Opportunities for business owners

 

State & National Opportunities

Wyoming Main Street Low-Interest Loan Program

The Wyoming Main Street program, in partnership with the Wyoming Business Council and a local lender, can participate in a loan to an owner for building improvements that maintain the structure’s historical character. The fund is available to assist the owners of downtown commercial buildings to do “construction or reconstruction-type work (including construction or technical assistance) on a building including: façade, roof, exterior wall assembly, foundation, windows, doors, cornice treatment, awnings and canopies.” The fund is open to any business or property owner in any Wyoming municipality. The Application, Fact Sheet, and Rules and Regulations are available at wyomingmainstreet.org/revolvingloanfund.htm. The Wyoming Business Council also has additional loans and tools for Wyoming businesses. For information on the Wyoming Main Street Low-Interest Loan Program or any of the other resources, please contact Mike Martin, Business Finance Program Manger at 307-777-2845.

 

Rehabilitation Tax Credits

The rehabilitation credit applies to costs you incur for rehabilitation and reconstruction of buildings. Rehabilitation includes renovation, restoration, and reconstruction. It does not include enlargement or new construction. The property and rehabilitation must meet certain guidelines: the property must be historic, the work must meet the Secretary of the Interiors Standards for Rehabilitation, and the project must be substantial. Generally, the percentage of costs you can take as a credit is 10% for some buildings placed in service before 1936 and 20% for certified historic structures. A tax credit differs from an income tax deduction. An income tax deduction lowers the amount of income subject to taxation. A tax credit, however, lowers the amount of tax owned. In general, a dollar of tax credit reduces the amount of income tax dollar for dollar.

National Park Service Preservation Briefs for working with Historic Buildings

For over 25 years, the National Park Service’s Technical Preservation Services has helped homeowners, preservation professionals, organizations, and government agencies by publishing easy-to read guidance on preserving, rehabilitating and restoring historic buildings. The first Preservation Brief was published in 1975 and since then, over 40 more have been added to the series. A complete listing of the briefs, along with a database organized by preservation issues, is available at: http://www.cr.nps.gov/HPS/tps/briefs/presbhom.htm. Rawlins DDA/Main Street also has paper copies of many of these reports available for photocopying or loan at our office.