Incentives & Assistance
The following incentives and assistance are available from the State of Wisconsin to companies that are expanding and relocating to Oconomowoc.
Manufacturing Profitable Sustainability Initiative (WMEP): this initiative has been so successful that it has expanded. To learn more about WMEP visit their website.
The State of Wisconsin offers training programs that are designed to enhance the skills and abilities of its workforce. Offered in the form of a matching grant, the Customized Labor Training (CLT) Program has historically been driven by a company's commitment to re-invest in new technologies that necessitate the need for training.
In addition to the CLT Program, the state now also offers the Business Employees' (BEST) Program, which is specifically designed to meet the wide variety of training needs of Wisconsin's small businesses.
The state of Wisconsin’s capital finance programs offer below market rate financing to businesses that are willing to make a firm commitment to invest in Wisconsin. Key programs include:
- Industrial Revenue Bonds (IRBs): Wisconsin’s IRB program now has more than $265 million available to assist small manufacturers with expansion projects through low-interest financing.
- Midwestern Disaster Area Bonds (MDABs): This program offers private businesses in southeastern Wisconsin, including Oconomowoc, a unique opportunity to finance a wide variety of projects using tax-exempt bonds. Interest is exempt from federal income tax for the holders of private activity tax-exempt bonds such as MDABs. Therefore, the bondholders accept a lower interest rate for the tax-free income.
- Tax credits: Tax credits can be granted for job creation, capital investment (M and E), employee training, and relocating corporate headquarters.
Downtown Oconomowoc Business Loan Pool
To help attract more businesses to our newly reconstructed downtown area, the City of Oconomowoc and First Bank Financial Centre teamed up to establish a Downtown Oconomowoc Business Loan Pool. As the number one SBA lender in Wisconsin, First Bank Financial Centre committed capital to fund the loan pool. Eligible expenses for these loans include acquisition of property, building improvements, equipment purchases, and environmental or safety compliance. The loans are generally $10,000 to $25,000 at a fixed 1% rate, and loan decisions are made by the Oconomowoc Community Development Authority.
Contact Economic Development Director Robert Duffy for more information.