INCENTIVES

COUNTLESS REASONS TO SAY YES

Through area financing and incentive programs, Greater Fergus Falls staff works with businesses considering a location or expansion in the region, drawing on a range of private and public financing options for eligible businesses and projects.

 

Greater Fergus Falls has the relationships and expertise to connect businesses with funding programs provided by local, regional and state municipalities and organizations. 

>>>Need help with financing and incentive programs? Contact us!

LOCAL RESOURCES

+ECONOMIC DEVELOPMENT LOAN

ECONOMIC DEVELOPMENT LOAN
Eligible activities would include exterior and interior remodeling, elimination of architectural barriers to handicapped and elderly, costs of converting electrical services from above ground to below ground and energy conservation improvements.

Contact Us directly to discuss all incentive options.

+EXTERIOR FACADE PROGRAM

EXTERIOR FACADE PROGRAM

Eligible activities would include rehabilitation, restoration, ornamentation, and signage activities on front facades and back entrances in the City of Fergus Falls. Improvements to such things as signage, awnings, facades, windows, doors and exterior appearances are envisioned.  

Contact Us directly to discuss all incentive options.

+INTERMEDIARY RELENDING PROGRAM

INTERMEDIARY RELENDING PROGRAM

IRP is a loan program for community development projects, new businesses, business expansion, and the creation or retention of employment. The loan limit is up to 50% of the project cost and is capped at $250,000. Interest rates vary.

Contact Us directly to discuss all incentive options.

+REVOLVING LOAN FUND

REVOLVING LOAN FUND
RLF funds are available for the retention, expansion or creation of businesses. To qualify, businesses must meet eligible wage goals (110% of federal poverty level.) The loan limit is up to 50% of the project cost and is capped at $200,000. Interest rates vary.

Contact Us directly to discuss all incentive options.

+TIF AND TAX ABATEMENT

TIF AND TAX ABATEMENT
Tax increment financing (TIF) is a method of financing real estate development costs--i.e.: to encourage developers to construct buildings or other private improvements or to pay for public improvements such as streets, sidewalks, sewer and water, and similar improvements. Click here for more information regarding tax increment financing and abatement.

Contact Us directly to discuss all incentive options.

+SMALL BUSINESS ADMINISTRATION LOANS

SMALL BUSINESS ADMINISTRATION
The SBA helps small business owners and entrepreneurs pursue the American dream.  The SBA is the only cabinet-level federal agency fully dedicated to small business and provides counseling, capital, and contracting expertise as the nation's only go-to resource and voice for small business.  Click here for a chart of loan programs.

Contact Us directly to discuss SBA financing.

+USDA BUSINESS & INDUSTRY LOAN GUARANTEES

USDA BUSINESS & INDUSTRY LOAN GUARANTEES
This program offers loan guarantees to lenders for their loans to rural businesses, nonprofits, cooperatives, public bodies, and individuals proposing to engage in business.

Download loan guarantee FAQ sheet

 

AVAILABLE OPTIONS

There are numerous incentives available locally and throughout the
State of Minnesota to new and expanding businesses.

2020 GFF Business Financing Sheet.png
REGIONAL RESOURCES

+SMALL ENTERPRISE LOAN FUND

SMALL ENTERPRISE LOAN FUND
Small Enterprise Loan Fund - The Small Enterprise Loan Fund (SELF) provides loans from $1,000 to $50,000, and includes smaller loans to businesses in the manufacturing or service sectors. A small number of loans are made to retail businesses that do not compete with others in their immediate trade area. 

Learn More

+BUSINESS & INDUSTRY LOAN FUND

BUSINESS & INDUSTRY LOAN FUND
The Business and Industry Loan Fund is used for loans from $20,000 to $300,000. Most of the loans in this fund are given to manufacturing businesses. WCI receives funds from several sources for this loan program, and they all have different qualifying criteria for projects.

Learn More

+ACCESS TO CAPITAL LOAN FUND

ACCESS TO CAPITAL LOAN PROGRAM
West Central Initiatives will match loans up to $75,000.

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STATE RESOURCES

+MN DEPARTMENT OF EMPLOYMENT & ECONOMIC DEVELOPMENT

MNDEED
The Minnesota Department of Employment and Economic Development (Minnesota DEED) offers numerous financing programs designed to help companies retain jobs or create new jobs:

+MINNPACE

MINNPACE (ENERGY EFFICIENCY IMPROVEMENTS)
Across the nation, PACE financing (Property Assessed Clean Energy) is making energy efficiency upgrades and renewable energy investments more attainable to commercial building owners. In Minnesota, most PACE loans are run through MinnPACE. MinnPACE is a fit for most industries including farms, commercial office buildings, nonprofit organizations (including places of worship), and multi-tenant buildings.  Common investments include  solar panels, HVAC systems, lighting, motors, and more. 

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+OTTER TAIL POWER

OTTER TAIL POWER COMPANY

From efficient technology rebates to bill credits and off-peak rates, OtterTail Power offers a variety of ways to save energy and reduce your operating costs.

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+US DEPARTMENT OF AGRICULTURE

US DEPARTMENT OF AGRICULTURE

The USDA provides funding opportunities for rural small businesses through loans, loan guarantees, and grants.

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+KIVA

KIVA

If you are an artist with a business, you may be looking for capital to expand or invest in your work. One option may be a microloan from Kiva. The Kiva community provides access to 0% interest loans and a network that can help you find the financial resources you need to grow.

Learn More