The Borger Economic Development Corporation provides financial incentives to industries within the community and the state and to businesses nationwide seeking expansion to this outstanding community. All incentive offers are evaluated on their own merits and are subject to approval by the Borger Economic Development Board of Directors and, in certain instances, the Borger City Council. Approval is contingent upon the feasibility of the project, capital investment, job creation, and overall benefit to the community.
This program is targeted toward existing businesses for financial, land, buildings, and equipment. On a case-by-case basis the Borger EDC will consider loans to companies that are expanding their employee base or locating to Borger.
Types of Businesses Eligible for Grants or Loans
- Regional Wholesaling
- Service (relating to manufacturing, industrial, distribution and wholesaling)
- Technology Firms
- Many others
Site Development Funds
These monies can be used by businesses expanding to Borger to purchase or develop industrial sites.
Major Projects Fund
This fund may be accessed by enterprises requiring more than $500,000. Leases and loans may require the issuance of bonds or certificates of obligation.
Example of Types of Projects Eligible for Funds
- Acquisition or construction of business facilities for lease or ownership.
- Improvements to facilities that are leased to companies.
- Loans to companies for equipment purchases.
- Purchase of equipment for lease to companies.
- Loans to companies for purchase of land.
- Grants to companies for technology development
- Extension of utilities, roads, and rail service to industrial parks, sites, and buildings.
Rules and Regulations
- The Borger EDC may require at least one other provider of capital.
- The Borger EDC may require full coverage for all loans made. Loan to value ratio requirements should not exceed 80% of the appraised value of the collateral.
- On corporate loans, the Borger EDC requires a personal guarantee from principals of the corporation. As well, principals may need to provide life insurance in the amount sufficient to cover the outstanding loan balance of any loan.
- Environmental impact assessments are required for loans on existing buildings or on land.
For information regarding relocation of manufacturing or distribution facilities to Borger, contact: