Boone County Development Agency (BCDA)
Boone County Development Agency was formed under and inter-local agreement with Boone County, City of Albion, Village of Cedar Rapids, Village of Petersburg, Village of Primrose, City of St. Edward, and Albion Economic Development Corporation. The priority areas of BCDA are as follows:
1). Business Retention, Expansion, and Transition
2). Business Recruitment
Boone County Development Agency offers assistance to existing businesses in Boone County, and those in the start-up phase by providing technical assistance, and partnering the businesses with resource providers as necessary to help each venture to be successful. BCDA also stays actively involved in community development projects, such as housing development, child care, resident recruitment activities, and parks and recreation projects.
BCDA also offers a loan guarantee program for businesses.
Northeast Nebraska Economic Development District (NENEDD)
The Northeast Nebraska Economic Development District (NENEDD) was created and recognized by the US Department of Commerce, and the Economic Development Administration (EDA) in 1977. The main objective is to encourage cooperation between local government officials, community based organizations and the private sector. The mission of NENEDD is to build communities, empower families and advance businesses through the use of a Comprehensive Economic Development Strategy (CEDS).
The Northeast Nebraska Economic Development District (NENEDD) and Northeast Economic Development, Inc. (NED, Inc.) Revolving Loan Funds (RLF) were created to help fund economic development projects within a 26-county region of Northeast and North Central Nebraska. The RLF loans provide for subordinate or gap financing for micro-enterprise, in conjunction with local financial institutions; allowing the business owner the ability to expand a current business, transfer of ownership or purchase an existing business. These loans are perfect for financing fixed assets such as land, building, equipment and working capital. NENEDD & NED, Inc. has funding available and would like to assist start-up and expanding businesses in northeast and north central Nebraska immediately. You may or may not know that NENEDD has a pool of approximately $5M and NED, Inc. has a pool of $1.5.
Loans typically range from $5,000 to $100,000 maximum. Real estate financing will not exceed 15 years. Working capital and equipment loans will be financed on a short-term basis of three to 10 years. Interest rates will be fixed and negotiated on an individual basis. At least one (1) full time equivalent job must be created or retained for each $20,000 in loan dollars.
Loan dollars may not represent more than 40% of the total financing needs. 10% – 20% equity is generally required. At least 51% of the jobs created or retained must benefit persons of low to moderate incomes. A processing fee of 1% of the loan amount must be paid by the applicant before the application is reviewed by the loan committee.
NENEDD/NED, Inc.’s RLF goal is to further the economic development of Northeast and North Central Nebraska. To promote and assist the growth and development of business and industrial concerns within Northeast and North Central Nebraska. To stimulate business opportunity and development in Northeast and North Central Nebraska as measured by increased economic diversity, and decreased net out migration.
Nebraska Department of Economic Development (NDED)
The Nebraska Department of Economic Development offers many resources to communities, including housing development, community development, and business development. The Department offers grant funds, tax incentive programs, and community development courses and curriculum.