O'Brien County Revolving Loan Fund
The objective of the O'Brien County Economic Development Revolving Loan Fund is to further the public purpose of economic development through joint private and public investments which involve the creation of new jobs and income, or the retention of existing jobs and income that would otherwise be lost.
Revolving Loan Funds may be used for:
- Land Purchases
- Building Purchases
- Building Construction
- Machinery Purchases
- Equipment Purchases
- Any other uses deemed appropriate by the O'Brien County Revolving Loan Fund Committee
Length and project terms may be based on the criteria:
Length of Loan
|0 – 2 Years
||40% of commercial interest fixed rate available to the applicant
|2 – 4 Years
||50% of commercial interest fixed rate available to the applicant
|4 – 6 Years
||70% of commercial interest fixed rate available to the applicant
|6 – 8 Years
||80% of commercial interest fixed rate available to the applicant
|8 – 10 Years
||100% of commercial interest fixed rate available to the applicant
The U.S. Department of Agriculture (USDA) prohibits discrimination in all its programs and activities on the basis of race, color, national origin, age, disability, and where applicable, sex, marital status, familial status, parental status, religion, sexual orientation, genetic information, political beliefs, reprisal, or because all or part of an individual's income is derived from any public assistance program. (Not all prohibited bases apply to all programs.) Persons with disabilities who require alternative means for communication of program information (Braille, large print, audiotape, etc.) should contact USDA's TARGET Center at (202) 720-2600 (voice and TDD). To file a complaint of discrimination, write to USDA, Director, Office of Civil Rights, 1400 Independence Avenue, S.W., Washington, D.C. 20250-9410, or call (800) 795-3272 (voice), or (202) 720-6382 (TDD). USDA is an equal opportunity provider and employer.
Tax Increment Financing
Tax Increment Financing (TIF) is a process whereby the taxes generated by new development are captured by the County and utilized to finance public improvements within the county or related to a specific economic development project. The way it works is that O'Brien County captures all new taxes generated in specific areas created for the purpose of economic development or the elimination of slum and blighting influences. We then may utilize these funds for the installation of sewers, water mains, storm sewers, street construction, or acquisition and clearance.
A different program business owners might take advantage of is tax abatement. The County may abate the property taxes on new developments for a period of years. The advantage is this program helps reduce the initial costs experienced by a new business.
For more information contact Kiana Johnson 712-957-1313