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 Loan: 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.
• 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.

• The Winnebago Economic Development Authority's Commercial Signage Grant Program helps local businesses enhance their visibility by providing matching funds for new or improved commercial signage. Eligible commercial property owners within the City of Winnebago may receive reimbursement for up to 50% of project costs, with a maximum grant of $1,000 per business every 12 months, subject to available funding.

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 available for businesses located within the city limits of Blue Earth. Eligible projects include; lighting, HVAC, and electrical. For more information on this program, contact Amy Schaefer amy.schaefer@cedausa.com or Macey.becker@cedausa.com
• 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 governments 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 government.

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 strategy, by helping turn the homegrown ideas into new jobs or retained jobs while assisting individuals, entrepreneurs, 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.