Incentive & Loans Programs

Community Works Loan Program

The Altona Community Development Corporation, in conjunction with Manitoba Rural Development and the Town of Altona, sponsors small business loans to new and expanding business. The program is intended to enhance the well being of the community by creating new jobs and diversifying the economy through small business development. Some of the main features of this initiative are as follows:

1. Amount of money available - any amount up to $10,000
2. Business location - the applicant's business must be located in the Town of Altona.
3. Loans must be used for:
   1. Purchase of business assets including but not limited to inventory, equipment and vehicles.
   2. To develop the business (i.e. marketing or research) but not to repay existing debt or equity.
4. The business must be an active, legitimate for profit operation.
5. The business will create jobs or add new services for the area.

Business Development Incentive Loan

The Altona Community Development Corporation recognizes that a new and developing business may require assistance in raising sufficient working capital to keep the business operating to allow for it to become established Working capital by definition is “those funds that are required for meeting expenses” as distinct from funds associated with capital assets. The funds provided by the Altona Community Development Corporation will be in the form of a secured loan or a loan guarantee and will carry an interest rate of 3% over prime. The repayment schedule to be negotiated on an individual basis. The Altona Community Development Corporation may consider an equity position if sufficient collateral is not available. Priority will be given to loan requests that generate new jobs or create capital assets. A properly prepared business plan must accompany each request, as the amount of the loan provided will be influenced by the viability of the business plan.

Altona Industrial Park Lot and Price and Incentive Program

The Altona Community Development Corporation owns and operates a modern industrial park that provides a selection of fully serviced, heavy and light industrial lots. These lots are serviced by natural gas, water, sewer, high speed internet, good road access, hydro and three phase power. The price of this land is the assessment value. In order to encourage industrial development that provides jobs and capital infrastructure the Altona Community Development Corporation will recognize incentive discounts against the assessed value of the land as outlined in the following tables:

Incentives for jobs created

Using the average number of employees for the first 2 years of operation. The employee number is full time equivalent.

Number of Employees Discount per Acre

1-3	-	$1,000
4-6	-	$1,500
7-10	-	$2,000
11-15	-	$4,000
16-20	-	$7,000
21+	-	$9,000

Incentives for Infrastructure

Infrastructure includes all taxable buildings, storage facilities and equipment.

Infrastructure Values Discount per Acre

$0	-	$100,000	-	$1,000
$100,001	-	$200,000	-	$1,500
$200,001	-	$300,000	-	$1,750
$300,001	-	$400,000	-	$2,000
$400,001	-	$500,000	-	$2,500
$500,001	-	$600,000	-	$3,000
$600,001	-	$700,000	-	$4,000
$700,001	-	$800,000	-	$6,000
$800,001	-	$900,000	-	$8,000
$900,001	-	$1,000,000	-	$9,000
$1,000,001	-	and up	-	$10,000

If the total land price is negative, the price reverts to $1.00.

Professional Scholarship Incentive Program

A grant of $2,500.00 annually (maximum $7,500.00) to support students in the last three years of an Altona Community Development Corporation designated professional program that are prepared to work within Altona for a minimum of 5 years.

The availability of all incentive programs are subject to budget constraints and must be applied for and approved by the Altona Community Development Corporation prior to initiation of the project.

For More information, please contact the ACDC

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