There are financial resources for commercial, industrial and residential development in the Panora and Lake Panorama area. Midwest Partnership provides some great information on economic development assistance for our region. Additional information is available below regarding local financial resources.
PRIDE Revolving Loan Fund
PRIDE Revolving Loan Fund is a program established through the collaborative efforts of the Panora & Lake Panorama Area Economic Development group, the City of Panora, the Guthrie County Community Foundation, and the USDA Rural Development Agency. The main objective of this program is to boost the economic development of our community by improving downtown/main street façades, enhancing property values, increasing business profitability, and retaining jobs.
To be eligible for the program, applicants must own real estate within the delineated Historic Downtown Business Commercial District, operate a small business start-up located in the Historic Downtown Business Commercial District or a Panora commercial or arterial commercial district, and possess a good credit history. Additionally, applicants must be willing to meet liberal qualifications of a loan.
The PRIDE RLF program aims to encourage and assist business property owners in renovating and improving storefronts and/or backsides of designated properties in the downtown, commercial, or arterial commercial areas of our city. The loan terms include an interest rate of 3.00% per annum, up to a 10-year repayment schedule, and in amounts necessary to make the project viable.
Applicants can complete a simple questionnaire, provide requested financial information, and if necessary, provide collateral for the loan. The proposed property improvement must meet any applicable building codes per any governmental rules and regulations. The loan may be utilized as required matches for any other local, state, or federal funding sources. We invite you to apply for this program and contribute to the economic growth of our community.
City of Panora Development Resources
Commercial Development: The City of Panora is committed to supporting development in the community through property tax-based financial assistance. Incentive packages for commercial development are evaluated on a case-by-case basis, with a focus on job creation and investment within the community. These programs are administered by the City and offer valuable resources for businesses seeking to expand or establish themselves in our community. Visit the City of Panora website for more information.
Industrial Development: The City of Panora offers a range of financial incentives to support qualifying new construction of industrial real estate, research-service facilities, warehouses, and distribution centers. We have adopted the State of Iowa’s industrial property tax abatement program, which provides a partial exemption from taxation for a period of five (5) years. Our city administers these programs, and we encourage businesses to explore the benefits of this incentive program. Visit the City of Panora website for more information.
Residential Development: The City of Panora is committed to improving and expanding the housing stock in our community. Our efforts have focused on housing rehabilitation through a partnership with the Region XII Council of Government, using a Community Development Block Grant program. Additionally, we incentivize new home construction to attract new residents to our community. We are committed to making Panora a great place to live, work, and raise a family.
Visit the City of Panora website for more information.
Historic Downtown Business Commercial District Rebate Program
Panora provides a valuable rebate program for façade improvements in the Historic Downtown Business Commercial District. This program offers participants a rebate of 25% of validated costs for façade improvements, ranging from a minimum of $1,000 to a maximum of $10,000, helping businesses to make important property improvements and attract more customers.
To be eligible for this program, applicants must be real estate owners within the Historic Downtown Business Commercial District and comply with the City of Panora design guidelines. Once the project is completed, applicants must submit an itemized list of expenses certified by the Panora City Administrator, the Panora Downtown Enhancement Committee, and the Panora City Council to receive the rebate.
This program is an excellent opportunity for businesses to improve their properties and enhance the look of downtown Panora. For more information on qualifying buildings and how to apply, please contact the City of Panora.
Area Banks