Ames EDC

Financial Assistance

Local Financial Assistance

Ames Revolving Loan Fund

The City of Ames Revolving Loan Fund was developed to provide for a local match for various state financial assistance programs. The purpose of the loan is to assist area businesses in expansions and relocation. The program was designed for gap financing with city loan representing no more than 15% of total financing. The emphasis is on the projects that expand the tax base and create quality jobs. Loans are typically made for five years at 1/2 of prime. The maximum amount of any one loan is $50,000. Generally, awards are between $1,000-$2,000 per job created. Applications can be made at any time. Loan applications are reviewed by a revolving loan fund committee and subject to Ames City Council approval.

Ames Seed Capital Fund

Ames Seed Capital provides equity-based funding for central Iowa startups and growing businesses. We seek to invest in compelling, high growth businesses that operate in national and global markets. Our investments require a share of equity (ownership) in the business we are financing. As a seed-stage investor we typically provide capital at an early point in a business's development, but do look for some revenue, or an ability to show significant traction with prospective customers. Please contact Mike Upah, the Director of Ames Seed Capital, for more information by emailing

Boone Downtown Incentive Fund Grant

The goal of this program is to encourage remodeling and repair work on commercial buildings in the Downtown District consistent with proven Main Street practices, including those that retain unique historic elements and use brick/masonry materials. New construction is also eligible. Up to $30,000 is available per project. For approved projects, the Incentive Fund will cover up to 40% of qualifying expenses. Applications can be submitted through the City of Boone website.

Boone Housing Incentive Program

The goal of the Housing Incentive Program is to encourage and promote the construction of new single-family homes within the city limits of Boone, Iowa. For every custom single-family home or townhome built within the city limits of Boone, Iowa that meets all the qualifications, the homeowner will receive $10,000.00 upon the submittal to the City a Certificate of Occupancy. Applications can be submitted through the City of Boone website.

Community Investment Fund

The City of Ames and the Ames Economic Development Commission can provide up to $50,000 in financial assistance to provide a local match for State financial assistance programs and to fill financing gaps in economic development projects. The assistance is typically in the form of a no-interest or low interest loan, but it can take the form of a forgivable loan for projects with high paying jobs and significant capital investment.

Industrial Property Tax Exemption

The Ames City Council has approved an ordinance for a partial exemption from property tax of the actual value added to real estate by the new construction of industrial real estate, research facilities, warehouses, owner-operated cattle facilities, and distribution centers. The amount of actual value added that is eligible to be exempt from taxation is as follows: Year 1, 75%; Year 2, 60%; Year 3, 45%; Year 4, 30%; Year 5, 15%. Applications are filed with the Ames City Assessor and must be submitted by February 1 after the year of construction. Companies may file for prior approval.


State Financial Assistance

The state of Iowa offers a number of programs that provide financial assistance to new and expanding businesses. Visit the Iowa Economic Development Authority website to learn more.

Mid-Iowa Development Fund

Mid Iowa Development Fund knows that our strength lies in collaboration with other counties. The seven-county area in central Iowa served by the RLF – Polk, Dallas, Jasper, Story, Boone, Marion and Warren – were designated as disaster areas under the August 12, 1993, Presidential Declaration. This very diverse seven-county area in central Iowa was the most heavily flood-damaged region in the nation during the 1993 flood (more than $100 million in business and property losses.) Back in 1993, these counties realized that by working together we could overcome our challenges much more efficiently, and that is why it was ultimately decided to launch Mid Iowa Development Fund, Inc. 501(c) (3). non-profit organization. Learn more at 

Research and Development Tax Credit

The credit offers up to 6.5% of the company's qualifying research expenditures in Iowa. Companies approved for expansion in an Enterprise Zone or under the High Quality Jobs program may be eligible for a supplemental tax credit for qualifying research and development activities. 

Renewable Chemicals Production Tax Credit

This first of its kind tax credit incentivizes the production of high-value "building block" chemicals based on weight ($0.05 per pound produced) with annual limits of $1 million for start-ups and $500,000 for established businesses. 

Workforce Training

The Iowa Industrial New Jobs Training (260E) Program provides eligible businesses with new employee training. 


Federal Financial Assistance

There are a number of federal programs that provide financial assistance to new and expanding businesses. Many of these programs are available through the USDA, SBA, EDA, and DOT. Please contact the AEDC today and we'll help find the right program for you! 

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