The Minnesota Department of Employment and Economic Development (DEED) offers a compilation of financing options for businesses in all stages, whether a startup or longtime establishment. A few key DEED finance programs include:
Data Center Sales Tax Incentives - Companies that build data or network operation centers at least 25,000 square feet and invest $30 million in the first four years qualify for tax breaks.
Minnesota Job Creation Fund - Companies that invest a minimum of $500,00 in real property improvements and create at least 10 new full-time permanent jobs may qualify for rebates and other wage based incentives.
More information for DEED financing programs is available by clicking here.
DEED has also created an Economic Development Resource Guide to help determine which state resources might fit your needs.
Tax Increment Financing (TIF) and Tax Abatement
The city considers use of Tax Increment Financing and Tax Abatement for development projects that would otherwise not occur without public assistance. Use of these incentives is determined on a case-by-case basis, considering the City’s policies, specific project criteria and demand on City services.
Sherburne County Revolving Loan Fund
The applications will be accepted for loan amounts ranging from $25,000 up to $100,000. The Revolving Loan Fund application and information can be found on the Sherburne County website.
The Initiative Foundation offers business loans to entrepreneurs who:- wish to start a new business- have a sound business plan and acceptable credit- create quality jobs with living wages and benefits
- advance local and regional goals for target industries
The foundation emphasizes technology-based, green value-added and agricultural operations. Nontraditional business owners, such as women and minorities are especially encouraged to apply.
U.S. Small Business Administration (SBA) Loans
SBA offers a variety of loan programs for different business needs. Popular SBA Loans include:
CDC/504 Loan Program - A powerful economic development loan program that offers small businesses another avenue for business financing. These loans are made available through Certified Development Companies (CDCs), SBA's community based partners for providing 504 loans. Click here to learn more.
General Small Business Loans: 7(a) - SBA's most common loan program for small businesses. This loan is available after use of alternative financial resources, including personal assets as personal invested equity. Click here to learn more.
Microloan Program - This program provides loans up to $50,000 to help small businesses and certain not-for-profit childcare centers start up and expand. The SBA provides funds to specifically designated intermediary lenders. The Southwest Initiative Foundation serves the Becker area. Click here to learn more.
Click here to be directed to the full SBA Loans and Grants site.