Grants and loans available for new and existing business

Did you know there is money that is not being spent?

Last Wednesday eight different organizations from around the panhandle were represented as area leaders took the time to communicate what resources are available to existing businesses looking to expand and shared ideas

to help a business thrive in and around the community of Kimball.

These leaders shared their knowledge and skills with local business owners as well as others in the community that may have ideas and dreams of starting up a new business.

Heading up this meeting was Kimball's own Amy Sapp, Special Projects Coordinator, and helping make it happen was Paula Abbott, WNCC Sidney Campus Executive Director. With the help of Jerry Terwillinger, Margaret Akin, NBDC Scottsbluff Center Director, Marla Marx, USDA Business Resource and Social Enterprise Fund Manage for

PADD, Brittany Hardin, State DED Business Development Division, and Lori Marquez, Department of Labor Workforce Coordinator to make this event possible and give locals and businesses all the tools and resources in one room.

As each person presented what they have to offer to potential new businesses and existing ones, details were given regarding how they can help and what they can do, being a structured business plan, financial records, loan application, grants and much more.

In addition to these resources Abbott is in contact with the University of Nebraska Law Department in attempts to add legal advise to these resources.

"You would work with legal students who would have the assistance of their professors to offer advise on decisions regarding the law," said Abbott. "When you try to get a loan a bank will be more likely to lend money with a business plan, and good financial record keeping," said Margaret Akin. "That is where I can help you, we will work together and have something to take to the bank," she added.

"There is so much money out there for businesses, we need to start taking advantage of it," said Abbott. "My

husband and I have three businesses, and I want to help people use these tools and resources, I wish we would

have known about these. I am very excited and happy be able to work alongside these people and find you (future/present business owners) the tools that work best."

Those in attendance were presented a chance to chat with the presenters, but the overwhelming amount of

paperwork took many by surprise.

"We want to help as many local businesses as we can around the panhandle, with the mess that Sidney is in

right now we are looking and really wanting to push more local businesses in Sidney, as well as, the surrounding

community," said Abbott.

Though dollar signs are attached to nearly every step of starting a business, from making a business plan to grant applications and keeping financial records, the information and assistance from each of the attending resources are free.

Potential new business owners don't have to travel across the panhandle to access all of the resources, there's

available money and assistance right here in Kimball. The City of Kimball has some great incentives for future or

present business owners in our community.

One such resource is the LB840 Revolving Loan Funds which was established in 1998.

According to the City of Kimball, the Local Option Municipal Economic Development Act (LB840,1991)

authorizes incorporated cities and villages to collect and appropriate local tax dollars (sales and/or property tax)

if approved by a board of local citizens, for economic development.

Activities that are eligible for assistance include purchasing of real estate, purchasing of equipment, marketing

plans, purchasing of inventory, consolidate loans at a lower interest rate, employee development and training,

as well as much more.

Another great incentive is the LB840 Loan Forgiveness, established in Aug. 2017. The City of Kimball's Interest Rate on LB840 loans is four percent and that can not go any lower unless the plan is taken back to the vote

of the people. Because of that, the City wanted to offer an additional incentive to those that do have LB840 revolving loan funds or need to borrow funds. If borrower pays on time and meets the objectives that were identified in the original business pan, the city will forgive the last 15 percent of the loan by a vote of council.

Another loan the City of Kimball has to offer is the Business Infrastructure Improvement Loan that was also

established this past August. City Council, with the recommendation of the Economic Development Committees, approved a small business loan for internal building infrastructure improvements. Eligible activities would include updated electrical, updated plumbing, new HVAC, or anything related to building code, fire code, or energy efficiencies. We want to support our smaller businesses who need improvements to the inside of their building. We will loan up to $5,000 for building improvements, with required documentation. The loan will be at four percent interest rate with first payment not due until 90 days after loan origination. Once borrower has paid back half their principal in a timely fashion, the remaining principal is then considered forgivable and will go to City Council for them to forgive remaining balance.

In addition to these loans, the City of Kimball offers business grants including the Business Facade Improvement

Grant, established in 1990 as the Main Street Improvement Grant.

This program is an incentive for business owners to revitalize the facade of the building. In 2017 the name of

the project was changed to Business Facade Improvement Grant and grant amount and activities were modified.

Matching funds up to $4,000 are available for eligible activities.

The program allows businesses to turn in receipts for the following items: Painting and priming, siding, signage, lighting, awnings, sandblasting of brick, point tucking and brick repair, painting of brick unless previously

painted, gutters or drains, chimney, rooms, window replacement, permanent landscaping and outside door

replacement.

Last month the City of Kimball established the Property Improvement Grant for Demolition to assist with

redevelopment efforts in our area. This grant is a $5,000 matching grant available for demolition and disposal of

buildings that are no longer salvageable.

The property in question must have plans for either a new home, new structure, new business, community

project or to maintain as vacant.

Additionally, Kimball City Council approved the Kimball Internship Program Grant in December 2017 as a way to assist with the growing issue of workforce and training. The program will pay up to 50 percent of intern's wages (minimum wage $9) for 240 hours of work - reimbursable after appropriate hours and paper work is turned in.

If an intern is subsequently hired full-time and remains employed with the employer after one year from hire date, the City will grant an additional $1,000 to the employer.

Applications for any local loan or grant program are available at the City Office, for any further questions and more information please contact Amy at the City of Kimball.

In addition to helping new and existing businesses, Abbott also discussed offering college classes in Kimball if

enough people were interested.

Anyone interested in taking a college course locally is urged to contact WNCC Sidney Campus. A meeting will

be announced at some point regarding these ideas.