The Town of Frederick is growing and willing to talk to businesses hoping to move to new areas. The Town works with Upstate Colorado* to find the best possible sites for businesses looking to relocate to the area. A map showing current developments is available.
For further information, please contact Planning Director Jennifer Simmons. The Town of Frederick welcomes all potential employers and commercial ventures to this diverse and progressive community.
LOCAL INCENTIVES
The town will consider granting financial incentives for commercial and industrial development projects. Incentives are considered on a case-by-case basis, based on the level of the long-term benefit to the community.
» Off-Site Development Costs
STATE INCENTIVES
Colorado Energy Impact Public Infrastructure Assistance Funds
These state funds are available, on a case-by-case basis, to qualifying projects within qualifying counties. Weld County is a qualifying county. This program is funded by the state oil/gas severance tax which can fluctuate based on drilling activity. These grant dollars may be utilized to help provide required public infrastructure (water/sewer lines, roads, etc.) to encourage new business development/expansion and job creation. Support by a local government jurisdiction and willingness to provide a partial match is required in order to apply for these funds, which is a competitive state process. The typical maximum award is $750,000. Upstate will provide grant application and implementation assistance to eligible communities and projects throughout Weld County.
Colorado FIRST Customized Job Training Program (CFCJTP)
The State of Colorado knows that quality training for a new or existing work force is crucial to the success of a company’s relocation or expansion. Colorado also recognizes the importance of helping existing companies facing higher technology needs or restructuring problems. CFCJTP is designed to help meet these demands and keep Colorado’s work force highly skilled and productive by offering training grants to qualifying companies.
Colorado Innovation Investment Tax Credit
This program provides a state income tax credit for qualified investors that make investments during calendar year 2010 in small qualified Colorado businesses involved primarily in research & development or manufacturing of new technologies, products, or processes. Contact Upstate Colorado Economic Development or the state for qualification requirements. The tax credit is calculated by multiplying 15% of the qualified investment up to a maximum credit of$20,000.
Community Development Block Grant Program
The Colorado Office of Economic Development (OED) allocates and administers federal CDBG funds that are set aside for business finance projects. Loans, loan guarantees, equity investments or, under special circumstances, grants may be available for projects that create or retain jobs principally for the benefit of low/moderate income persons.
Economic Development Commission Funds
The State Economic Development Commission (EDC) allocates appropriated general fund revenues for economic development. The EDC approves loans and grants to public and private entities throughout the state to help existing businesses expand and new companies locate to Colorado. It also implements marketing programs to support ongoing business activities. The Office of Economic Development administers this program.
Private Activity Bonds
The State of Colorado’s Private Activity Bond program was established to provide industry with tax-exempt Private Activity Bonds to encourage private investment in creating and sustaining jobs, housing, health care and higher education. This program allocates bond issuance authority, not actual dollars. Local governments sponsor the bond issues, but these governments are not liable in the event that the company defaults.
State Sales Tax Exemption
Purchases of manufacturing equipment and machine tools of $500 or more are exempt from the 3% state sales and use tax. Purchases are not exempt from local city and county sales tax; however, local governments have the option of exempting such purchases. Only items used directly in the manufacturing process qualify.
Source: Upstate Colorado
FEDERAL INCENTIVES
SBA 504/ACCESS Loan Program
The SBA 504 Loan Program provides low cost, long-term loans for eligible small businesses by financing up to 40% of a project’s costs through the sale of an SBA guaranteed debenture. These loans must be made through a Certified Development Company whose staff works with the applicant, a private-source lender, and the SBA to provide complete loan packaging service. Eligible purposes include: purchase of land, building, machinery and equipment, facility improvements/renovation/additions and construction costs of a new facility. The project size should be at least $100,000. This loan cannot be used for working capital.
Under the ACCESS program, the Colorado Housing and Finance Authority (CHFA) will purchase up to 95% of a commercial bank’s first mortgage loan in the SBA 504 program.
SBA 7(A) Bank Loan Guarantee Program
SBA can guarantee loans for working capital, land purchases, business expansion, purchases of machinery, equipment, furniture and fixtures, home remodeling, and building construction with loans up to 25 years. This program guarantees 85-90% of a qualifying bank loan to a small business. Banks can sell the guaranteed portion of the loan to long-term investors in a secondary market. This program is of particular interest to local banks.
SBA LowDoc Program
The SBA LowDoc Program is a loan guarantee program for loans of $100,000 or less. SBA guarantees up to 80% of the loan. One of the primary benefits of the program is that the SBA application process is simplified with a rapid 2-3 day response from SBA. The primary criteria considered by SBA are character, credit and experience. Interest rates and terms are determined by the use of proceeds. This program is being highly utilized by several banks in the Greeley area.
Source: Upstate Colorado
*This page contains external links for your convenience and will redirect you outside the Town of Frederick's website