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Faribault County EDA CARES Act Grants

The 1st Round of CARES Act Grants has now closed. 

Round 2 of CARES Act Grants is now open!

Business Application HERE

Non-Profit Application HERE 

First time applicants can apply starting Tuesday, October 27. Applicants who received funding during Round 1 can apply starting Wednesday, October 28. All entities are eligible for up to $5,000. The grant round closes on November 13 at 5pm. 






 

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Faribault County EDA Special Meeting

The Faribault County EDA will hold a special meeting on Wednesday, September 2 at 3:30 to discuss the CARES Act Grants to Non-profits and Loan Forgiveness to Existing EDA Borrowers....

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Faribault County Community Survey Results

The results are in from the 2020 Faribault County Community Survey! Click the link below to see a presentation of the results. If you have any questions please contact Annie...

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COVID-19 Grant for Businesses - DEED

The Department of Employment and Economic Development (DEED) is offering $10,000 grants to small businesses. Applications will be open from June 23 - 5:00pm July 2. Funds will be distributed...

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Reopening Strategies for Businesses

Reopening Strategies for Businesses

The Faribault County EDA is here to help as businesses begin to reopen. Here is a reopening guide put together by the Minnesota Retailers Association: https://www.mnretail.org/news/item/reopenHere is a safety plan template put...

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COVID-19 Resources for Businesses

COVID-19 Resources for Businesses

The EDA is here to help our Faribault County Businesses. If you are looking for guidance on the financial assistance programs, please take a look at this presentation. If you...

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January 2020 Business Spotlight

January 2020 Business Spotlight

The Faribault County EDA visited the new addition of Heartland Senior Living, Parker Oaks in Winnebago. Heartland Senior Living was formed in 2017 as a nonprofit. The nonprofit purchased three...

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10 Week Succession Planning Class

10 Week Succession Planning Class

Calling all business owners!The Faribault County EDA is partnering with the University of Minnesota Extension to provide a 10 week course on succession planning for businesses in Faribault County. The...

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2020 Meeting Schedule

2020 Meeting Schedule

  2020 EDA Meeting Schedule All Meetings begin at 3:00pmTuesday, January 21, 2020 Winnebago Tuesday, March 17, 2020 Elmore Tuesday, April 21, 2020 Minnesota Lake Tuesday, May 19, 2020 Blue...

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November Business Spotlight

November Business Spotlight

The EDA met at CCF Bank in Wells for their November meeting. The Board heard an update from Kelsey Warmka in regards to the plan to offer space for a...

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October Business Spotlight

October Business Spotlight

The EDA visited Minnesota Lake for their October Meeting. After the meeting, Board Members visited Kasey's Country Cuts to present the October Business Spotlight Award. Kasey Stenzel is the owner...

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FARIBAULT COUNTY PROGRAMS AND SUPPORT SERVICES
  • 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. The program description can be found here. 


LOCAL EDA PROGRAMS

GRANT PROGRAMS

  • The City of Blue Earth Commercial Business Improvement Forgivable LoanThe Building Facade Improvement Grant is a program that assists businesses making improvements that improve the appearance of the exterior of their building. Businesses must be located in the city of Blue Earth to qualify.
  • The 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 Wells Commercial Building Enhancement Grant: This grant is designed to help you maintain the intergrity and improve the appearance of the exterior of your building. The amount of this grant is 50% of the project cost with a $5,000 maximum.
  • Wells Child Care Forgivable Loan Program: This forgivable loan program The purpose of the Wells Child Care Forgivable Loan Program is to aid in the process of creating new licensed and quality child care slots to offer to local families. This loan program is intended to provide an incentive to newly licensed and current child care providers to provide or expand their services in the City of Wells. The program provides a forgivable loan towards actual expenses relating to the cost of opening or expanding a child care business in the City of Wells, up to $3,000 per licensed child care provider. Qualifying expenses must be approved by the Wells Economic Development Authority (EDA).
  • City of Winnebago Commercial Exterior Grant: This grant is designed to help you maintain the intergrity and improve the appearance of the exterior of your building. The amount of this grant is 50% of the project cost with a $6,000 maximum.

LOAN PROGRAMS

  • 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.
  • 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 Fund: The 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.
  • Utility Revolving Loan Fund: The Utility Revolving Loan Fund is administered by the Economic Development Authority of the City of Blue Earth and can be used as a source of financing for new construction. The loan can be used for new construction or improvement of electric, water, and sanitary sewer lines and must be used in the City of Blue Earth. Applications for funds from this loan fund can be applied for using the Economic Development Authority of the City of Blue Earth's Revolving Loan Fund Application.
  • Small Business Development Loan Program: The Small Business Development Loan Program is designed to help small manufacturing and industrial businesses (usually, those with 500 employees or less) located or intending to locate in Minnesota on loans up to a maximum of $5 million. The purpose is to create jobs and provide loans for business expansions. This program in offered by the Department of Employment and Economic Development (DEED).
  • CDC/504 Program: Certified Development Company (CDC), a 504 Loan Program is a long-term financing tool that provides growing businesses with long-term, fixed rate financing for major fixed assets such as land and buildings. The 504 Loan Program cannot be used for working capital or inventory, consolidating or repaying debt, or refinancing. The CDC/504 Program is administered by the United States Small Business Administration.
  • Business and Industry Guaranteed Loans (B &I): The Business and Industry Guaranteed Loan program administered by the USDA, and is designed to help create jobs and stimulate rural economies by providing financial backing for rural businesses. Businesses located in towns or cities with a population less than 50,000 may use this program for acquisition, start-up and expansion of businesses that create rural employment.
  • Six County Revolving Loan Fund:The Six County Revolving Loan Fund is administered by Region 9 Development Commission. Eligible businesses will be engaged in manufacturing, service, retail, distribution, or value-added agriculture. The fund can be used for real estate, machinery and equipment, and working capital. The business must be located in one of the participating counties with priority given to businesses that employ full-time skilled or semi-skilled workers. All businesses must be "small businesses" as defined by the SBA.
  • Nine County Revolving Loan Fund: The Nine County Revolving Loan Fund is administered by Region 9 Development Commission. The fund can be used for real estate, machinery and equipment, and working capital. The business must be located in one of the participating counties with priority given to businesses that employ full-time skilled or semi-skilled workers. All businesses must be "small businesses" as defined by the SBA.
  • Micro Enterprise Loan Program: The Micro Enterprise Loan Program is administered by Region 9 Development Commission. The program is meant to provide capital for start-up and expansion for the small business activity not served by traditional lenders. The funds may be used for all costs demonstrated as essential for the project, including working capital, inventory, machinery and equipment, and building and leasehold improvements.
  • Energy Efficient Equipment Fund (E3 Fund): The E3 Fund is administered by Great River Energy and provides financing to commercial and industrial customers purchasing and installing energy efficient equipment.
  • Rural Economic Development Loans and Grants (REDLG): The REDLG Program is administered by the USDA and can be used for projects that create jobs in rural areas, or that provide infrastructure or community facilities in rural areas that will lead to economic stability. This program uses Rural Utilities Service Borrowers as a third party to promote rural economic and job creation projects.
  • Leadership and Environmental Design (LEED) Certification Financing Program: LEED Projects are available through Great River Energy and overseen by the U.S. Green Building Council. The program is available to end use consumers of Great River Energy's electric distribution cooperatives and can be used for incremental capital costs associated with achieving energy savings, USGBC LEED application costs and engineering, architectural and design costs.
  • 504 Loan Program Debt Refinancing: The 504 Debt Refinancing Program is available through the 504 Corporation. The purpose is to allow expanding small businesses to restructure qualified existing debt as part of new 504 loans to free up critical capital to expand business and create jobs. Independently-owned and for-profit businesses with a net worth of 8.5 million or less are eligible.
  • America's Recovery Capital (ARC) Loan Program: The ARC Loan Program is designed to provide a "bridge" for viable small businesses with immediate financial hardship - to keep their doors open until they get back on track. The loans can be used to make payments of principle and interest, in full or in part, on one or more existing, qualifying small business loans for up to six months. They are interest free and are available to for-profit businesses in the United States that have qualifying small business loans and are experiencing immediate financial hardship.
  • Minnesota Community Capital Fund (MCCF): MCCF has a $50,000 minimum and a $2,500,000 maximum with fixed and adjustable rate loans available. Monies can be used for fixed assets, building construction, leasehold improvements and renovations; acquisition, renovation, or moving machinery and equipment; and working capital loans secured by fixed assets with fixed repayment schedules. This fund is available in the city of Blue Earth.
  • Small Enterprise Loan Fund: The Small Enterprise Loan Fund is available through the Southern Minnesota Initiave Foundation (SMIF). The loans are available to start or expand a manufacturing, retail, or service business. Loans of up to $35,000 may be used for inventory, supplies, machinery/equipment, or working capital.

TAX CREDITS

  • Tax Increment Financing (TIF): TIF is a tool to use future gains to finance current improvements, which in theory, will create those gains. TIF is available in the cities of Wells, Winnebago, and Blue Earth and is administered through the city administration.
  • Tax abatement: Tax abatement is a tool used by local goverments to stimulate the local economy by encouraging new investment by granting a reduction of or exemption from taxes for a specified period of time. Tax abatement is available in Faribault County and is administered through the local goverment.

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.
  • Small Biz U: Small Biz U is an online learning classroom that is designed specifically for entrepreneurs and small businesses by teaching money, marketing, and management through a range of courses across all functional areas of small business. 
  • Small Business Development CenterSBDCs provides the expertise and guidance that every business owner needs to flourish in today’s competitive economy. The Mankato SBDC is funded by the U.S. Small Business Administration and regional support partners, which allows them to provide professional services at no cost. They offer one-on-one, confidential consulting to established businesses and start-ups. The Mankato SBDC also help to find and secure the capital you need to operate and expand. Finally, they offer an array of training sessions at no cost or nominal cost. Their consultants are experienced business people, most of whom have owned their own businesses. They will help you identify, understand and overcome the challenges of running a successful business and competing in the global marketplace.