DCA will helps companies explore financial assistance options. Locally, Austin has considerable resources for quality job growth projects. Additionally, the State of Minnesota is very competitive in financing and incentives for job creation. Together, Austin and the State of Minnesota help business prosper.



Development Corporation of Austin

Revolving Loan Fund

DCA has gap financing loan funds available from USDA Rural Development. Loans must be provided in conjunction with another lending institution. Loans typically range in size from $10,000 to $25,000.

Contact info:

John Garry
jkgarry@austindca.org
Phone: 507-433-9495


City of Austin 

Tax Increment Financing (TIF)

A funding technique for municipalities that takes advantage of the increases in tax capacity and property taxes from development or redevelopment to pay upfront public development or redevelopment costs.

Tax Abatement

Minnesota law authorizes political subdivisions to grant property tax abatement for economic development (e.g. to encourage business to locate or expand at a location or to redevelop an area). Counties, cities, towns and school districts may grant abatement of taxes they impose.from development

Reduced Land Cost

Considered on a case-by-case basis, land acquisition can be reduced or free, based on high-impact job creation and capital investment factors.

Industrial Revenue Bonds

Cities can issue revenue bonds and use proceeds to acquire and construct industrial sites and facilities. The city then leases these facilities to private industry and uses the rental fee proceeds to retire bonds.

Loans

The city of Austin and the Port Authority has loan funds available on a case-by-case basis.

Contact info:

Craig Clark
craigc@ci.austin.mn.us
Phone: 507-433-9941


Minnesota Department of Employment and Economic Development

If you’re looking to expand an existing business, relocate from another state, or need guidance for a complex start-up, expansion or relocation, the Department of Employment and Economic Development (DEED) can help. DEED consultants have the right background, information and connections to other state and local agencies to help turn your plans to reality. 

Consultants include: 

  • Business Development Specialists who are stationed in the Twin Cities metro area and key regions throughout the state. They work closely with companies of all types to help them locate and expand in communities throughout Minnesota. 
  • Industry Specialists focus their expertise on businesses in targeted industries and sectors. In addition to providing business consultation services, industry specialists market Minnesota as a prime location for business startups, expansions and relocations. They provide information on markets, technologies, buildings and sites, transportation and other Minnesota advantages. 
  • Business Service Specialists can provide help with worker recruitment, identification of training resources, information on employment laws and connection with WorkForce Centers services.

Business Resource Guide

State of Minnesota DEED's programs and services can be found at the DEED website:

Business Resource Guide

Financing Programs

DEED's business financing programs help companies and communities retain existing jobs and create new high-quality jobs. Not all businesses are eligible. Qualifying businesses must meet specific job creation and wage goals. Some programs are general in nature. Others focus on targeted regions of the state, on targeted industries that show job-growth potential, and on targeted groups of people. Click on the link below for more information:

Financing a Business

Starting a Business

Starting a business in Minnesota is not a single decision but a series of them, each one an important step on the road to a successful launch. DEED can help you tackle the most common questions in the order you’re most likely to need answers. Click on the link below for more information:

Help Starting a Business


Southern Minnesota Initiative Foundation

Since inception, SMIF has worked tirelessly to catalyze entrepreneurial activity within the region and has played a strong role in growing local business by supporting entrepreneurship. We have provided early-stage investments, traditional loans, micro loans, technical assistance, mentoring, and regional leadership to achieve our vision of creating economic prosperity and community vitality. 

SMIF offers four different revolving loan programs:

Business Loan Fund

Our Business Loans target six key industries:  bioscience, renewable energy, food/agriculture, manufacturing, technology, and healthcare. Our Business Loan Program works in partnership with local lending institutions, economic development organizations, and government agencies to help “fill the gap” between available and necessary financial resources. Contact Diane Lewis at 507-455-3215 for more information.

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Application

Small Enterprise Loan Fund

Small businesses are the anchor of our economy. For the past 10 years, SMIF has provided micro loans through a partnership with the Small Business Administration (SBA). These loans support small business owners or start-up entrepreneurs who create service, retail, local foods, and manufacturing businesses.  Even though these businesses are very small individually, they create the fabric necessary for community vitality. All Small Enterprise Loan recipients are eligible to receive free technical assistance. Contact Marcia Haley at 507-455-3215 for more information.

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Application

Building Blocks Loan Fund

Our Building Blocks Loans support the business of family child care by providing financial resources and technical assistance to help expand or enhance licensed child care businesses. Loan dollars can go towards provider licensure; repairs, renovations, or upgrades to the child care space; educational materials; playground equipment; and curriculum. All Building Blocks Loan recipients are eligible for free technical assistance. Contact Marcia Haley at 507-455-3215 for more information.

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Application
Operating Budget Worksheet

Local Foods Loan Fund

Our Local Foods Loans support the start-up or expansion of businesses engaged in locally or regionally produced agricultural food products. Loan dollars can be used to purchase inventory, supplies, machinery/equipment, or used for working capital. Local foods producers will have the opportunity to receive mentoring and assistance through the FEAST Local Foods Finance Advisory Network, in addition to SMIF's technical assistance. Contact Marcia Haley at 507-455-3215 for more information.

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Application


504 Corporation

504 Corporation is a nonprofit organization certified by the U.S. Small Business Administration (SBA) to provide financial assistance to small businesses. As a SBA Certified Development Company, 504 Corporation works with SBA and lenders to deliver the 504 Loan Program to small businesses. Provides up to 40% of project financing at a competitive fixed interest rate and term through the U.S. Small Business Administration.

Contact the 504 Corporation at 507-288-6442.