Business Assistance Programs
Property Tax Abatements: Property tax abatements on new equipment or real property improvements are available for periods up to ten years. The City of Kokomo Department of Development processes the paperwork required for the establishment of an Economic Revitalization Area (ERA) by the Kokomo Common Council.
Industry & Technology Revolving Loan Fund: The Industry & Technology Revolving Loan Fund seeks to revitalize the Kokomo community by providing favorable financing for new and expanding technology, manufacturing, industrial and service companies. This program provides 1/3 gap financing up to $300,000 at below-prime interest rates that can be used for equipment purchases, property improvements, working capital and more.
Emerging Business Revolving Loan Fund: The Emerging Business Revolving Loan Fund offers gap financing to new and emerging businesses, defined as businesses with 50 or less employees, and less than $1 million in annual gross revenue. Project goals should include creation and expansion of new business, as well as job retention and creation. Loan amounts typically range from $2,000 to $15,000.
All programs subject to available funding, and satisfaction of qualifying criteria. Most programs include an application process and require final approval by the Kokomo Board of Public Works and Safety.