Economic Development

Economic Development

PROVEN SUCCESS- Franklin REC's track record of successful projects proves our ability to attract new business, assist existing businesses, support entrepreneurs and grow jobs for the area.  In partnership with Corn Belt Power and Franklin County Development, we were instrumental in building four spec buildings amounting to over 100,000 sq. ft. of manufacturing space.  Spec 1 was purchased by Red Neck Trailer Supply, spec 2 was purchased by Global Fabrication, spec 3 was purchased by Buresh Building Systems and spec 4 is available for purchase.

 

FRIENDLY & PROFESSIONAL- We like helping people and with Franklin REC you will enjoy an exemplary degree of technical assistance as you develop your project.  Utilizing our partners we can help with just about anything you need.

  • Site selection
  • Power needs analysis
  • Power cost analysis
  • Load management structuring 
  • Financial assistance
  • Labor force studies
  • Entrepreneur assistance
  • Project planning business plan assistance

 

FINANCIAL ASSISTANCE- Sometimes you just need a little help with the finances, and Franklin REC has access to some very powerful programs for qualifying projects.

  • Corn Belt Power IRP- intermediary lending program for new or expanding businesses
  • REDL&G- a 0% pass through loan from the USDA accessed through your cooperative
  • Tax Increment Financing (TIF)- upfront money to get your project started
  • Tax abatements and rebates
  • Enterprise Zone Benefits- up to 10% investment tax credit and rebates
  • Franklin REC Revolving Loan Fund
  • Franklin County RLF- a low interest loan for new or expanding businesses
  • Franklin County Enterprise RLF- a low interest loan for new or expanding businesses
  • Franklin County Banker's Association- a local consortium of lending partners who put together customized loans for businesses
  • The Iowa Department of Economic Development assistance programs

Each program is subject to specific criteria, adequate security and board approval

 

FRANKLIN REC SERVICE TERRITORY- Strategically located in central Iowa, the Franklin REC service territory is wrapped around Interstate 35 providing you with a billboard location to one of the state's major transportation corridors.  Our territory also flows along an excellent farm-to-market grid of well maintained roads providing for your transport needs.

 

SOLID PARTNERSHIPS- You won't go it alone in Franklin REC territory.  As a member of Corn Belt Power and a Touchstone Cooperative, we bring to bear formidable partnerships who work in concert to offer assistance at every turn.

 

IOWA AREA DEVELOPMENT GROUP- IADG is the economic development arm for Iowa's customer-owned rural and municipal electric utilities, providing assistance with site selection, financial packaging and marketing.

Phone: 800-888-4743

iadg@iadg.com

 

Corn Belt Power Cooperative

Jim Vermeer, Vice President of Business Development

Phone: 515-332-2571 ext 227

jim.vermeer@cbpower.coop

 

Franklin Rural Electric Cooperative

Rick Whalen, Economic Development Director

Phone: 641-425-4905

rwhalen@butlerrec.coop

 

THE IOWA ADVANTAGE- There is distinct advantages in locating your business here

  • Fifty percent deductibility of federal taxes from Iowa corporate income tax
  • Single-factor, non-unitary tax.  Iowa's tax is based only on the percentage of total sales income within the state
  • Iowa corporate income tax may be reduced or eliminated by the New Jobs Tax Credit and the Enterprise Zone Tax Credit
  • No sales or use tax on manufacturing machinery and equipment purchases
  • No property tax on new industrial machinery and equipment
  • No personal property (inventory) tax
  • No sales and use tax for manufacturers on purchase of electricity and natural gas

So there you have it.  Working with Franklin REC you will find experienced, friendly professionals who are dedicated to making your project succeed.  Please feel free to contact us at any time about your economic development needs.