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Starting a Business - Incentives

 

GRANTS
001 Finance

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.
  • 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).
  • 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. 

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.

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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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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Happy Manufacturing Week!

Happy Manufacturing Week!

Happy Manufacturing Week to all Faribault County Manufacturers! 

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Sign up for the Succession Planning Workshop!

Sign up for the Succession Planning Workshop!

The workshop is quickly approaching, so don't forget to signup online. https://www.eventbrite.com/e/succession-planning-workshop-tickets-66244405801Succession Planning is meant to help prepare businesses for ownership transition. In Faribault County this is especially important because closure...

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August Business Spotlight

August Business Spotlight

The August EDA Meeting was held at in Frost, to spotlight Julie Halverson, owner of Julie's Bar and Grill. Julie serves great food, and advertises through a wide range of...

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Succession Planning Workshop

Succession Planning Workshop

YOU'RE INVITED!   Succession Planning is important for all business owners, whether you are just starting, or are thinking about retirement. We hope you will join us on September 10th at Hamilton...

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Winnebago Redevelopment Opportunity

Winnebago Redevelopment Opportunity

The City of Winnebago is searching for a developer to redevelop a site on Main Street located at 34 Main Street South. The City is applying for grant funding to...

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July Business Spotlight

July Business Spotlight

The Silhouette in Easton is the EDA July Business Spotlight. Joline Pearson, the owner, explained her mom started the Silhouette in a double wide trailer on their property. The business...

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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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