The city of Inver Grove Heights and Progress Plus will work with businesses to analyze project requirements including: planning, zoning, finance, and marketing related issues. Depending on the nature of the project, the following business incentives may be available:
Industrial Development Revenue Bonds (IRBs) – Fixed rate, long term, equal or below market rate financing to help industrial businesses with:
- new project land acquisition and construction
- additions to existing facilities
- purchase and renovation of an existing structure
- purchase of production equipment
504 Loan Program – Long term, fixed rate financing (generally 1 to 2 points below market rates) for up to 90% of the necessary capital to help industrial business with:
- purchase of land and buildings
- rehabilitation and construction
- leasehold improvements
- purchase of machinery and equipment
SBA 7 (a) Loan Program – Assist manufacturing firms with fewer than 250 employees and wholesale firms with annual sales of less than $9.5 million in obtaining loans from banks and other lending institutions by guaranteeing 90% of the principal and interest; funds can be used for:
- working capital and inventory
- machinery and equipment
- purchase of land and buildings
- land acquisition
- renovation and construction of facilities
Tax Increment Financing – Various districts exist throughout the city.