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Existing Business - Incentives

 

GRANTS001 Finance

  • The City of Blue Earth Building Facade Improvement Grant: The 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.
  • Faribault County Building Facade Improvement Grant: The 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 within Faribault County 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.
  • Growth Acceleration Program: The Growth Acceleration Program is administered by Enterprise Minnesota, and is a program that assists manufacturing businesses to accelerate business improvements that result in the creation and retention of jobs, increased sales, reduced costs, and business investments. This program is a matching funds program of up to $50,000 per year per business.
  • 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 $1,000 maximum.
  • City of Wells Commerical Building Demolition Grant: This grant is set up to defray the costs of demolition of vacant, blighted commercial buildings, or buildings being razed during redevelopment of a commercial site. The amount of this grant is 50% of the project cost with a $2,000 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.
  • Faribault County Commercial Rehabilitation Loan Program: The Commercial Rehabilitation Loan Program (CRL) is a loan program designed to assist commercial businesses located within Faribault County.  The purpose of the program is to upgrade the appearance of commercial properties to increase sales, preoperty values, and improve the business climate within the county.  Funds are distributed on a first come, first served basis.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.

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).
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