The Faribault Economic Development Authority offers several development loan programs to help establish, expand and strengthen businesses in Faribault.
For more information, please contact Peter Waldock
See also: Tax Increment Financing (TIF) & Tax Abatement
The Economic Development Revolving Loan Program provides low interest loans and grants to downtown property owners wishing to rehabilitate substandard commercial buildings and to renovate or restore the exterior of their commercial structures. Program priorities are the renovation of historically or architecturally significant properties and storefronts, life and safety improvements, and the repair or replacement of upper level windows. Program activity is limited to downtown Faribault with priority given to those commercial properties abutting Central Avenue.
The Industrial Development Loan Program provides low interest loans to for profit entities in support of private efforts to establish, expand or relocate new and existing industries within the community. Program priorities are value added industrial projects, which provide for the diversification of the local economy, the creation or retention of quality employment opportunities, and the expansion of the property tax base.
Utilizing Small Cities Development Program funds, the City of Faribault will provide assistance to eligible applicants for the rehabilitation of commercial properties in the downtown central business district.
The SCDP Revolving Fund Program provides low interest loans to for profit entities in support of private efforts to establish, expand or relocate new and existing industries within the community. Program priorities are value added industrial projects, which provide for the diversification of the local economy, the creation or retention of quality employment opportunities, and the expansion of the property tax base. Program funds are made available through the Community Development Block Grant program and as such, recipients are subject to the regulations established by the US Department of Housing and Urban Development.
The Minnesota Investment Fund provides low interest loans to establish, expand or relocate new and existing industries within the community. Program priorities are value added industrial projects that provide for the diversification of the local economy, the creation or retention of quality employment opportunities, and the expansion of the property tax base. To be eligible, a project must result in significant job creation. Participating firms must pay a minimum of $10.00 per hour for all new jobs created. Roughly $6,000 per job is available to qualifying projects with a minimum $12.00 per hour for all jobs created.