Fifty-two percent of existing business owners will leave their business in just ten years or less, according to statistics provided by Gallup. If you look around Valley County and consider that the average age here is 45, that number is likely to be significantly higher. What does that mean for us in economic development? A greater commitment to business transition and succession planning.
How can economic development help? As recently as this year, we’ve made some strategic changes to our local financing options that puts greater emphasis on transitioning existing local businesses. We are also consulting with our available businesses for purchase to find qualified buyers, which you can find a few local businesses for sale here. We also have an internal resource team, comprised of attorneys, accountants, bankers and financial planners that can put the technical assistance together to execute buy-outs.
Griess Automotive, another successful business transition
What resources are available?
Ord City Sales Tax Fund: Approximately $172,000 in sales tax loan funds are currently available for businesses located in Valley County. Funding can be used for new business start-ups or businesses wishing to expand or renovate. Loans are available at 2% interest and the length of the loan is negotiable.
Revitalize Downtown Ord Micro-Loan: The deadline for applying for the Revitalize Downtown Ord Loan is Monday, January 9, 2012. The maximum loan amount is $5,000 per project to be used for downtown façade improvements or the development of a business website. Funds are available at 0% interest for a maximum of 5 years. Applicants are required to provide a 25% cash match.
Valley County Business Corridor Micro-Loan Pool: Maximum loan amounts for the Valley County Business Corridor loan program is $10,000 at 0% interest for a maximum of 5 years. These loan funds are available to any business in Valley County along the highway corridors in Arcadia, Elyria, North Loup, and Ord. Eligible activities include demolition, repair, cleaning, and sign removal that contribute to improving the physical appearance of the business corridors. The deadline for applying is Monday, January 9, 2012.
Have we had any success? You bet! As of this year alone, we’ve executed the buy-out of four businesses. In 11 years of economic development existence, we’ve helped numerous businesses help find the right buyers and access the right resources to be successful.
Where do I start? Visit www.ordnebraska.com/work/valley-county-economic-development/ or contact myself (Caleb) or Kristina at the VCED office, (308) 728-7875 to get the ball rolling. Remember, ALL visits are always confidential. We value your trust and assure you that all transactions will be kept confidential until you’re ready to announce.
Get started today!