Businesses thrive and grow in Richmond/Wayne County where a strong community/business partnership offers new and existing companies an important financial edge. Here, new and expanding firms discover a wealth of tangible financial opportunities from low government and operating costs to a variety of incentive and business assistance programs.
The following programs can be facilitated by the Economic
Development Corporation of Wayne County, Indiana.
Property Tax Abatement
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.
Workforce Development Assistance
Training Grant The Economic Development Corporation of Wayne County will match training grant assistance provided by the Training Acceleration Grant (see below under grants offered by the State of Indiana) and/or provide locally funded grants for new and existing employees.
Workforce Development Training Program 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 Department of Commerce, 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.
Apply through: Economic Growth Group, 33 South 7th Street, Richmond, Indiana 47374, phone 765-966-2664.
Equipment Moving Grant A new manufacturing, distribution, or R&D company is eligible to receive an Economic Development Income Tax (EDIT) grant of $1,000 per new job to Wayne County up to a $100,000 maximum to reimburse up to 50% of the costs incurred for moving equipment into Wayne County.
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:
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Property Tax Credit (Enterprise Zone Inventory)
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Gross Income Tax Exemption
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Credit for Qualified Increased Employment
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Deduction for Qualified Employee (Employee must reside within the zone)
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Enterprise Zone Investment Cost Credit
- Industrial Recovery Site – Investment Cost Credit & Inventory Tax Abatement
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Low Interest Loan Funds
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Project Design and Development Assistance
Apply Through: Richmond Urban Enterprise Association (UEA)
Contact: Scott Zimmerman at 765-983-7343 or szimmerman@richmondindiana.gov
Workforce 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.
Customer Self Service System (CS3) CS3 is a statewide computer network of employment and labor market information. Employers can enter their own job orders, run job matches based on skill sets and directly contact job seekers. Employers can also view documents such as certifications and degrees to verify special qualifications of job candidates. Employers can access this information from their own desk via the Internet for a one-time annual fee.
Business Counseling
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.
Mid-America Plastics Partners, Inc. (MAPP) MAPP works with small to medium sized businesses related to the plastics industry. The organization works to develop an alliance of plastics processors, their customers and industry supporters. They provide services to help their members gain a competitive advantage in the market place, MAPP delivers Continuous Improvement Programs, Cost Reduction Initiatives, Technical Training, Networking, Problem Solving, and Best Practices Information to its members.
Financing Programs
City of Richmond Revolving Loan Fund Program
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Financing is considered “GAP” financing and the Loan Fund can only provide up to 1/3 of total project costs.
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Loan Fund uses - equipment purchases, building rehab/expansion, real estate acquisition and working capital (associated with expansion, new machinery and etc…)
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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.
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Maximum loan amount varies (up to 25% of current loan fund assets) while balancing loan funding criteria above.
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Interest rate, 1/2 of prime (not to drop below 4%)
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Loan term: up to 10 years
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Two stage application process
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One page Pre-Application.
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“Full” Application after Pre-Application is approved including:
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Business Plan
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3 years previous financials
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3 years projections
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Bank commitment letter stating their funding level for the project or willingness to fund the project if additional funds can be secured.
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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.
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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).
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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 following programs are facilitated by the
Indiana Economic Development Corporation.
Visit www.in.gov/iedc for more information.
Grants
21st Century Research and Technology Fund The Indiana 21st Century Research and Technology Fund was created to stimulate the process of diversifying the State's economy by developing and commercializing advanced technologies in Indiana. The Board, representing most of the academic and commercial sectors of the State, approves awards.
Industrial Development Grant Fund (IDGF) This grant provides money to local governments for off-site infrastructure projects associated with an expansion of an existing Indiana company or the location of a new facility in Indiana. State funding through the IDGF program must be matched by a combination of local government and company financial support.
Small Business Innovation Research Initiative (SBIR/STTR) The Small Business Innovation Research (SBIR) — along with its sister program, the Small Business Technology Transfer program (STTR) — are highly competitive and encourage small businesses to explore their technological potential. SBIR/STTR funding is available from 11 participating agencies throughout the United States and focuses on various technological areas.
Training Acceleration Grant
TAG provides financial assistance to companies and organizations committed to expanding the skills of their existing workforce through training that result in a transferable and industry-recognized credential.
Loans
Tax-exempt Bonds Private Activity Bonds are often called Industrial Revenue Bonds (IRBs) or Industrial Development Bonds (IDBs) and are issued by state or local governmental entities for the benefit of a private company, usually manufacturers. Interest on the bonds is generally exempt from federal income taxes for investors, which typically results in lower long-term interest rates to the borrower.
Loan Guaranty Program IEDC can provide a loan guaranty to a lender for the benefit of a high-growth/high-skilled company, manufacturer, rural development project, value-added agricultural enterprise or another type of business that creates or retains a significant number of Hoosier jobs.
Capital Access Program (CAP) The Capital Access Program (CAP) is a small business credit enhancement program that creates a specific cash reserve fund for the lender to use as additional collateral for loans enrolled in the Program. CAP allows lenders to consider loans that might not meet conventional lending requirements.
Certified Tech Parks The Certified Technology Parks program supports the attraction and growth of high-technology business in Indiana 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 park.
Tax Credits
Economic Development for a Growing Economy (EDGE) Tax Credit The Economic Development for a Growing Economy (EDGE) is a refundable tax credit program that rewards companies creating jobs and contributing to the growth of Indiana’s economy. EDGE credits are calculated as a percentage of payroll tax withholding for net new Indiana jobs. EDGE credits may be awarded for a period of up to 10 years.
Headquarters Relocation Tax Credit When a business relocates its corporate headquarters (defined as the location of the principal office of the principal executives) to Indiana, it is entitled to a credit against its state tax liability equal to half of the costs incurred in relocating the headquarters. A company must have a worldwide annual revenue of at least $100 million to qualify.
Hoosier Business Investment Tax Credit (HBITC) This program encourages capital investment in Indiana by providing a credit against a company’s Indiana tax liability. The credit amount is based on a company’s qualified capital investment with the final credit amount determined by the Indiana Economic Development Corporation, based on an analysis of the economic benefits of the proposed investment.
Industrial Recovery Tax Credit The Industrial Recovery tax credit provides an incentive for companies to invest in facilities requiring significant rehabilitation or remodeling expense. After a building has been designated as an industrial recovery site, companies may be eligible for a tax credit calculated as a percentage of qualified rehabilitation expense.
Venture Capital Investment Tax Credit The Venture Capital Investment Tax Credit was established to improve access to capital to fast growing Indiana companies by providing individual and corporate investors an additional incentive to invest in early stage firms. Investors who provide qualified debt or equity capital to Indiana companies receive a credit against their Indiana income tax liability.
Workforce Training
Skills Enhancement Fund (SEF) The Skills Enhancement Fund (SEF) provides financial assistance to businesses committed to training their workforce. Trainees must be Indiana residents. SEF reimburses eligible training expenses over a two-year term. Companies may reapply for additional SEF funds after their initial two-year term. IEDC typically does not provide reimbursement for training that is required by law.
Technology Enhancement Certification for Hoosiers (TECH) The Technology Enhancement Certification for Hoosiers (TECH) Fund is a reimbursement grant program designed to help companies meet the demands of the new IT economy by increasing the number of certified information technology workers in Indiana. This program provides financial assistance to companies that are committed to training their workers on the latest information technology.
International Business
Approximately 500 international companies have operations in Indiana, employing more than 139,000 workers. Indiana's major inventing and trading partners are Japan, the United Kingdom, Germany, France, Australia, and Taiwan.
International Trade Show Assistance The Trade Show Assistance Program (TSAP) provides financial assistance for small Indiana businesses to participate in international trade shows. TSAP is designed to promote Indiana exports by encouraging companies to explore overseas markets.
International Offices The Office of International Development has established five international offices in strategic locations throughout the world. Each office has a corresponding geographic international development specialist located in Indianapolis to facilitate communications between companies and overseas office staff. Indiana representative offices are located in: Australia, China, Europe, Japan and Taiwan.
Regional Economic Development Partnership Programs
In order to spur further regional economic development initiatives, this program was created to encourage communities to think, plan and act regionally, and to provide additional resource support for regional initiatives. The objective is to build on the work already done to define regional economies, develop regional growth strategies, and accelerate effective regional economic development.
Regulatory Ombudsman
The Indiana Economic Development Corporation's regulatory ombudsman assists in the process of obtaining the permits and approvals necessary for a business operation. The ombudsman serves as a liaison between companies, communities, local economic development organizations and regulatory agencies.
