Local Incentive Programs

Red Willow County Revolving Loan Fund: Originally funded through the Community Development Block Grant (CDBG) program offered through Nebraska Department of Economic Development, A local revolving loan fund is now held by Red Willow County. The fund is administered by McCook Economic Development Corporation and is designed to help attract private investment or bank loans to job creating projects. The CDBG re-use fund allows lower rates and longer terms than are often available from traditional lending sources. Depending on availability of funds, CDBG loans and grants can be made to qualified projects at negotiable rates and terms.

Community Improvement Financing: Tax increment financing (TIF) of the cost of public improvements for projects located in blighted and substandard areas. Its purpose is to reduce developer capitalization to a level that makes investment feasible. Public improvements include land purchase, clearance, and sale and construction of streets, sidewalks, utilities, parks or other similar public spaces necessary in site preparation.

McCook Community Development LLC: This consortium of local lenders was formed to meet the needs of economic development in McCook. The primary purpose of this fund is renovation of down town properties. They have financed the acquisition and build-out of specialized buildings.

Other loan programs: MEDC works with several organizations in order to provide specialized lending products. Rural Enterprise Assistance Project (REAP) and West Central Development District have micro-lending and technical assistance programs that will suit smaller projects. Through the Nebraska Business Development Centers we can access help with business plan development, market research, SBA loan packaging and an array of other services.

Technical Assistance: We can help you find the right building, understand local zoning, find vendors and service providers, secure a rail siding or any number of other technical tasks to take the stress out of establishing a profitable location here.