In an effort to promote and encourage economic development projects in Rice County, the County will serve as the clearinghouse of information, as a technical resource for programs and regulations, and provide technical assistance on specific economic development activities. Rice County has established a network of public and private partners that cooperate to work towards the goal of improving the County’s tax base and creating quality jobs.
Rice County provides a breadth of economic development incentives, and is committed to meeting the financial and tax needs of our business partners. This includes finding creative solutions to financial needs, helping to identify resources, and understanding the role of tax incentives in determining business location and growth needs.
Revolving Loan Policy and Application
To stimulate private sector investment in facilities and equipment in order to create/retain jobs for local residents and to upgrade facilities to maintain competitiveness and/or boost productivity; and provide affordable loans for expansion and/or rehabilitation of commercial and industrial buildings in order to maintain the commercial and industrial viability of Rice County and its communities. Retail business projects are not eligible for this program.
Tax Abatement Policy and Application
Tax Abatement is one technique to encourage private development projects by allowing the rebate of property taxes to the owner, reallocating the taxes to pay for public infrastructure costs or deferring the property taxes and rebating the interest penalty.
Business Subsidy Policy
Projects should create the greatest number of full time equivalent (FTE) jobs possible that pay a living wage. Purpose of this policy is to:
- redevelop blighted or underutilized areas of the County,
- create additional job opportunities within the County,
- retain local jobs in the County, where job loss is specific and demonstrable,
- enhance the economic diversity of the County and provide essential products and services within the County, and
- enhance economic growth in the County.
Even the Rice County Economic Development Department’s mission statement reflects the importance the County places on partnering... "Rice County Economic Development – Working in partnership with our communities to foster an environment that welcomes economic development…" Rice County values our partners and approaches all things economic development with our partners in mind and with our partners by our side working hand-in-hand. Together – we can address and meet the needs of existing and prospective businesses.
A network of public and private partnership has been established – and we work hard at maintaining and growing these relationships, and cultivating new relationship with organizations that can assist us in pursuing the common goal of economic development. Below is a sampling of the organizations we are proud to call our partners:
State of Minnesota
- Department of Employment and Economic Development (DEED) (When on DEED’s site use the “For Business” tab located at the top, click the drop-down “Financing a Business” for Business Financing Programs such as the Small Business Development Loan Program, Minnesota Investment Fund, Job Creation Fund; Tax Credits such as the Angel Tax Fund; as well as Business Finance Guidance information.)
- South Central College
- Southern Minnesota Initiative Foundation
- Steele-Waseca Cooperative Electric
- Great River Energy – Energy Efficient Equipment Fund (E3 Fund) and Minnesota Community Capital Fund (MCCF)
- Xcel Energy – Energy Conservation Programs and Services
- USDA Rural Economic Development Grant/Loan Program, Business & Industry Loan Guarantee Program, and Rural Business Enterprise Grant Program
- Enterprise Minnesota Growth Acceleration Program Grant
- Minnesota Small Business Administration