LAKE MILLS, Iowa — Cash for new business.

In this tight economy, the Lake Mills Chamber Development Corp. hopes that $1,000 may be incentive enough to bring new business into its community.

According to Marilyn Hoffman, executive director of the Lake Mills Chamber Development Corp., the concept is simple.

If a person can provide the chamber with the name of a company that is interested in establishing a new business in Lake Mills, that person could receive a $1,000 finder’s fee for his or her efforts.

A few rules do apply.

The business must employ at least 10 people, pay an average starting wage of $10 per hour and make a capital investment of at least $500,000.

The business would need to meet each of these requirements, plus operate in Lake Mills for one year, before the person who provides the name is eligible for the $1,000 finder’s fee.

In addition, if more than one person provides the chamber with the same business contact name, the $1,000 will be divided equally among those individuals.

The incentive program comes in response to the downsizing at Cummins Filtration plant in Lake Mills. While the Lake Mills location currently employs about 350 people, about 200 will be laid off when the assembly operations are moved to a facility in San Luis, Potosi, Mexico. This is expected to take place in the second business quarter of 2011.

According to Hoffman, the total layoffs past, present and pending from this move affects nearly one-quarter of the workforce in Lake Mills.

“This is having a huge impact in our community,” she said.

In addition, Hoffman and others involved with the Lake Mills Chamber Development Corp. are working with the Iowa Department of Economic Development and a property realtor in Des Moines to come up with future possibilities for the Cummins building that will be vacated. Fliers have been sent to trade shows in Chicago and phone calls to companies around the country letting them know a facility is available are just a couple of other steps the chamber has taken to help drum up business.

“We’ve sent postcards to random businesses across the United States, just to get our name out there,” said Hoffman. “People need these jobs, but this also has a huge impact on a lot of our other local businesses and our schools, too.”

The finder’s fee incentive is made possible through a marketing grant received from the Winnebago County Community Foundation.

For additional information and incentives available, please contact the Lake Mills Chamber Development Corp. at 641-592-5253 or via e-mail lmcdc@wctatel.net.