Work | Business Assistance & Financial Incentives
Are you considering expanding or opening a new business in downtown Davenport but don’t know where to start? DDP has a dedicated staff that’s available to help you understand the nuances of doing business downtown so you can get your doors open sooner.
We can also help coordinate meetings with the City Community Planning & Economic Development staff to ensure you understand all of the financial incentives available and which programs are best fit to help make your new business downtown a reality.
See below for a list of programs and financial incentives that could benefit your company.
Free Market Research - BIG Database
The Quad Cities Chamber, in partnership with Eastern Iowa Community College District, offers a FREE data-mining service called Business Information for Growth, or BIG.
Identify new opportunities for your business to grow by researching demographic statistics, market analysis tools, and vital information on millions of U.S. companies. BIG has access to databases including Reference USA, Hoovers Plus, First Research, Plunkett Research and Acculeads.
BIG is FREE to use and can be accessed after a brief training at the NewVenturesCenter. To schedule an appointment, call New Ventures Center at 563.327.0160 or email reception@newventuresinc.com
City of Davenport Downtown Financial Incentive Programs
Direct Financial Incentives
Downtown Davenport Jobs Program
This federally funded program is restricted to the main downtown area. The guidelines are:
- The program can grant businesses $1000 per full time job (or a combination of part-time jobs that equal one full time equivalent (FTE) position) or $3000 per FTE as a loan.
- FTE is defined as 40 hours per week or 2080 hours per year
- The job must be new to Davenport
- Your business must be creating jobs for low to moderate income persons. This means that you must make at least 51% of all newly created positions available to moderate to low income persons. For example a single person could make up to $35,150 to qualify or a person with a household of four individuals could make up to $50,150 and qualify.
Small Business Loan Program (SBLP)
This federally funded program provides loans for $10,000 – $20,000 to assist small businesses with expenses such as machinery and equipment, building purchase and working capital. Loans are for five years with 0% interest. In order to qualify, business must have 50 or few employees and do one of the following three things:
- Expand the availability of essential goods/services in low to moderate income neighborhoods
- Create and/or retain jobs for low-mod income persons
- Owner must be a low-mod income person
Façade Loan Program
The City has a federally funded façade loan program. Preference is given to blighted properties and the rehabilitation of historic structures. Loans are for five year with an interest rate of 0-3%.
Tax Incentives
Urban Revitalization Tax Exemption (URTE)
Property tax exemption on the increase of property taxes resulting from additions and rehab to existing structures and new construction of residential, commercial and industrial properties. This program offers seven different tax exemption schedules to choose from depending upon the tax classification of property.
Enterprise Zone (EZ)
Housing business which are building or rehabilitating 3+ units in an apartment building or 4 or more single family houses are eligible for a 5% refund of state sales, service or use taxes following project completion and a 10% investment tax credit on the first $140,000 per housing unit
Additional Assistance
The Quad Cities Chamber NewVentures Center
Need help with a business plan, marketing/advertising, finding venture capital, accounting/tax assistance, virtual office or legal docs for your business? Call the center at (563) 327 – 0160 or visit their website.
Bi-State Revolving Loan Fund
The BSRLF makes below market-rate loans to fill permanent financing gaps and leverage private financial investment for businesses that create jobs. The BSRLF are based upon job creation with a maximum of $7,500 per job created. The loan may be used for working capital or to assist the business in the purchase of fixed assets such as machinery, equipment, land or buildings. Applications are accepted on a monthly basis.
For additional information, please all the City Community Planning and Economic Development Department at 563-326-7765.
DDP Facade & Streetscape Grant
The Downtown Davenport Partnership offers Facade & Streetscape grants intended to enhance the overall beautification and visual appearance of downtown. It is not intended to fund routine building maintenance. Examples of eligible projects include, but are not limited to, painting, decorative streetscaping, tuck pointing, awnings, historic window replacement, etc. Interior projects are not eligible.
The grant provides assistance in the form of matching funds that are paid to selected applicants after private investment has been applied to the project. The maximum amount of any grant is $15,000.
For more information or to apply, please contact DDP staff.
© Copyright 2012 Downtown Davenport Partnership
