INDUSTRIAL REVENUE BONDS (IRBs)
Manitowoc will support your project through the issuance of IRB's. IRB's are tax exempt bonds issued by a municipality or other government entity. The municipality passes the financing through to an industrial company. The net effect of the IRB is to provide the company with lower interest financing.
Manitowoc is prepared to assist in the preparation and adoption of an initial (or comfort) resolution for your project. The bonds can be issued up to one year after the completion of your project. Additional information is available on the Department of Commerce's, Industrial Revenue Bonds webpage.
REVOLVING LOAN FUND (RLF) ACTIVITY SINCE 1988:
The City of Manitowoc has two (2) Revolving Loan Fund (RLF) programs. The City’s downtown revolving loan fund has invested $863,000 in public monies into 19 downtown business, and has leveraged over $4.8mm in private investment dollars. The City’s industrial revolving loan program has invested over $3.0mm in public monies into 23 Manitowoc businesses (non-downtown), and has leveraged over $24.0mm in private investment dollars. In addition to projects funded directly through the City's RLF programs, the City's business loan portfolio includes $2.1mm in State economic development grants to support six (6) additional businesses. These funds have leveraged an additional $8.05mm.
Total # of loans: 48
Total public investment: $6.00mm
Total private investment: $36.85mm
MANITOWOC COMMERCIAL REVOLVING LOAN FUND (RLF) PROGRAM
Program encourages the revitalization of businesses in downtown Manitowoc. Provides long-term, fixed rate financing at 4% interest with low down payment requirements. Loans are secured. Blended program and conventional rates result in effective interest rates between 1-1 1/2% below prime. Policy Manual (pdf), Data Sheet & Application (pdf)
MANITOWOC INDUSTRIAL REVOLVING LOAN FUND (RLF) PROGRAM
Program provides capital for projects City-wide. Provides long-term, fixed rate financing at 65-75% of prime, with low down payment requirements. Loans are secured. Policy Manual (pdf), Data Sheet & Application (pdf)
MANITOWOC TECHNOLOGY ZONE
The Wisconsin Technology Zone Credit is available to companies located in select “Technology Zones” established across the State. The program provides tax credits based on capital investments made and high wage/high skilled jobs created, to new and expanding companies utilizing advanced technology production processes, with a focus on research, development, or manufacturing of products or materials used in a variety of identified business clusters. . The Wisconsin Department of Commerce (DOC) administers the program through various regional partnerships.
Manitowoc County is part of the Northeast Wisconsin Regional Economic Partnership (NEWREP) Technology Zone. There are two (2) Technology Zone areas designated within the City of Manitowoc. Applications under the program must first be reviewed and recommended for approval by NEWREP before being forwarded to the DOC for final approval.
Allocations of Technology Zone tax credits will be determined based upon the following information for a three (3) year period:
1. Capital investments in taxable real and personal property.
2. Payroll (15% of projected wages for the first 12 months for new positions created).
3. Real and personal property taxes.
The starting average wage for Technology Zone consideration is $13/hour.
DEVELOPMENT ZONE PROGRAM
Manitowoc has been one of Wisconsin's Development Zones since 1989. This program offers capital and employment-related tax credits to companies locating and investing in a zone. The program provides the following tax credits:
