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Do you need assistance planning your business? MCCR offers a business assistance program to assist entrepreneurs with business planning. Call the MCCR Office (605-772-5153) for further information.
The Miner County Courthouse is located in Howard, SD. Information on taxes may be addressed to the County Treasurer and Director of Equalization.
The MCCR Office is
located at
You may learn more about the Governor's Office of Economic Development by clicking on the image above
South Dakota's tax structure is a major reason the state ranks so high as a "business friendly" state. |
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Miner County is proud of South Dakota's recognition as one of the states with the best business environment in the United States (see Business Weekly, August 15, 2001). Recognizing that it can do more to assist entrepreneurs, Miner County has established several financial programs to assist in the financing of businesses. These programs were designed to partner with state and regional incentive programs as well. Discretionary Tax Formula. Miner County has developed a discretionary tax formula program that reduces taxes on new structures or additions. Under this program, owners pay only 20% of the assessed value of their property the first year, 40% the second year, 60% the third year, 80% the forth, and 100% the fifth. In order to qualify, the property must be assessed at $30,000 if located in a municipality or $10,000 if located outside a municipality. This formula applies to all commercial, industrial, or non-residential agricultural property. MCCR’s Revolving Loan Fund: The purpose of the Revolving Loan Fund is to finance new business startups, as well as expansion and retention of existing businesses and community development projects within Miner County. MCCR offers two different loan types, a Direct Loan and a Certificate of Deposit Guaranteed Loan. These loans may be used individually or as a combination. Each of these loan types offers a maximum of $50,000 per applicant or 50% of the total loan package. A combination of these two options allows a maximum loan amount of $100,000 for one applicant or 50% of the total loan package. Other funding options are available to provide additional financing beyond this loan fund. The current interest rate for the loan fund is 7%. A lower rate of interest may be applied if certain criteria are met. This rate will be fixed for the term of the loan. MCCR works directly with a lending institution to put together a financing package that best suits the borrower. Revolving Economic Development & Initiative Fund (REDI). This fund provides for a low interest loan fund for business start-ups and businesses that are expanding. REDI funds can provide financing for the purchase of land and associated site improvements, construction, acquisition, and renovations of buildings, and other costs associated with construction. This fund can provide up to $5,000 per job created, up to a limit of 45% of the the project costs. The loan has a fixed rate (currently 3%), which can be amortized over a period of time, up to twenty years with a balloon payment after five years. For further information visit: http://www.sdgreatprofits.com/finance/redi.htm MicroLOAN. The purpose of this loan is to provide low-interest financing to small businesses. It provides fixed-rate, low-interest loans for fixed-asset project costs, including working capital, equipment and real estate. The maximum amount for a loan is $20,000 and it can not exceed 5 years. The current interest rate is at 5%. For further information visit: http://www.sdgreatprofits.com/finance/microloan.htm. Workforce Development Program. Under the Workforce Development Program, the State of South Dakota will provide employee training funds for qualifying businesses. The program supports three types of training: new employee training, current employee retraining and current employee upgrade training. For further information visit: http://www.sdgreatprofits.com/labor/training.htm. Several other loan programs operating on a multi-county basis are also available to businesses looking for financing. Rural Electric Economic Development (REED) Fund. The REED fund is a nonprofit, tax-exempt 501(c)(3) corporation, formed through the collaboration of 15 rural electric cooperatives in eastern South Dakota and western Minnesota. REED provides funding for projects developed by both for-profit and non-profit entities. Recognizing the need for access to capital in rural areas, the REED Fund offers financing for business development and for projects involving infrastructure and quality-of-life elements necessary to assist rural communities to retain, develop and attract businesses. Northeast South Dakota Economic Corporation (NESDEC). NESDEC is a 501 (c)(3) private non-profit community development corporation sponsored and partially supported by the Northeast South Dakota Community Action Program (NESDCAP). NESDEC serves a 22 county region in South Dakota including Miner County. NESDEC has numerous financing programs and can help finance a business venture by: (1) pledging a CD or participate on bank loans to small business; (2) making direct loans to individuals and/or businesses; and (3) providing counsel, referrals, and mediation to businesses in need of assistance. First District Development District. First District Development Company (FDDC) is a non-profit corporation promoting economic development and job creation in Eastern South Dakota. Established in 1983 as a Certified Development Company, First District Development Company is licensed by the Small Business Administration (SBA) to offer the SBA 504 Loan Program. Besides offering SBA 504 loans, the First District Development District has an Intermediary Relending Program (IRP) and Revolving Loan Fund (RLF). Information on all of FDDC's loan programs can be found at: http://www.1stdistrict.org/ | ||
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(605)
772-5153 • 109 North Main Street • Howard, SD 57349 •
mccr@alliancecom.net |
