5.0. EDSR 11-10-2003 - Laserfiche WebLink

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* PROGRESS PARTNER City' Y- Dispatch Elk di— River November 2003 The Light Industrial Hub of the Northwest Metro Kudos and celebrations for Elk River New Tax Incentives Manufacturers! Make NOW the Time In recent months,a number of local firms have reached to Finance New milestones or been recognized for other achievements: Equipment. • Great River Energy celebrated its 4 millionth ton of solid waste The"Jobs and Growth Tax Relief converted to electricity with an open house attended by over Act of 2003"recently passed by 200 people. • Cymbet Corporation was recognized by Finance and Congress increases the dollar amount small business owners can Commerce Media Group as one of 15 Innovators of the Year for its thin film batteries that will eventually power hearing deduct from their taxes as an investment in new equipment,such aids,semiconductors,or even real-time clocks. as machinery and computers. • Sportech was again placed on The Business Journal's Growth 50 for Private Companies,this year ranking number 35. This tax advantage,with In addition,the Elk River Economic Development Authority restrictions that make it expressly organized an event to highlight Manufacturing and Technology for small businesses,creates an • Week during the fourth week of October. The event featured immediate tax deduction for tours of Cymbet Corporation and Marketech prior to a luncheon businesses that invest in equipment at the Elk River Country Club. To show his support for the between 2002 and 2006. importance of Elk River's efforts to foster a great manufacturing Immediate deductions of up to community,Matt Kramer,Commissioner of MN Department of $100,000 represent four times the Employment and Economic Development,took time from his previous cap of$25,000. busy schedule to welcome attendees. In addition,the Minnesota Business The highlight of the luncheon was the keynote address from Finance Corporation (MBFC) has Mark Sheffert,Chairman & CEO.of Manchester Companies,Inc. special financing options available In his address,Sheffert stressed the importance of innovation. now devised especially to utilize "If all employees are in touch with the big picture,they'll be these new tax regulations. The SBA able to come up with better ways of doing what they do, 504 loan program is uniquely suit- strengthening the innovation process"said Sheffert. ed to finance acquisition and instal- lation of machinery because of the low down payment required and z the fixed,competitive rate over a 10-year term. ;� According to Nadene Kruize, xZ a MBFC Loan Officer,"If a business fit : has been considering investing in c. g A4 ,,, expensive equipment and/or ;, .„ machinery,NOW is the time! Give ,fidme a call at 320-258-5007 for 0 „:t , k '. complete details on the SBA -- 504 Program.” Matt Kramer presented Rich Duggan and Charles Butcher of Marketech with a plaque signey Governor Tim Pawlenty recognizing Marketech''contributions of manufacturing to the Minnesota economy.