Connecting You With Public Financing
The City of Northfield and the Northfield Economic Development Authority provide assistance to businesses through an array of grants and loan programs and can assist businesses in accessing numerous regional, state, and federal programs.
We have the unique position of incorporating two counties within our city limits, which opens up several loan and grant opportunities to businesses looking to relocate or expand. Get in touch with us to learn more.
Rice County serves as a technical resource for programs and regulations, and provides technical assistance on specific economic development activities.
The County also provides a revolving loan program to assist with fixed asset financing. Rice County has established a network of public and private partners that cooperate to work towards the goal of improving the County’s tax base and creating quality jobs. Incentives are compatible with funding opportunities with the City of Northfield. Learn More
State of Minnesota
The Minnesota Department of Employment and Economic Development (DEED) has several business financing programs, tax credit programs, and worker training programs to help finance your business. Finance guidance is also available.
Property Assessed Clean Energy (PACE) Financing
How does PACE work? PACE financing is repaid as an assessment on your property tax bill for a set period. In this way, PACE eliminates the burden of upfront costs by providing low-cost, long-term financing. PACE is different than a traditional loan: there is less of a reliance on credit, the assessment stays with the property instead of the owner, and they can generally be repaid over longer terms than a bank might allow.
What can you do with PACE? Examples of potential building improvements that can be financed with PACE are solar arrays, HVAC upgrades, LED lighting, condensing boilers, digital controls, insulation, variable-frequency drive motors, building automation systems, and other water and energy conservation measures.
Who is behind PACE? The Saint Paul Port Authority provides the PACE funding and administers all aspects of the program. We place the assessment on the property, collect payments each year, and pass money back to the Port Authority.
How can you take action? To learn more about PACE and take action, visit http://www.cleanenergyresourceteams.org/pace for program details and applications, factsheets, success stories, and frequently asked questions.
DEED offers many business financing programs designed to help companies and communities retain existing jobs and create new high-quality jobs. Recommended programs are outlined below. For a full list of DEED business financing programs, please visit their website.
- Minnesota Investment Fund (MIF): Targets job creation in industrial, manufacturing, and high-tech industries. Learn More
- Job Creation Fund: Provides up to $1 million after specified job creation and capital investment goals are achieved. Learn More
- Flood Recovery Financing: Used to make loans to flood-affected businesses. Learn More
- Small Business Development Loan Program (SBD): Provides financing for business expansions that result in the creation of new jobs. Learn More
DEED also has tax credit programs available for businesses. Recommended programs are outlined below. For a full list of DEED business tax credit programs, please visit their website.
- Angel Tax Credit Program: Provides incentives to invest in startup and emerging companies focused on high technology. Learn More
- Greater Minnesota Job Expansion Program: Refunds sales tax to existing businesses expanding in Greater Minnesota for 7 years. Learn More
- Data Center Tax Incentives: Allows sales tax exemptions for 20 years on equipment for qualifying investments. Learn More