Economic Development, where there is a place for you!
Financial Assistance
SCDC Revolving Loan Fund (RLF)
A loan pool of in excess of $1,800,000 is available to fund new or existing industrial and commercial projects. Projects are evaluated on the local economic benefits potential for the community. Projects must be unable to obtain full conventional financing. A maximum of one third of the funds can be obtained from the revolving loan fund. Applications are excepted at any time and are reviewed by the SCDC RLF Board. Investing in Community Brochure (click here)(536k)
SCDC/City of Sheldon Redevelopment Incentive Fund (RIF)
The RIF is designed to aid in the refurbishing and repair of building facades or storefronts. Eligible renovation activities of commercial buildings include the replacement of awnings, signage, windows, doors and masonry repair. Forgivable loans are available for qualifying projects up to 40% of project cost. Applications are accepted at any time and reviewed by the SCDC RIF Committee. RIF Brochure (click here) (575k)
O’Brien County Revolving Loan Fund
A loan pool that is available for projects (manufacturing, distribution, service, retail and wholesale) within the county. A minimum of $7,500 per job created is available. Qualified applicants must be able to provide a minimum of 70% of the project costs via equity and additional financing. Loan terms up to 10 years and variable interest rates are determined by the RLF Committee. For more information go to www.obriencounty.com
Sioux County Revolving Loan Fund
A $5,000,000 loan pool can provide financing up to 30% of project cost or $100,000 whichever is lower. Maximum participation will be $5,000 per job created within two years. Interest rates depend on the term of the loan (max. 10 yrs) Participation is limited to industrial or commercial projects located in Sioux County (includes Sheldon Industrial Park).
State of Iowa Financial Assistance Programs
Industrial Property Tax Exemption
The City of Sheldon offers to exempt from property taxation the actual value of new construction added to industrial real estate. The following exemption schedule is applied in such cases:
Year #1 — 75%
Year #2 — 60%
Year #3 — 45%
Year #4 — 30%
Year #5 — 15%Storefront Program,
Tax Increment Financing (TIF)
The City of Sheldon has created Urban Renewal Districts that focus on improvements made to private development of real estate. The incremental value in property tax revenues generated can be utilized to finance such projects as public parking, street improvements, extension of utilities, site preparation, and project enhancements. Financing is offered via loans, interest buydowns, forgivable loans, and grants. Applications are available from the SCDC office and are reviewed by the City Council for approval.
