Financing

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The majority of financing for a business will come from owner’s equity, friends and family, and conventional lending.

SBA Financing Basics An overview of business financing from the Small Business Administration.

IRS Virtual Small Business Tax Workshop This interactive online workshop teaches new small business owners about the basic tax aspects of running a small business. Topics include: Types of organizations, recordkeeping, income, expenses, employment taxes, employment tax depositing requirements, electronic filing and payment, business use of the home and wage credits.

Closing the Gap

The programs below cannot be used to replace equity and conventional lending but may close any gaps that remain between what is needed to start the business and what is available to your company. Please see our incentives page for a list of other programs that may apply to your business.

SBA 7(a) Program The SBA provides several types of loans and loan guarantees to small businesses via conventional lenders. The 7(a) Program is by far the most widely utilized. Inquire with your primary lender for more information.

504 Loans are another financing instrument used by the SBA to provide small loans to start up companies. There are two organizations certified to make loans under the 504 program in West Des Moines: Iowa Business Growth Company and Des Moines Economic Development Corporation. Both of these companies have other small business loans available as well.

Valley Junction Programs

If you are planning to locate your business in Valley Junction you may qualify for several assistance programs.

Property Improvement Fund - NEW!

The Property Improvement Fund will provide assistance to property owners in the renovation and upgrade of older commercial, office, industrial, and mixed use properties within the Historic West Des Moines study area. Projects eligible for funding include, but are not limited to,: major renovation of structural elements of the building, including new or replacement roofs; total renovation and rehabilitation of underutilized building areas; awning and facade improvements; additions to existing buildings; and the cost associated with professional services of an architect, engineer, or other design professional. Property owners within the designated areas are eligible for funding of a zero-interest loan up to $75,000, which will be paid by the borrower directly to the City. Any project for which a building permit has been issued will be ineligible for funding. Click here for the application for the Property Improvement Fund. Click here for the scoring criteria. Applications are due Tuesday, August 1 at 4 p.m.

Regulatory Compliance Fund - NEW!

The Regulatory Compliance Fund will assist property owners within the Historic West Des Moines study area in compliance with government regulations, specifically: fire sprinkler requirements; ADA compliance; installation and upgrades to electrical, plumbing, and mechanical systems to bring those systems up to current building codes standards; upgrades to or installation of fire suppression systems, including range hoods; and fats, oil, and grease tank installation. Property owners within the designated areas are eligible to apply for funding of up to 50% of the cost of regulatory compliance as a grant up to $75,000. The property owner is responsible for matching the grant on a 1:1 basis as their share of the project. Any project for which a building permit has been issued will be ineligible for funding. Click here for the application for the Regulatory Compliance Fund. Click here for the scoring criteria. Applications are due Tuesday, August 1 at 4 p.m.

Property Tax Rebate Program - NEW!

The Property Tax Rebate Program will encourage and provide assistance to property owners in the renovation and redevelopment of vacant or underutilized retail, office, mixed-use and industrial building and sites. Projects eligible for funding include major renovation of structural elements of the building. Property owners within the designated areas are eligible to apply for the Property Tax Rebate Program, which will be based on a five-year, 100% rebate of the tax increment revenues generated by the agreed upon construction, upgrades, and replacements with all rebates being subject to a non-appropriation in any given year. The property owner must enter into a development agreement with the City and must commit to creating or retaining a minimum of five (5) full-time equivalent employees in the first 2 years and retain those positions for the life of the rebate. The property owner must commit to the City that they will undertake at least $500,000 worth of construction, upgrades, and/or replacements to the property. More information about the Property Tax Rebate Program can be found here. Contact the Community & Economic Development department with interest in this program - (515) 273-0770. Click here for the application form for the Property Tax Rebate Program.

Low Interest Loan Program
Projects must maintain historical integrity and rehabilitation standards. All projects must obtain appropriate permits and meet city requirements. Eligible projects in include, but are not limited to: façade repair, masonry repair, exterior cleaning / painting, repair of cornices, entrances, doors, windows, awnings, sign removal, interior improvement and renovation, upper floor rehabilitation work (safety requirements). Loan amounts are from $5,000 minimum to $25,000 maximum. Repayment terms are prime floating interest rate (plus any filing or other costs), 5 year maturity. Funds may be used only for new projects in Cultural District. Loan subject to bank approval, personal guaranty may be required. Project must be approved by HVJF Design Review.

Signage / Awning Grant Program
Administered by HVJF, a reimbursable grant program to encourage signage / awning replacement and upgrades. Grant awards up to 50% of total project costs, $500 maximum grant. Project must be completed by end of grant cycle calendar year.

City of West Des Moines Technical Assistance Program

Administered by the city of West Des Moines, a reimbursable grant program for professional services by a licensed architect, engineer, planner or surveyor, $500 maximum grant.

Main Street Iowa Technical Assistance / Design Services

As a certified Main Street Community, Valley Junction businesses are eligible for technical assistance and design services, stand alone, or in conjunction with above incentive programs.

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