The Altona Community Development Corporation (ACDC) offers a range of incentives to promote the continued growth of the town’s economy. There are other regional and federal development corporations with incentive programs as well. Local financial institutions also actively promote commercial lending to local business.
ACDC is here to help you relocate or start your business in Altona. Many of the members are business leaders who have the experience and expertise you need to get started.
Business Development Incentive Loan
The Altona Community Development Corporation recognizes that a new and developing business sometimes needs assistance in raising sufficient working capital in order for it to become established. Working capital includes funds that are required for meeting expenses as opposed to funds associated with capital assets. The funds ACDC provides are in the form of a secured loan or a loan guarantee and carry an interest rate of 3% over prime. The repayment schedule is negotiated on an individual basis. ACDC 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 comprehensive business plan must accompany each request.
Altona Industrial Park Lot and Price and Incentive Program
ACDC owns and operates a modern industrial park offering 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 offer 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 two years of operation. The employee number is full time equivalent. Number of Employees Discount per Acre:
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 annually (maximum $7,500) to support students in the last three years of an Altona Community Development Corporation-designated professional program who are prepared to work in Altona for a minimum of five 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.