EDA Grants & Loans
Programs to help you meet your needs
Whether you are an emerging business looking for help getting started or a larger entity looking for gap financing, the City of Northfield's programs can help meet your needs.
If you have any questions about the grant and loan program, please contact our staff, and we will be happy to walk you through the options and connect you with many other financing opportunities.
CARES Act funding
Businesses and nonprofits looking for financial relief due to COVID-19 can apply for CARES Act funding through the City of Northfield.
Coronavirus Aid, Relief, and Economic Security (CARES) Act provides for payments to state, local and tribal governments navigating the impact of the COVID-19 outbreak. The City of Northfield received approximately $1.5 million through the federal CARES Act. The Northfield City Council is allocating $300,000 in grants for businesses and $200,000 in grants for nonprofits.
E-Commerce Grant Program
The Northfield Economic Development Authority (EDA) approved a $15,000 grant program for restaurants, eateries and retail shops in Northfield to help them build their online commerce presence.
Businesses with 20 or fewer full-time equivalent employees are eligible to receive a grant for 50% of costs associated with e-commerce investment up to $1,500.
The business must have been operational since January 1, 2020 and their business address must be within the Northfield city limits.
This is a first-come, first-served reimbursement program.
Applications will be accepted between June 1 and June 30, 2020.
Facade Improvement Program
The EDA approved $20,000 per year for next three years to pilot a Facade Improvement Program. This program is designed to encourage downtown building owners to reinvest in the exterior of their buildings to extend the life of these important structures.
This will be a reimbursement-grant program. The EDA will match private investment one-to-one up to $10,000.
Applications will be accepted between February 1 and March 15, 2020.
Clement F. Shearer Micro-Grant Program
The micro-grant program is part of the EDA’s progressive business support program. It is designed to strengthen emerging businesses and position them for future growth by helping them take a significant step in developing their technical, management, or marketing capabilities. The maximum micro-grant award is $5,000.
Micro-grant funds can be used for a wide variety of purposes including, but not limited to:
- Leasehold improvements
- Gap financing
- Working capital
Northfield Revolving Loan Fund Program
The Northfield Revolving Loan Fund Program (RLF) provides low interest loans for businesses either located in, or relocating to, the City of Northfield. The purpose of this fund is to:
- Provide gap financing to supplement conventional bank loans for new and existing business expansion
- Retain and/or create jobs
- Expand the local tax base
- Encourage new business investment in the community