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June Business Spotlight

June Business Spotlight

The EDA met at First Financial Bank in Winnebago to spotlight the business. Bill Erickson, President of the bank accepted the certificate. First Financial Bank sponsors many community events, and...

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May Business Spotlight

May Business Spotlight

The Faribault County EDA met at The Bean in Wells to spotlight the coffe shop. Each month, the EDA chooses a business to spotlight at the meeting. The Bean features...

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County, Blue Earth, no longer share

County, Blue Earth, no longer share

County, Blue Earth, no longer share CEDA’s Annie Leibel started working for county’s EDA December 30, 2018 Chuck Hunt - Register Editor chunt@faribaultcountyregister.com, Faribault County Register   And now there are two.A second economic development specialist...

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Tim Penny tells County Board of day care issues

Tim Penny tells County Board of day care issues

Tim Penny tells County Board of day care issue July 8, 2018 Robert Brewer - Register Staff Writer , Faribault County Register   At last Tuesday's County Board meeting, Southern Minnesota Initiative Foundation (SMIF) President and...

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Blue Earth ready to get REVed up

Blue Earth ready to get REVed up

Blue Earth ready to get REVed up REV group will help out businesses July 1, 2018 Robert Brewer - Register Staff Writer , Faribault County Register   With the help of the Southern Minnesota Initiative Foundation (SMIF),...

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County EDA opts to hire full-time director

County EDA opts to hire full-time director July 22, 2018 Robert Brewer - Register Staff Writer (rbrewer@faribaultcountyregister.com"    The Faribault County Economic Development Authority passed a motion at the last EDA meeting in Blue...

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Ground Breaking

Looking to the future Construction begins on new North Industrial Park July 20, 2014 By Chuck Hunt - Register Editor chunt@faribaultcountyregister.com) , Faribault County Register Just shortly after an official...

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It's official and a good fit, too. The Courier-Sentinel Staff Writer, May 3…

Although it wasn't a surprise - the merger of the former State Bank of Bricelyn with Farmers Trust and Savings Bank of Buffalo Center, Iowa was announced last December -...

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LOCAL EDA PROGRAMS

  • City of Blue Earth Forgivable Loan / Grant Program:  Administered by the Economic Development Authority of the City of Blue Earth and will provide promotion and continuation of existing lifestyle businesses within the City of Blue Earth. 
  • City of Blue Earth Revolving Loan Fund: The Revolving Loan Fund is administered by the Economic Development Authority of the City of Blue Earth and can be used as a source of gap financing for working capital, equipment, inventory, building construction and renovation. To qualify, your business must be located in the City of Blue Earth.
  • City of Wells Revolving Loan FundThe Revolving Loan Fund is administered by the Economic Development Authority of the City of Wells and can be used as a source of gap financing for working capital, equipment, inventory, building construction and renovation. To qualify, your business must be located in the City of Wells.
  • City of Winnebago Revolving Loan Fund: The Revolving Loan Fund is administered by the Economic Development Authority of the City of Winnebago and can be used to provide assistance for infrastructure, loans, loan guarantees, interest buy-downs, and other forms of participation with private sources of financing. To qualify, your business must be located in the City of Winnebago.
  • Faribault County Revolving Loan Fund: The Revolving Loan Fund is administered by the Economic Development Authority of Faribault County and can be used as a source of gap financing for working capital, equipment, inventory, building construction and renovation. To qualify, your business must be located in Faribault County.

DEPARTMENT OF EMPLOYMENT AND ECONOMIC DEVELOPMENT (DEED) PROGRAMS

  • Minnesota Investment Fund (MIF): The Minnesota Investment Fund (MIF) is a loan program and available to businesses engaged in manufacturing, warehousing, distribution, technology-related industries, and other activities that could be located generally anywhere yet still serve the same market and customers. It is designed to generate new income or wealth to the state that would not be generated by local market demand conditions.
  • Minnesota Job Creation Fund (JCF): The Job Creation Fund provides financial incentives to new and expanding businesses that meet certain job creation and capital investment targets.
  • Minnesota Innovation Loans for Entrepreneurs (MILE): The Minnesota Innovation Loans for Entrepreneurs (MILE) program provides interest-free loans to early stage businesses developing or producing high-tech products or services in Minnesota. This program is an initiative of the Minnesota Investment Fund.
 

USDA RURAL DEVELOPMENT

  •  Rural Energy for America Program: Provides guaranteed loan financing and grant funding to agricultural producers and rural small businesses for renewable energy systems or to make energy efficiency improvements.
  • Value Added Producer Grants: The Value Added Producer Grant (VAPG) program helps agricultural producers enter into value-added activities related to the processing and/or marketing of new products. The goals of this program are to generate new products, create and expand marketing opportunities, and increase producer income. Applicants may receive priority if they are a beginning farmer or rancher, a socially-disadvantaged farmer or rancher, a small or medium-sized farm or ranch structured as a family farm, a farmer or rancher cooperative, or are proposing a mid-tier value chain. 


SOUTHERN MINNESOTA INITATIVE FOUNDATION (SMIF) PROGRAMS

  • Business Loan Fund: Our Business Loans target six key industries:  bioscience, renewable energy, food/agriculture, manufacturing, technology, and healthcare. Our Business Loan Program works in partnership with local lending institutions, economic development organizations, and government agencies to help “fill the gap” between available and necessary financial resources.
  • Building Blocks Loan Fund: Our Building Blocks Loans support the business of family childcare by providing financial resources and technical assistance to help expand or enhance licensed childcare businesses. Loan dollars can go towards provider licensure; repairs, renovations, or upgrades to the child care space; educational materials; playground equipment; and curriculum. All Building Blocks Loan recipients are eligible for free technical assistance. 
  • Grow a Farmer Fund: The Grow a Farmer Fund provides small-scale sustainable farmers lower-interest loans to help them improve their operations and increase their bottom lines. 
  • Local Foods Loan Fund: Our Local Foods Loans support the start-up or expansion of businesses engaged in locally or regionally produced agricultural food products. Loan dollars can be used to purchase inventory, supplies, machinery/equipment, or used for working capital. Local foods producers will have the opportunity to receive mentoring and assistance through the FEAST Local Foods Finance Advisory Network, in addition to SMIF's technical assistance. 
  • Small Enterprise Loan Fund: Small businesses are the anchor of our economy. For the past 10 years, SMIF has provided micro loans through a partnership with the Small Business Administration (SBA). These loans support small business owners or start-up entrepreneurs who create service, retail, local foods, and manufacturing businesses.  Even though these businesses are very small individually, they create the fabric necessary for community vitality. All Small Enterprise Loan recipients are eligible to receive free technical assistance. Additional funds are available through the Huisman Family Fund for those living in Faribault County and the surrounding counties.


ENTREPRENEURIAL SERVICES

  • Counselors to America's Small Business (SCORE): SCORE is a nonprofit association that is dedicated to educating entrepreneurs. It is America's premier source of free and confidential small business advice.
  • Small Business Administration (SBA): The SBA provides programs and services to help your small business start, grow and succeed.
  • Enterprise Minnesota: Enterprise Minnesota helps small and medium sized manufacturers compete and grow.
  • Riverbend Center Entrepreneurial Facilitation (RCEF)The RCEF provides a grassroots approach to identify, encourage, and support homegrown innovation as an important economic development strateg, by helping turn the homegrown ideas into new jobs or retained jobs while assisting individuals, entrepreneurs, inventrepreneurs, and existing business to achieve their respective goals.
  • Region Nine Development Commission: Region Nine provides technical assistance, grant writing, and loan programs to assist in increasing the number of jobs and wealth in the region.

In accordance with Federal law and the U.S. Department of Agriculture’s policy, this institution is prohibited from discriminating on the basis of race, color, national origin, sex, age, or disability.
To file a complaint of discrimination, write to: USDA, Director, Office of Civil Rights, 1400 Independence Ave. SW, Washington D.C. 20250-9410 or call (800) 795-3272 (voice) or (202) 720-6382 (TDD).