The region promises a pleasant move. You’ll find residents refreshing to work with; they are cooperative, organized and innovative. Community leaders are business leaders who appreciate and understand the needs of fellow business owners and managers.
RURAL OPPORTUNITY ZONES (ROZ)
Rural Opportunity Zones are 73 counties that have been authorized to offer one or both of the following financial incentives to new full-time residents:
- Kansas income tax waivers for up to five years
- Student loan repayments up to $15,000
For more information, visit the Kansas Department of Commerce website.
PROPERTY TAX ABATEMENT
A property tax abatement may be obtained for new and expanding industries in some locations. Abatements are granted at the discretion of the given municipality where the expansion or relocation will occur. The abatement can be for up to 10 years plus up to an additional 2 years for the construction period of the project. The abatement percentage will vary depending on the circumstance and community.
BUSINESS LOAN PROGRAMS
Loan funds, administered by counties, municipalities and regional planning commissions, are available throughout the region and through the North Central Regional Planning Commission. Flexible low-interest terms may be negotiated, contingent upon job creation and private-sector investment.
NEIGHBORHOOD REVITALIZATION PROPERTY TAX REFUND
Some communities offer a property tax refund. Depending on how the communities program is set up, the plan can propose a 5-year rebate schedule. The annual rebates of taxes paid on the new investment can be 95%, 90%, 70%, 40% & 20, respectively. Note: Each communities Neighborhood Revitalization Property Tax Refund may differ.
Participating communities include:
- Clay County
- Cloud County
- Dickinson County
- Ellsworth County
- Lincoln County
- Marshall County
- Mitchell County
- Osborne County
- Ottawa County
- Republic County
- Smith County
- Washington County
NCK Rural Business Development Tax Credit (RBDTC) Program
Possible uses of funds include:
- Equity investment in business ventures that justify such commitment;
- Secured loans to businesses that require gap financing;
- Purchase of specialized equipment (i.e., telecommunications, office, etc.) for lease with rental rates set to ensure equitable recapture; and,
- Other uses that enable the dollars to be recaptured and used again.
NORTH CENTRAL KANSAS SMALL BUSINESS DEVELOPMENT CENTER (NCK SBDC)
NCK SBDC provides free, confidential, one-on-one consulting for existing and start-up businesses. Some services include: indetification of sources of capital and financing, business plan assistance, review of inventory control procedures, financial projection development, analysis of product costs and pricing, cash flow analysis, marketing plan development, market research, and more
INVENTORY TAX EXEMPTIONS
Exemptions for inventories held by merchants and manufacturers were recently established by constitutional amendment.
STATE AND FEDERAL GRANTS
Funds may be available to new and expanding industries, which create jobs, through Community Development Block Grants (CDBG), Economic Development Administration (EDA), Farmers Home Administration (FHA), or other venture capital sources.
INDUSTRIAL REVENUE BONDS
The cities and counties within the region may issue bonds at their discretion for up to 100 percent financing of land, buildings, equipment and construction.
Relocation and expansion sites are available in the region with access to municipal utilities and attractive terms for acquisition. Some sites include existing structures.
Other incentives that are available throughout the region include workforce training programs through the Kansas Department of Commerce, venture capital companies (state and private), Applied Research and Small Business Innovation Research funds through the Kansas Technology Enterprise Corporation, export financing assistance, trade show assistance, and assistance with the packaging of loans.