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For more than 20 years, the Corridor has worked with local communities and prospective and expanding businesses across industry sectors to help lower capital costs to facilitate job and wealth creation in Mason City, Clear Lake and Greater Cerro Gordo County.
Tax Increment Financing
Mason City, Clear Lake and Cerro Gordo County maintain a number of Urban Renewal Districts which provide the opportunity to access tax increment financing for qualifying projects. Funds may be used for necessary infrastructure extension, the provision of property tax rebates, upfront cash awards and other needs dependent on project scope.
North Iowa Corridor Revolving Loan Fund
The North Iowa Corridor RLF was developed to provide gap financing for job creation projects throughout the Corridor area. The fund provides low-interest loans for qualifying commercial and industrial projects which meet certain job creation/retention, capital investment and collateral requirements. Loan applications may be made at any time and are reviewed by the Corridor RLF Board of Trustees. For more information, contact Chad Schreck at (641) 423-0315 or cschreck@northiowacorridor.com.
North Iowa Corridor Small Business Revolving Loan Fund
The North Iowa Corridor received a Rural Business Enterprise Grant from the USDA in 2008, the initial purpose of which was to create a revolving loan fund to assist small and emerging businesses impacted by a major flood within Cerro Gordo County that year. As those loans are repaid, the funds have been redeployed and are available to small businesses in the Corridor as low-interest loans. Maximum funding available per applicant is $10,000. Job creation and other qualifications apply. Loan applications may be made at any time and are reviewed by the Corridor Small Business RLF Board of Trustees. For more information, contact Chad Schreck at (641) 423-0315 or cschreck@northiowacorridor.com.
Micro, Angel and Venture capital
The John Pappajohn Entrepreneurial Center is a region-wide resource for the facilitation of funding accessibility for start-up and expanding small businesses. JPEC provides expert technical assistance in accessing micro- and nano loans, angel investors, venture capital and more through internal, state and federal programs.
More on JPEC’s Financing Assistance Capabilities
