Business Assistance Resources
- Grants for customized job training
- Loans for land acquisition, building construction, machinery and equipment
- Tax credit for job creation
- Tax incentives for job creation and investments in targeted industry sectors @(Model.BulletStyle == CivicPlus.Entities.Modules.Layout.Enums.BulletStyle.Decimal ? "ol" : "ul")>
General Business Assistance
The Anderson Center provides engaging management and leadership development forums for executives to facilitate economic progress in Greater Minnesota. Forums are facilitated by skilled discussion leaders that challenge participants to teach and learn from each other through real-world case studies. Each forum provides a peer network, case studies, application exercises and reference materials. Many forums offer an opportunity for professional and continuing education credits.
Export Counseling and Assistance - Minnesota Trade Office (MTO)
The MTO provides professional assistance from international trade representatives to guide small and midsized companies through the challenges and opportunities of conducting international business, including technical, regulatory and logistical information, market intelligence and research, conducting business across borders and cultures. The MTO also offers educational seminars, workshops and export events. Financial and technical assistance is available to qualifying MN small businesses through the STEP program. Eligible small businesses may apply for reimbursement up to $500 for export training that will result in the development of an export strategy or up to $7,500 for approved export-development activities.
Small Business Development Center (SBDC)
The SBDC provides one-on-one professional and confidential business consulting at no-cost. Pre-venture, start-up and established businesses can all obtain professional expertise and guidance to identify and secure financing and training programs for owning and operating a business.
SCORE of Central Minnesota
The Brownsfields Guide provides a comprehensive document to assist with the financing of brownfields in Minnesota. The guide is helpful in explaining the importance of redeveloping brownfield sites and contains important information on the various types of funding available to assist with the cost of cleaning up and redeveloping contaminated sites.
Community Reinvestment Fund USA (CRF)
With access to several government lending programs, including Small Business Administration (SBA) and New Markets Tax Credits (NMTC), as well as specialized financing tools, CRF can fund commercial real estate purchases, business equipment purchases, leasehold improvements, working capital, and other business projects.
Direct Business Loan Fund - Initiative Foundation
The Direct Business Loan Fund provides up to $200,000 for value-added agriculture and manufacturing companies that bring new revenue to communities.
Lender Match Loan Fund
The Lender Match Loan Fund provides up to $50,000 for manufacturing, technology, wholesale and other businesses. In partnership with financial institutions, this fund provides crucial capital to minimize the out of pocket cash outlay otherwise needed for a down payment on the purchase of equipment or real estate.
Minnesota Investment Fund - City of St. Cloud / State of Minnesota
Offering a maximum of $500,000 per grant, the fund focuses on industrial, manufacturing and technology-related industries that increase the local and state tax base and improve economic vitality statewide. Grants are awarded to local units of government, which use the money to provide below-market rate loans to help companies expand. Funding may be used to purchase land, machinery and equipment.
Minnesota Job Creation Fund - State of Minnesota
The fund provides up to $1 million in grants to approved industrial, manufacturing and technology-related businesses after specified job creation and capital investment goals are achieved. Minimum requirements include 10 jobs created and $500,000 capital investment. Actual job creation and capital invest rebates are based on project parameters.
Minority Business Assistance Programs
African Development Center of MN provides business training, commercial financing (traditional and alternative terms) and technical assistance to assist African immigrants and refugees in Minnesota to owning a business.
Milestone Growth Fund is focused on providing financing to businesses owned by entrepreneurs who belong to the African-American, Asian-American, Latino and Native American communities. A variety of debt with equity investment instruments are offered in the range of $200,000 to $500,000. In order to begin the funding process, companies must be prepared to submit a formal request and business plan.
WomenVenture provides technical tools to help women start and grow their businesses, find a new job or change careers.
Non Profit Loan Fund - Initiative Foundation
The Nonprofit Loan Fund provides up to $50,000 for the creation or expansion of mission-related earned income/social enterprise activities carried out by eligible nonprofit organizations. Loan proceeds may be used for working capital, equipment acquisition and/or facility improvements.
Revolving Loan Fund Program - City of St. CloudIt is the purpose of the City of St. Cloud Economic Development Revolving Loan Fund
(RLF) to deploy and sustain a local pool of money to support private economic
development and redevelopment projects for the benefit of the City of St. Cloud.
Redevelopment and Site Clean-Up - City of St. Cloud / State of Minnesota
Grant and loan funds available to assist in the redevelopment of sites for business expansion or relocation. Public funds can pay for up to 50% of eligible redevelopment costs or 75% of contamination clean-up costs. Contact the St. Cloud EDA for details.
SBA 504 Loans - MN Business Finance Corporation
SBA 504 Loans provide start-up and existing businesses to create new jobs with long-term, low down payment, fixed-rate financing of major fixed assets, such as land and buildings.
Tax-Exempt Industrial Development Bonds - City of St. Cloud
The program provides manufacturers below-market rate financing for the purchase of real estate and fixed assets.
Angel Tax Credit - State of Minnesota
Businesses headquartered in Minnesota with fewer than 25 employees and engaged in the research or development of qualifying high-technology can qualify for up to $1 million in angel tax credits.
Capital Equipment Exemption - State of Minnesota
Beginning July 1, 2015, businesses that buy or lease qualifying capital equipment (machinery and equipment used in manufacturing) for use in Minnesota are eligible for an up-front exemption from Minnesota state and local sales or use. Until then, businesses must continue to pay sales tax and then request a refund from the Minnesota Department of Revenue.
Data Centers - State of Minnesota
Companies that build data or network operation centers of at least 25,000 square feet and invest $30 million quality for sales tax exemptions for 20 years on computers and servers, cooling and energy equipment, energy use and software, and they pay new personal property tax. Companies have 48 months to complete the project.
Greater Minnesota Job Expansion Tax Credits - State of Minnesota
The program proves sales tax exemptions of up to 12 years to eligible existing businesses located in Greater Minnesota (outside the Twin Cities 7-county metro area) that meet specified job creation and wage level eligibility requirements.
MN Historic Structure Rehabilitation Tax Credits - State of MN Historic Preservation Office
The offers a 20% state tax credit for qualified historic rehabilitation and parallels the existing federal rehabilitation tax credit. It also offers project investors an option of a grant in lieu of a credit. Only income-producing properties are eligible for this incentive. This tax credit/grant is funded by the State of Minnesota; funds are awarded to eligible applicants who meet the program requirements. The building must be listed in the National Register of Historic Places or be certified as contributing to the significance of a “registered historic district”.
New Markets Tax Credit - City of St. Cloud
A financing tool available for commercial real estate development projects in designated economically distressed areas of the City. Contact St. Cloud EDA for designated areas and details.
Research and Development Tax Credit - State of Minnesota
Businesses with qualifying research & development (R&D) expenses in Minnesota may qualify for the credit for increasing research activities. The R&D credit is equal to 10 percent of qualifying expenses up to $2 million, and 2.5 percent for expenses above that level. C-corporations, partnerships and S corporations are eligible to claim the credit through the Minnesota Department of Revenue.
Tax Increment Financing (TIF) and Tax Abatement - City of St. Cloud
TIF and tax abatement are tools the City may use to help finance project costs. These tools are used to encourage private development and pay for public improvement costs such as streets, sidewalks, sewer and water, and similar public infrastructure improvements. The eligibility parameters are defined by state statutes and generally are targeted to new developments that increase the tax base, provide employment opportunities, or redevelops blighted areas.
Tax increment or tax abatement are the proceeds derived from the difference between the base property tax value of parcels and the increased property value of parcels as a result of new development. The total amount of tax increment or tax abatement is calculated for the projected term of the district. A developer can then obtain a loan based on the projected tax increment revenues in order to use the funds upfront for public improvements,
The is the basis for reviewing all TIF and tax abatement projects.
Provides data about the economy, job market, and workforce to help your business remain competitive.
Minnesota Job Skills Partnership Program - State of Minnesota
The program partners strategically with businesses and schools to train or retrain workers, expand opportunities, and keep high-quality jobs in the state. Grants of up to $400,000 are awarded to educational institutions that partner with businesses to develop new job training for retaining for existing employees.