Starting Your Small Business in Emmetsburg

EMU New Business Incentive

Emmetsburg Municipal Utilities (EMU) offers new businesses a 50% reduction in utility gas rates for a one year period, up to $2,500. To quality a business must: be in the first year of business, use EMU’s natural gas as the main heat source, be a small business (2+ full time employees or equivalent) engaged in the sale of goods or services directly to the consumer, be in a commercially zoned area of the City of Emmetsburg, and be a member of the Emmetsburg Chamber of Commerce.

Tax Abatement

All qualified real estate assessed as commercial is eligible to receive a one hundred percent (100%) exemption from taxation on the actual value added by improvement. The exemption is for a period of three (3) years.

Emmetsburg Municipal Utilities Revolving Loan Fund

Emmetsburg Municipal Utilities (EMU) offers gap financing in the form of reduced rate loans to bridge the financial gap that exists between owner equity and the amount lending institutions are willing to commit to the project. The program is designed to encourage new business development in Emmetsburg as well as expansion and retention of existing business. Rate and terms vary by project. Contact Emmetsburg Marketing & Retail Coordinator Gretchen Reichter at 712.415.1142 to learn more.

Palo Alto County EDC Revolving Loan

The Palo Alto Economic Development Corporation (PACEDC) offers gap financing at a reduced rate to support growth of community industrial parks and entices businesses and industry to expand in Palo Alto County. Rate and terms vary by project. Generally, the term of the loan shall not exceed ten years, and the loaned funds shall provide no more than 35% of the financing for any project, up to a maximum of $50,000. Contact PACEDC Executive Director Maureen Elbert at 515.295.7979 to learn more.

NWIPDC Revolving Loan Fund

The Northwest Iowa Planning and Development Commission (NWIPDC) provides financial assistance to bridge the financial gap that exists between the amount private lending institutions are willing to commit for project development and the total amount needed to bring opportunities to completion. The purpose of the RLF is to support business activities for which credit is not otherwise available on terms and conditions which would permit completion and/or the successful operation or accomplishment of the project. The creation and retention of quality jobs serves as the main objective of this program. To learn more, contact Northwest Iowa Planning and Development Commission at 712.262.7225.

Small Business Development Center

The Small Business Development Center (SBDC) provides confidential, complimentary business coaching services including business plan development, market research, marketing strategies and cash flow projections.

IASourceLink

IA SourceLink helps small businesses succeed by providing complimentary and easy access to assistance necessary to start and grow a business.

Resource Navigator: portal connecting entrepreneurs to a network of nonprofits that provide services to help small businesses

Business Concierge: provides personalized assistance and referrals

Business License Info Center: information on licenses, permits, and regulatory information

10 Steps To Starting A Business

#1

REFINE YOUR BUSINESS IDEA

Brainstorm and gather information. Is there a need for your products/services? Are there other companies offering something similar? How will you be different?

#2

GET BUSINESS ASSISTANCE & TRAINING

Take advantage of free resources and services that provide business counseling and help with preparing a business plan, securing financing, and more.

#3

WRITE YOUR BUSINESS PLAN

Your business plan is the foundation of your business. It’s a road map for how to structure, run, and grow your new business. You’ll use it to convince people that working with you is a smart choice.

#4

CHOOSE A LOCATION

Your business location is an important decision and could affect your taxes, legal requirements, and revenue. Purchasing property will also affect your financing needs.

#5

FINANCE YOUR BUSINESS

Your business plan will help you figure out how much money you’ll need to start your business. Loans, personal savings, friends and family all are options for financing.

#6

CHOOSE A BUSINESS STRUCTURE

The legal structure you choose for your business will impact your business registration requirements, how much you pay in taxes, and your personal liability risk.

#7

REGISTER YOUR BUSINESS NAME

If you’re doing business under a name other than your own, you’ll need to register with the federal government and state. Verify that the name isn’t already being used.

#8

GET A TAX ID AND REGISTER FOR STATE/LOCAL TAXES

In many cases, businesses need to obtain a federal Tax Identification Number, known as an Employer
Identification Number (EIN). In addition, businesses may need to register with the State to obtain a tax identification number to pay state and local taxes.

#9

OBTAIN BUSINESS LICENSES & PERMIMTS

To run your business smoothly and legally, there may be federal and state licenses you need to obtain. Iowa alone has over 440 different types of business licenses.

#10

UNDERSTAND EMPLOYER RESPONSIBILITIES

Will you business have employees? Check out the Iowa Workforce Development website to determine the legal steps you need to take in order to hire employees.

Small Business Development Center

The Small Business Development Center (SBDC) provides free, confidential, customized business
coaching services covering a wide range of business topics and issues including:

  • Business Planning
  • Financial Analysis
  • Financing Opportunities
  • Cash Flow Projections
  • Customer Discovery
  • Export Assistance
  • Business Transition
  • Business Growth
  • Business Growth Strategies
  • Marketing Strategies

Request business counseling online:
www.iowasbdc.org/regional-center/spencer

Need more information or assistance?

City of Emmetsburg

SBDC

PACEDC