City of Blue Earth Forgivable Loan: 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.
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.
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.
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 Loan Guarantees (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.
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.
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.
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 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.
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 Center: SBDCs 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.
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...
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...
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...
Faribault County Economic Development Authority is located in Faribault County Minnesota. Our county coverage includes the cities of Blue Earth, Wells, Winnebago, Minnesota Lake, Elmore, Kiester, Bricelyn, Easton, Frost, Delavan, Walters.