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.
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.
Northfield has the unique position of straddling two separate counties within our municipal borders. As a small portion lies within Dakota County, businesses may have access to several economic development opportunities that can benefit Northfield businesses.
State of Minnesota
The Minnesota Department of Employment and Economic Development has several programs to help finance your business.
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 and for additional program details and applications, factsheets, success stories, and frequently asked questions, contact PACE.
DEED offers many business financing programs designed to help companies and communities retain existing jobs and create new high-quality jobs. We’ve outlined a few recommended programs.
Minnesota Investment Fund
Targets job creation in industrial, manufacturing, and high-tech industries.
Job Creation Fund
Provides up to $1 million after specified job creation and capital investment goals are achieved.
Flood Recovery Financing
Used to make loans to flood-affected businesses.
DEED also has tax credit programs available for businesses. We’ve outlined a few recommended programs.
Angel Tax Credit
Provides incentives to invest in startup and emerging companies focused on high technology.
Greater Minnesota Job Expansion Program
Refunds sales tax to existing businesses expanding in Greater Minnesota for 7 years.
Data Center Tax Incentives
Allows sales tax exemptions for 20 years on equipment for qualifying investments.