Workforce Development Training Fund:
Idaho's Workforce Development Training Fund grants monies to businesses for worker training based on job creation. Firms are reimbursed for eligible expenses, up to $2,000 for each new job created. Qualifying jobs must be in groups of five or more new employees; be within a "basic industry" which imports new monies into the community; be full-time positions; include employer-assisted medical benefits; and pay a minimum entry level wage of $12.00 per hour.
Workforce Development Training Fund — Rural Component:
The Rural Component expands the job training program to counties in rural Idaho experiencing high unemployment or low per-capita income. Counties eligible for the rural component are Adams, Bear Lake, Benewah, Bingham, Boundary, Canyon, Clearwater, Franklin, Fremont, Gem, Idaho, Jefferson, Madison, Minidoka, Oneida, Owyhee, Power, Teton and Washington. The streamlined application process does not require matching funds and allows for up to $3,000 per employee.
Idaho Prime Loan Program:
A state-sponsored program similar to the SBA LowDoc program: A commercial bank makes a loan of up to $150,000, with up to 85 percent SBA guarantee. Loans are made at the prime rate. The state of Idaho buys the loans, pools them, and resells them.
Industrial revenue bonds:
A fixed-asset loan program where a company may "borrow" the tax-exempt status of a sponsoring city or county. Applies to manufacturing, processing, production, or assembly. A public corporation issues tax-exempt bonds to finance the project; the business collateralizes the bonds, with a maximum of $10 million (total).
Community development block grant (CDBG):
Grants to cities or counties for public infrastructure to support business development; projects must benefit low- and moderate-income households. Grants of up to $500,000 are given, with a maximum of $10,000 for each new job created.
Rural community block grant:
Grants to rural communities to finance and facilitate business development: applies to public-owned land, buildings, or infrastructure. Grants of up to $500,000 are given. State funds carry fewer restrictions and less administrative overhead.
Tax increment financing:
A method for cities or counties to fund new infrastructure that may benefit businesses making new investment when a urban renewal district is formed; city or county property in district assessed; before new investment; after new investment; tax exempt bonds sold to pay for infrastructure in district; taxes collected from new investment pledged to retire the bonds; schools held harmless.
Idaho State Contact:
Idaho Commerce and Labor
700 W. State Street
Boise, ID 83720
(208) 334-2470 or (800) 842-5858
Incentive and tax information is provided to Area Development by each state’s economic development or commerce agency for information purposes only and is subject to revision at any time by the state government. Please contact the state agency directly for full requirements and offerings.
