Development Incentives Available in Martin City
The Martin City Community Improvement District (MCCID) works with the Economic Development Corporation of Kansas City to provide businesses information about state and local incentives available to new or expanding businesses in our district. If you have questions, please contact Steve Rinne, Business Development Officer at the EDC, to help you navigate what may be available to your business. firstname.lastname@example.org (816) 691-2129 *The EDC and KCMO staff make the final determination of appropriate local incentives per business.
SBA 504 Loans
The EDC works with third-party lenders to provide SBA-approved 504 loans. As an SBA-approved Certified Development Company, all the EDC’s 504 loans are 100% guaranteed by the SBA and can be used for the acquisition of land or buildings, new construction, renovations, or to purchase machinery and equipment.
A typical 504 loan has three sources of funding, with the 504 loan making up 40% of the total project cost while outside lenders provide 50% and the borrower provides 10% as an equity injection. Once you’ve spoken with the EDCL to discuss your project, we can help you find outside lenders who would be happy to work with you to secure outside funding. The 504 loan itself has a low fixed interest rate for 10 or 20 years.
The 504 loans are designed for small businesses with a net worth of less than $15 million, and an average income for the last two years of less than $5 million, making them a perfect fit for startup businesses and small companies looking to expand their operations.
To qualify for a 504 loan, applicants must be a for-profit company doing business (or propose to) in the United States. Click here to view additional eligibility requirements. Click here for more information about the SBA 504 Loan Program.
Within the boundaries of the CID exist a Martin City Urban Renewal Area (URA).The Chapter 353 Program was created to assist in the removal of blight and blighting conditions by providing local property tax abatement to development projects located within an Urban Renewal Area (URA). Assistance may be provided in the form of real property tax abatement on improvements up to 100 percent for a 10-year period and 50 percent for a 15-year period. Contact the EDC to find out if your project qualifies.
Enhanced Enterprise Zone
The Enhanced Enterprise Zone (EEZ) encourages job creation and investment by providing state tax credits and local property tax abatement to new or expanding businesses that locate in an Enhanced Enterprise Zone. Projects that qualify for the Enhanced Enterprise Zone tax abatement may receive a standard abatement of 50 percent property tax abatement for a 10-year period for improvements made to real property. Any amount beyond the standard abatement requires a financial analysis by EDC and approval by the EEZ Board and City Council. View Enhanced Enterprise Map Zones here
New Market Tax Credits
The NMTC Program attracts private capital into low-income communities by permitting individual and corporate investors to receive a tax credit against their federal income tax in exchange for making equity investments in specialized financial intermediaries called Community Development Entities (CDEs). For more information, please see the NMTC Program Fact Sheet. A detailed overview of the NMTC Program, including information on eligible activities, can also be found in this Introduction to the NMTC Program presentation.
Small Business Administration (SBA) HUBZone
The HUBZone [Historically Underutilized Business Zone] Empowerment Contracting program provides federal contracting opportunities for qualified small businesses located in distressed areas. Jackson County is a qualified HUBZone. Click here to learn how to apply for the HUBZone program
For more information, please contact the Executive Director of the Martin City CID at email@example.com or 816-308-1023.