State Policies to Spur Economic Development
The state of Nebraska administers 4 entrepreneurial programs created by the Nebraska legislature that are helping to strengthen rural communities and build small businesses, including agricultural enterprises. Programs like these can serve as models for other states.
Building Entrepreneurial Communities Act
BECA supports economically distressed rural areas of Nebraska through grants that create community capacity to build and sustain programs to generate and retain wealth in the community and region. Grant purposes include:
- energizing small business development and entrepreneurship
- facilitating small business transfer
- supporting leadership programs
- attracting and retaining young people, families, and new residents
- building community endowments and philanthropy
- creating community marketing materials
Agricultural Opportunities and Value-Added Partnership Act
This program was created to increase the number and quality of self-employment opportunities for farming or ranching operations. Priority is given to projects that best alleviate chronic economic distress.
Nebraska Advantage Microenterprise Tax Credit Act
This program provides investment tax credits (equal to 20 percent of the new investment, with a $10,000 lifetime limit) to applicants for creating or expanding micro businesses that contribute to the revitalization of economically depressed areas through the creation of new or improved income, self-employment, or other new employment in the area.
Microenterprise Development Act
Microenterprises – businesses with 5 or fewer employees – are fertile ground for new entrepreneurs and a key income generation and economic revitalization strategy, according to the CFED organization.
The Microenterprise Development Act (MDA) provides funding to rural and urban microenterprise development organizations who provide capital, technical assistance and training to micro business owners or prospective owners.
See how your state ranks in their microenterprise support in their Assets & Opportunity Scorecard here.
