Medford offers businesses and industries a variety of incentives to encourage economic development. The city has three tax increment financing (TIF) districts to help provide municipal and infrastructure improvements. The city is eligible for Community Development Block Grants and Wisconsin Development funding to provide direct assistance to industries which create new jobs. It also has a local Revolving Loan Fund and when fully capitalized will provide up to $500,000 for industrial development at below market interest rates. The city has two developed industrial parks with land available to qualified industries below the City’s cost. In addition, the Medford Industrial Foundation will finance up to 90 percent of the cost of land and building for qualified industries.
The Medford Area Development Foundation’s mission is to foster and promote economic development in the Medford Area.
Our ogranization remains committed to working hard to further the economic growth of the Medford Area.
Monies invested in Economic Development produce a direct return on the bottom line in our community. For each dollar that Is invested more jobs and taxable property are built. These additional taxes help to increase the tax base of Medford.
To understand all the Economic Development encompasses you have to look outside of the box. We cannot produce a truck that we purchased or roads that we fixed to show you. But – we can create a picture of the people traveling those roads and working in the businesses and paying property taxes. And the factories and businesses that look for incentives to stay or expand instead of moving out of the area or even out of state.
We are competing more than ever with other communities not only in our state but from other states. We need to make sure that we keep those jobs here in the Medford Area.
We continue to strengthen our relationships with Rib Lake and Gilman and their development efforts. And we try to utilize the Department of Commerce at the State level as much as we can. We look to new ideas and ideas to compete in the market.
To grow we need to be innovative and not just stand on our past accomplishments
Some of the tools we have to help starting businesses and small businesses that are looking at expanding whether it be through a new product or a new location are:
Every financial institution is going to require you to have a business plan. We are here to guide you through the process. We can also offer assistance with a more in depth look at starting a business through our partnerships with various outside organizations.
- City of Medford DOC Loan – these loans are available and are a 50/50 participatory loan. There are requirements for these loans with employment. These loans are a great way to get your start up off the ground.
- Medford Area Development Foundation Loans – These loans are designed for a quick turnaround for immediate needs. These require your banks approval as we do not offer these to compete with our local financial institutions.
Your Development Foundation also sponsors a Meet and Greet for our new managers and owners. It gives you the opportunity to connect with other owners and managers and help your transition into the community.
For information on starting a business or loan availability please call our office!