the Indiana Department of Workforce Development to expand workforce literacy education. Individuals or businesses may apply for a grant to achieve the following:
- Remediation to prepare for postsecondary and/or technical training
- Basic skills training in the workplace
- English as a Second Launguage training
- To seek a GED ® diploma
Economic Growth Group Workforce Development Training: Eligibility; New and existing businesses in Wayne County that have been denied funding or received partial funding from the following funding resources may apply: Indiana Economic Development Corporation, Indiana Department of Workforce Development, and Economic Development Corporation of Wayne County.
Services/Uses: Funds may be used for basic skills training, computer training, and programs to develop communication, interpersonal and leadership skills, as well as customized skills training and retraining.
Amounts: Requests may range between $500 and $5,000 per application not to exceed $10,000 per applicant annually. Applications submitted January 1 “ May 31 will be reviewed in June. Applications submitted June 1 “ November 30 will be reviewed in December. Funding will be considered for up to 75% of training costs.
Workforce Development Assistance
Ivy Tech Community College: Ivy Tech™s Department of Workforce and Economic Development (WED) works to design, develop and deliver just-in-time training to meet your needs – any hour of the day, any day of the week. Ivy Tech™s WED Office can consult with you to assist with a training needs analysis, design and development of a training program including instructional materials, train your trainers, assist in writing of grants to help fund your training, and assist in the assessment of your current training program. Programs can be custom-designed to develop the skills your company needs, at the time and place you designate.
Richmond WorkOne Workforce Development Center: These Centers provide one-stop shopping for job seekers, students and employers. WorkOne Centers provide a local resource for posting jobs, recruiting candidates, securing training, finding jobs, and other workforce needs.
Indiana Career Connect: Indiana Career Connect is a statewide computer network of employment and labor market information free of charge to current employers, potential employers and individuals. This site assists employers by exposing them to an extensive database of job seekers to find employees with the right skills and qualifications. Labor availability and labor market data is also available.
General Purpose Grants
The EDC (Economic Development Corporation) will make a community investment in a company™s growth based upon job creation and the company™s investment in a Wayne County location. These funds can be used for any purpose related to the company™s investment, including the purchase or lease of land or building(s), construction, purchase, installation and moving of equipment, utility connections etc. Funds will not be granted for payroll, other operating costs or payment on pre-existing debt. The company must complete a Wayne County Project Profile or an Indiana Project Profile to be considered for a general purpose grant. Performance objectives will be formalized in a Development Agreement before funds are granted. This grant requires approval from the EDC Board of Directors and may require approval from the Wayne County Commissioners.
Property Tax Abatement
Working through the City of Richmond, Wayne County and local towns within the county, property taxes can be abated on the company™s investment in new machinery or new real estate improvements, when job growth is involved. Abatement generally reduces by about 50 percent a company™s property tax burden for 1 to 10 years following an investment.
Eligibility: Any property owner in a locally designated Economic Revitalization Area (ERA) who makes improvements to the real property or installs new manufacturing or R&D equipment may be eligible for property tax abatement. Used manufacturing equipment can also qualify as long as such equipment is new to the state of Indiana. Equipment not used for manufacturing or R&D, such as office equipment, does not qualify for abatement.
Services/Uses: Phase-in of real and/or personal property tax liability.
Amounts: Real: Declining percentage of the increase of assessed value of the improvement based on 1-10 years.
Personal: Declining percentage of the assessed value of newly installed manufacturing equipment, based on 1-10 years.
Terms/Conditions: Real and personal property tax abatement may be granted to a company based on new job creation and retention and wages. There is a $100 non-refundable filing fee.
Low Interest Financing
Wayne County & the City of Richmond Revolving Loan Fund Program
- City of Richmond: Financing is considered œGAP financing and the Loan Fund can only provide up to 1/3 of total project costs.
- Loan Fund uses – equipment purchases, building rehab/expansion, real estate acquisition and working capital (associated with expansion, new machinery and etc¦)
- Loan Funding – $1,000 of Revolving Loan Funds per $1 dollar an hour for each job created or retained. Example, a business paying an average of $10.00 an hour could receive $10,000 per new job created and retained ($1,000 X 10). There is a cap of $15,000 per job.
- Maximum loan amount varies (up to 25% of current loan fund assets) while balancing loan funding criteria above.
- Interest rate, 1/2 of prime (not to drop below 4%)
- Loan term: up to 10 years
- Two stage application process
- One page Pre-Application.
- œFull Application after Pre-Application is approved including:
- Business Plan
- 3 years previous financials
- 3 years projections
- Bank commitment letter stating their funding level for the project or willingness to fund the project if additional funds can be secured.
- Additional information pending nature of project
- Wayne County Revolving Loan Fund Program: The Wayne County Revolving Loan Fund can provide a financing tool to assist with business expansion and improvement projects located in Wayne County.
- Eligible activities include acquisition of real estate, construction or purchase of new plants, purchase of new facilities and equipment, reuse of abandoned facilities, modernization of plants and equipment, rehabilitation of existing facilities and equipment, and working capital (special rules apply).
- Eligible applicants include locally owned existing small businesses, new companies, Wayne County businesses with non-local ownership, corporations and not-for-profit organizations.
Industrial Development Revenue Bonds (IDRB): IDRB™s provide a tax-exempt financing vehicle for qualifying manufacturing projects. Eligible projects include facilities and equipment used in the manufacturing or production of tangible personal property, including facilities that are ancillary to the manufacturing process. IDRB™s are issued by a public entity on behalf of the borrower to finance new facilities, rehabilitate existing facilities and/or to purchase new equipment. Interest paid on the Bonds is tax free to investors, thus inducing them to lend at substantially lower rates to the borrower, often as much as 2-3% below conventional financings.
- The Certified Technology Parks (CTP) Program: Supports the attraction and growth of high-technology business in the City of Richmond and promotes technology transfer opportunities. Designation as a Certified Tech Park allows for the local recapture of certain state and local tax revenue which can be invested in the development of the designated CTP.
- Richmond Urban Enterprise Zone: Eligibility; Companies and residents located or locating in the designated Enterprise Zone.Services/Uses: The purpose of the enterprise zone program is to stimulate local community and business redevelopment in distressed areas.
- Zone Benefits:
- Property Tax Credit (Enterprise Zone Inventory)
- Gross Income Tax Exemption
- Credit for Qualified Increased Employment
- Deduction for Qualified Employee (Employee must reside within the zone)
- Enterprise Zone Investment Cost Credit
- Industrial Recovery Site “ Investment Cost Credit & Inventory Tax Abatement
- Low Interest Loan Funds
- Project Design and Development Assistance Apply Through: Richmond Urban Enterprise Association (UEA)
- Small Business Development Center (SBDC): The SBDC works with start-up and existing small businesses seeking financial, management, and technical assistance. Services include: one-on-one consulting; training, seminars and workshops; access to information, self-help materials, research assistance and networking opportunities.
- The Uptown Innovation Center: is a business incubator that provides basic business assistance to resident businesses as well as shared office services, T1 line, access to equipment, flexible leasing and room to grow. They can also assist in areas of education, access to capital, networking and mentoring.
Source: Wayne County Economic Development Corporation