- Downtown Revolving Loan (Small)
Type: Loan
Administrator: Northfield Economic Development Authority
Eligible Uses: Exterior and interior improvements to building in Northfield’s C-1 or C-2 commercial zones.
Amount Available: $0-$15,000
Term: 5 years
Rate: Half of the prime interest rate listed in the Wall Street Journal on day of loan approval.
Private Financing Required: None
- Master Development Fund Public Expenditures
Type: Public Expenditure
Administrator: City of Northfield
Eligible Uses: Costs associated with infrastructure (i.e., streets, sewer, water) or public site improvements (i.e., parking lots, landscaping, sidewalks)
- Clement F. Shearer Micro Grant
Type: Grant
Administrator: Northfield Economic Development Authority
Eligible Uses: Development of technical, management, or marketing capabilities.
Amount Available: $0-5,000
Private Financing Required: None
- Minnesota Community Capital Fund Loan
Type: Loan
Administrator: Minnesota Community Capital Fund
Eligible Uses: Fixed assets, including land and building purchase, 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 (not lines of credit).
Amount Available: $50,000 to $2,500,000
Term: Up to 20 years.
Rate: Specific to particular loan
Private Financing Required: Project must involve a financial institution.
- Job Opportunity Building Zones (JOBZ)
Type: Tax Assistance
Administrator: Minnesota Department of Employment and Economic Development
Eligible Uses: Businesses which locate in one of Northfield’s JOBZ zones are exempt from corporate franchise tax; income tax for operators or investors, including capital gains tax; sales tax on goods and services used in the zone if the goods and services were purchased during the duration of the zone; property tax on commercial and industrial improvements but not on land; wind energy production tax, and; employment tax credit for high paying jobs.
Private Financing Required: Varies
- Tax Increment Financing
Type: Tax Assistance
Administrator: City of Northfield
Eligible Uses: The extension of public utilities, site preparation costs, soil correction where determined to be necessary, and property acquisition for qualified industrial, manufacturing and warehouse businesses, expanding or locating in the community.
Term: 8-25 years
Private Financing Required: None
- Southern Minnesota Initiative Foundation
Type: Grant
Administrator: Southern Minnesota Initiative Foundation
Eligible Uses: Projects which engage elders in paid employment and/or volunteerism, capitalize on new immigrants in the workplace, engage young adults in experiential career education, support biomedical, bioagriculture, or renewable energy businesses, strengthen local entrepreneurs.
Private Financing Required: None
- Hire Education Loan Program
Type: Loan
Administrator: Minnesota Job Skills Partnership Board
Eligible Uses: Businesses must contract with outside accredited public or private training institutions for needed worker training. Loan eligibility is determined according to training needs, availability of other funding sources, economic viability of the firm, and quality of the jobs for which training is provided. Priority is given to loans that provide training for jobs that are permanent, provide health care coverage and other fringe benefits, and have a career or job path with prospects for wage increases.
Min/Max Amount Available: Up to $250,000
Min/Max Term: Up to 5 years
Min/Max Rate: 0%
Private Financing Required: None
- Job Skills Partnership Program
Type: Grant
Administrator: Minnesota Job Skills Partnership Board
Eligible Uses: Funds may be used for training-related costs or educational infrastructure improvements necessary to support businesses located or intending to locate in Minnesota. All training projects pair at least one public/private accredited Minnesota educational institution and one business.
Amount Available: Up to $400,000
Term: 1-3 years
Private Financing Required: 50% of project costs
- Small Business Development Loan Program
Type: Loan
Administrator: Minnesota Agricultural and Economic Development Board
Eligible Uses: Acquisition of land, building, machinery and equipment; building construction and renovations; development costs such as engineering, legal and financial fees for manufacturing and industrial businesses located or intending to locate in Minnesota.
Amount Available: Up to $5,000,000
Term: Up to 20 years
Rate: Market rate of interest for similar securities at the time bonds are sold; rates are fixed for the term of the loan
Private Financing Required: 20 % of the project costs must be privately financed through equity or other sources
- Minnesota Indian Business Loan
Type: Loan
Administrator: Minnesota Department of Employment and Economic Development
Eligible Uses: Eligible projects include start-up and expansion costs, including normal expenses such as machinery and equipment, inventory and receivables, working capital, new construction, renovation, and site acquisition. Eligible applicants must be enrolled members of a federally recognized Minnesota-based band or tribe.
Amount Available: 75 percent of the cost of the project that is being financed
Term: Up to 20 years
Rate: Established by the tribal government or the Department of Employment and Economic Development, but may be no less than 2 % per annum nor more than 10 % per annum.
Private Financing Required: 5-10% of project costs
- Small Business Loan Program (7a)
Type: Loan
Administrator: United States Small Business Administration
Eligible Uses: To purchase land or buildings, to cover new construction as well as expansion or conversion of existing facilities, to acquire equipment, machinery, furniture, fixtures, supplies, or materials, for long term working capital including the payment of accounts payable and/or for the purchase of inventory, to refinance existing business indebtedness which is not already structured with reasonable terms and conditions, for short term working capital needs including: seasonal financing, contract performance, construction financing, export production, and for financing against existing inventory and receivable under special conditions; or to purchase an existing business.
Amount Available: Up to $2,000,000
Term: 7-25 years
Min/Max Rate: Prime + 2.25% to Prime + 4.75%
Private Financing Required: Varies
- Certified Development Company Loan Program (504)
Type: Loan
Administrator: United States Small Business Administration
Eligible Uses: Fixed asset projects such as: purchasing land and improvements, including existing buildings, grading, street improvements, utilities, parking lots and landscaping; construction of new facilities, or modernizing, renovating or converting existing facilities; or purchasing long-term machinery and equipment.
Amount Available: Up to $4,000,000
Term: 10 or 20 years
Rate: Pegged to an increment above the current market rate for five-year and 10-year U.S. Treasury issues.
Private Financing Required: Typically a 504 project includes a loan secured from a private-sector lender with a senior lien, a loan secured from a CDC (funded by a 100 percent SBA-guaranteed debenture) with a junior lien covering up to 40 percent of the total cost, and a contribution of at least 10 percent equity from the borrower.
- Microloan Program (7m)
Type: Loan
Administrator: United States Small Business Administration
Eligible Uses: Working capital and acquisition of materials, supplies, furniture, fixtures, and equipment for small businesses and not-for-profit child-care centers.
Amount Available: Up to $35,000
Min/Max Term: Up to 6 years
Min/Max Rate: Approximately 1.25% less than the interest rate on five-year obligations of the United States Treasury.
Private Financing Required: Varies
- Economic Injury Disaster Loans
Type: Loan
Administrator: United States Small Business Administration
Eligible Uses: Ordinary and necessary operating expenses of small businesses and small agricultural cooperatives that have suffered substantial economic injury resulting from a physical disaster or an agricultural production disaster designated by the Secretary of Agriculture.
Amount Available: Up to $1,500,000
Term: Up to 30 years
Rate: Not above 4%
Private Financing Required: None
- Physical Disaster Loans
Type: Loan
Administrator: United States Small Business Administration
Eligible Uses: Repair or replacement of physical property damaged in a physical disaster.
Amount Available: Up to $1,500,000
Term: Up to 30 years
Rate: 4-8%
Private Financing Required: None
- Military Reservist Economic Injury Disaster Loan
Type: Loan
Administrator: United States Small Business Administration
Eligible Uses: The meeting of ordinary and necessary operating expenses that the business could have met, but is unable to meet, because an essential employee was "called-up" to active duty in their role as a military reservist.
Amount Available: Up to $1,500,000
Term: Up to 30 years
Rate: Not above 4%
Private Financing Required: None
- Business and Industry Guaranteed Loans
Type: Loan
Administrator: United States Department of Agriculture
Eligible Uses: Business and industrial acquisitions when the loan will keep the business from closing, prevent the loss of employment opportunities, or provide expanded job opportunities, business conversion, enlargement, repair, modernization, or development, purchase and development of land, easements, rights-of-way, buildings, or facilities, purchase of equipment, leasehold improvements, machinery, supplies, or inventory.
Amount Available: Up to $10,000,000 (The Secretary of the Department of Agriculture can approve loans up to $40,000,000)
Term: 7,15, or 30 years depending on the use of funds
Rate: Will be negotiated between the Department of Agriculture and the individual applicant.
Private Financing Required: None
- Renewable Energy and Energy Efficiency Program (Se
Type: Grant
Administrator: United States Department of Agriculture
Eligible Uses: Purchase and installation of renewable energy systems and energy efficiency improvements by agricultural producers and rural small businesses.
Amount Available: $1,500 to $500,000
Private Financing Required: 75% of total eligible project costs
- Biomass Research and Development Initiative
Type: Grant
Administrator: United States Departments of Agriculture and Energy
Eligible Uses: Research and development of biomass based products, bioenergy, biofuels and related processes.
Amount Available: Up to $1,000,000
Private Financing Required: None
- Downtown Revolving Loan (Large)
Type: Loan
Administrator: Northfield Economic Development Authority
Eligible Uses: Exterior and interior improvements to building in Northfield’s C-1 or C-2 commercial zones.
Amount Available: $15,001- $75,000
Term: $15,001-$30,000: 10 years, $30,001-$75,000: 15 years
Rate: The prime interest rate listed in the Wall Street Journal on day of loan approval.
Private Financing Required: 20 % of project costs
- Master Development Fund Loan
Type: Loan
Administrator: City of Northfield
Eligible Uses: Property acquisition, infrastructure, public infrastructure, site improvements, and building construction on property.
Amount Available: Industrial Projects: $10,000-$150,000, Commercial Projects: $10,000-$50,000.
Term: Industrial Projects: 10-20 years depending on amount, Commercial Projects: 7-15 years depending on amount.
Rate: 80 percent of the average local lender commercial rate.
Private Financing Required: 70% of the total project cost, which includes the property, building, construction and site improvements (excluding soft costs and equipment).