EntrepreneurshipWeek USA celebrated February 24-March 3 State’s support of programs champions entrepreneurship

LINCOLN, NEB. (March 1, 2007)—Without a doubt, entrepreneurship and small businesses are the lifeblood of Nebraska’s economy. An estimated 85.9 percent of all Nebraska businesses employ fewer than 20 people, while just 3.2 percent of the state’s firms employ 500 or more.

Throughout the years, the Nebraska Department of Economic Development (DED) has financially and administratively supported many programs statewide that directly contribute to sustaining and growing the state’s entrepreneurial base.

“DED and the State of Nebraska are pleased to support Nebraska’s entrepreneurial effort through a variety of successful programs and policies,” said Richard Baier, director of DED. “When the Nebraska Advantage program was developed, special emphasis was given to crafting incentive programs that stimulate both new business start-ups and innovation. By all accounts, our efforts have been extremely successful.”

Among the programs are:

• Nebraska Advantage Act, Nebraska Small Business Advantage (Tier 1)—Qualifying businesses that invest $1 million and create 10 new jobs are eligible for a refund of one-half of sales tax paid for qualified purchases related to the project, the full sliding scale wage credit of 3,4,5, or 6 percent depending on wage levels, and an investment tax credit. This tier is available to manufacturers, research and development, or testing businesses.

• Nebraska Advantage Act, Rural Development Advantage—Expanded the Employment Expansion and Investment Incentive Act (formerly LB608 passed in 2003), to award refundable tax incentives to qualified businesses investing at least $125,000 and creating two new jobs in counties of less than 15,000 people.

• Nebraska Advantage Act, Microenterprise Tax Credit Advantage—Provides 20 percent refundable investment tax credits to qualifying micro businesses on new investment in target communities. Companies with five or fewer employees, including start-ups, may qualify for a maximum $10,000 throughout the life of the program.

• Building Entrepreneurial Communities Act (BECA)—Part of the Nebraska Advantage package, $250,000 is annually allocated for competitive BECA grants up to $75,000 each to create/build community capacity, energize entrepreneurship, support business and wealth transfer, and retain youth. The Nebraska Rural Development Commission and DED administer the program. For information, contact Linda Fettig at 308-749-2291, email: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it , or visit: www.ruralnebraska.info

• Value Added Agriculture (VAA) program—Also part of the Nebraska Advantage package, $850,000 is annually allocated for competitive VAA grants up to $75,000 each for research, start-up and growth of value-added agricultural products and resulting businesses, as well as growth of those communities and areas in which the businesses are located. The Nebraska Rural Development Commission and DED administer the program. For information, contact Linda Fettig at 308-749-2291, email: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it , or visit: www.ruralnebraska.info

· Nebraska Microenterprise Partnership Fund—Provides funding for programs that provide loans, training and technical assistance to micro businesses (five or fewer employees). For information, contact Rose Jaspersen at 402-685-5500, email: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it , or visit: www.nebbiz.org

• GROW Nebraska—This 200-member-strong nonprofit organization maximizes the state’s entrepreneurial and small businesses by creating economically viable and sustainable environments for entrepreneurs, and generating social awareness through promotion, marketing and education. For information, contact Janell Anderson Ehrke at 888-476-9632, or email: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it , or visit: www.growneb.com

• Rural Enterprise Assistance Project (REAP)—Start-up entrepreneurs and small business owners can take advantage of services that include networking opportunities; peer and direct business micro loans; business planning and management workshops and association meeting information sessions. REAP also offers one-on-one technical assistance; activities and eCommerce training through the Women’s Business Center; a business update newsletter; and other member services, activities and perks. For information, call 402-687-2100, email: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it , or visit: www.cfra.org/reap

EntrepreneurshipWeek USA is celebrated February 24-March 3, 2007, because of the passage of Resolution #699 in June 2006, by the U.S. House of Representatives.

President George W. Bush encourages “ALL [to] work together to ‘start the conversation’ about the importance of entrepreneurship education to the youth of our nation and the future economy of America.”

FOR INFORMATION, CONTACT:
Richard Baier at 800-426-6505, 402-471-3747, email: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it , or visit: www.neded.org