IRBs are also exempt from federal income tax. The Major Economic Development Program offers low-interest loans for business development projects that create a significant economic impact. Microloan Program is designed to provide working capital or fixed asset financing for businesses located in rural communities. This program is designed to help businesses commercialize new technology. A city or village can designate a specific area within its boundaries as a TIF district and develop a plan to improve its property values.
Taxes generated by the increased property values pay for land acquisition or needed public works.
This program provides loan guarantees for projects developing products, markets, method of processing or marketing for a Wisconsin-grown commodity. Under the BEST program, Commerce can provide applicants with a tuition reimbursement grant to help cover a portion of the costs associated with training employees. The Brownfields Initiative provides grants to persons, businesses, local development organizations, and municipalities for environmental remediation activities for brownfield sites where the owner is unknown, cannot be located or cannot meet the cleanup costs. The Development Zone Program promotes a business relocating or expanding to Wisconsin on a particular site in any area of the state that suffers from high unemployment, declining income and property values, and other indicators of economic distress. The program offers tax credits for creating new, full-time jobs, hiring disadvantaged workers and undertaking environmental remediation.