Business Incentives
Local Economic Development Fund (LB840)
The Local Option Municipal Economic Development Act (LB840) was approved by Ravenna voters in 2011 to create a sales tax program for economic development and provide a financing tool to fund existing business needs, the development of new business start-ups, and economic development site improvements. Currently, Ravenna Economic Development Corporation has developed a framework of programs and procedures to make these funds available for local economic development. Please contact Ravenna Economic Development Corporation at economicdevelopment@myravenna.com or call (308)452-3133. Or download the application (part 1 & 2).
Business Exterior Enhancement Program
Ravenna Economic Development Corporation offers a 50% matching grant up to $1,000 for businesses and building owners to enhance the façade of their buildings. To obtain an application, stop by the REDC Office at 318 Grand Avenue.
Tax Increment Financing
The City of Ravenna has the ability to use TIF in order to assist new or expanding businesses. For more information, contact the City of Ravenna at (308)452-3273 for details.
Rural Enterprise Assistance Project (REAP) Rural Enterprise Assistance Project (REAP)
REAP is a rural microenterprise lending organization created by the Center for Rural Affairs. A microenterprise is a business with fewer than five employees. Through REAP, business owners can create a business plan, research potential markets and marketing ideas, discuss management issues with experienced business specialists, and apply for a small business loan. Started in 1990, REAP has provided business development services to over 10,000 micro businesses. REAP has placed over $5 million in loans and leveraged over $11 million in additional funds from other sources due to our assistance.
ImagiNE
ImagiNE is a redesigned incentives portfolio from the Nebraska Department of Economic Development created with small and large businesses in mind. It replaces the expired Nebraska Advantage program. For details on ImagiNE, contact the Nebraska Department of Economic Development at (800)426-6505.
Intern Nebraska
The Intern Nebraska (InternNE) program connects college students and employers from across the state, providing a unique opportunity for them to co-invest in the future. Interns gain valuable business experience that will help them in future careers, while successful internships help businesses develop tomorrow’s leaders. Internships create lasting connections between students and the region; more than 50% of interns become full-time employees at their place of internship, according to the National Association of Colleges and Employers.
Rural Prosperity Nebraska - Fellows Program
Microenterprise Tax Credit
The Microenterprise Act provides persons actively involved in micro-businesses a refundable individual income tax credit based on demonstrated growth of their business over two tax years. The Microenterprise Act has $2 million available for each calendar year through December 31, 2022 to provide tax credits to applicants for creating or expanding micro-businesses. The total lifetime tax credits claimed by any one taxpayer and any related person(s) are limited to $10,000. An individual may file another Microenterprise Application after the first two-year application period has ended. The individual may claim no more than the difference between the $10,000 lifetime limit and the pending amount previously requested.
For more information or additional assistance, please contact the Ravenna Economic Development Corporation.
The Local Option Municipal Economic Development Act (LB840) was approved by Ravenna voters in 2011 to create a sales tax program for economic development and provide a financing tool to fund existing business needs, the development of new business start-ups, and economic development site improvements. Currently, Ravenna Economic Development Corporation has developed a framework of programs and procedures to make these funds available for local economic development. Please contact Ravenna Economic Development Corporation at economicdevelopment@myravenna.com or call (308)452-3133. Or download the application (part 1 & 2).
Business Exterior Enhancement Program
Ravenna Economic Development Corporation offers a 50% matching grant up to $1,000 for businesses and building owners to enhance the façade of their buildings. To obtain an application, stop by the REDC Office at 318 Grand Avenue.
Tax Increment Financing
The City of Ravenna has the ability to use TIF in order to assist new or expanding businesses. For more information, contact the City of Ravenna at (308)452-3273 for details.
Rural Enterprise Assistance Project (REAP) Rural Enterprise Assistance Project (REAP)
REAP is a rural microenterprise lending organization created by the Center for Rural Affairs. A microenterprise is a business with fewer than five employees. Through REAP, business owners can create a business plan, research potential markets and marketing ideas, discuss management issues with experienced business specialists, and apply for a small business loan. Started in 1990, REAP has provided business development services to over 10,000 micro businesses. REAP has placed over $5 million in loans and leveraged over $11 million in additional funds from other sources due to our assistance.
ImagiNE
ImagiNE is a redesigned incentives portfolio from the Nebraska Department of Economic Development created with small and large businesses in mind. It replaces the expired Nebraska Advantage program. For details on ImagiNE, contact the Nebraska Department of Economic Development at (800)426-6505.
Intern Nebraska
The Intern Nebraska (InternNE) program connects college students and employers from across the state, providing a unique opportunity for them to co-invest in the future. Interns gain valuable business experience that will help them in future careers, while successful internships help businesses develop tomorrow’s leaders. Internships create lasting connections between students and the region; more than 50% of interns become full-time employees at their place of internship, according to the National Association of Colleges and Employers.
Rural Prosperity Nebraska - Fellows Program
Rural Fellows is a unique program designed to connect college students to rural Nebraska communities to give hands-on working experience to students while promoting meaningful change for the communities that make Nebraska so strong.
Each summer since 2013, college students from Nebraska and beyond have spent their summers living and working in rural communities across Nebraska and the Midwest. These students, known as Rural Fellows, complete projects focused on supporting communities make progress toward strategic and specific goals that help the community thrive.
Rural Fellows commonly focus on creating impact in:
- Community, workforce and economic development
- Business development
- Early childhood education
- Community marketing and communications
- Entrepreneurship
- Mental health services
- Inclusive leadership development
- and more!
The Microenterprise Act provides persons actively involved in micro-businesses a refundable individual income tax credit based on demonstrated growth of their business over two tax years. The Microenterprise Act has $2 million available for each calendar year through December 31, 2022 to provide tax credits to applicants for creating or expanding micro-businesses. The total lifetime tax credits claimed by any one taxpayer and any related person(s) are limited to $10,000. An individual may file another Microenterprise Application after the first two-year application period has ended. The individual may claim no more than the difference between the $10,000 lifetime limit and the pending amount previously requested.
For more information or additional assistance, please contact the Ravenna Economic Development Corporation.