Economic Development Partners
Rice County 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, understanding the role of tax incentives in determining business location and growth needs. We are positioned well to assist in such programs as the Rice County Business Assistance Policy, Tax Abatement Policy & Application, and Revolving Loan Policy & Application. Below is a list of the resources we have at our disposal.
Economic Development Partners
Southern Minnesota Initiative Foundation (SMIF)
Community Growth Initiative
SMIF’s Community Growth Initiative brings community members together to evaluate the assets of the community, set goals, and accomplish a project of choice. They provide facilitation, technical assistance, and up to $20,000 to assist asset based community development (ABCD) efforts that lead to economic growth and prosperity. For more information visit http://www.smifoundation.org/?q=entrepreneurs/loans
Steele-Waseca Cooperative Electric & Great River Energy
E3 Fund (Energy Efficient Equipment Fund)
Available to end use consumers of Great River Energy’s all requirements electric distribution cooperatives for a maximum loan amount of $350,000. Maximum maturity is 10 years and covers energy efficient equipment, installation costs, and engineering and design costs.
Minnesota Community Capital Fund (MCCF) / Twin Cities Capital Fund (TCCF)
MCCF available to GRE member cooperative customers in outstate Minnesota for up to $1,000,000 of market rate gap financing. TCCF available to GRE member cooperative customers in the 7-County MSP Metro Area. GRE can partner with other members to enable a larger loan amount. Both MCCF and TCCF can be used to cover construction, land, acquisition, equipment purchase and other uses approved by the electric cooperative.
For more information on any Great River Energy finance and loans programs go tohttp://www.greatriverenergy.com/cooperativeway/community/financing_summary.pdf
USDA Rural Economic Development Loan & Grant Program (REDLG)
Loans are passed through the REC to the Ultimate Recipient and can cover up to 80 percent of projects cost, below $740,000. Grants are used to capitalize the REC revolving Loan Fund. The initial loan of $300,000 (maximum) is made to the Ultimate Recipient and requires a 20% match from the member cooperative. The program covers construction, land acquisition, equipment purchase and other uses approved by the electric cooperative. Federal lending regulations apply to the recipient project.
Business & Industry Loan Guarantee Program
The purpose of the B&I Guaranteed Loan Program is to improve, develop, or finance business, industry, and employment and improve the economic and environmental climate in rural communities. This purpose is achieved by bolstering the existing private credit structure through the guarantee of quality loans which will provide lasting community benefits. It is not intended that the guarantee authority will be used for marginal or substandard loans or for relief of lenders having such loans. For more information visit http://www.rurdev.usda.gov/rbs/busp/b&i_gar.htm
Rural Business Opportunity Grant (RBOG)
The primary objective of the RBOG program is to promote sustainable economic development in rural communities with exceptional needs. Grants are awarded on a competitive basis. For more information visithttp://www.rurdev.usda.gov/BCP_RBOG.html
Xcel Energy – Energy Conservation Programs & Services
For more information visit http://www.xcelenergy.com/Save_Money_&_Energy/For_Your_Business
Small Business Development Loan Program
The Small Business Development Loan Program provides loans for business expansions that result in the creation of new jobs. Small business loans up to $5 million are made by the Minnesota Agricultural and Economic Development Board (MAEDB) through the issuance of industrial development bonds. Manufacturing and industrial companies located or intending to locate in Minnesota and meet the federal definition of a small business (generally those with 500 or fewer employees) are eligible. For more information visit http://www.positivelyminnesota.com/Business/Financing_a_Business/DEED_Business_Finance_Programs/Small_Business_Development_Loan_Program.aspx
Work Opportunity Tax Credit
The Work Opportunity Tax Credit (WOTC) is a federal tax credit available to all private sector businesses as an incentive to employers to hire workers in certain groups who consistently experience high rates of unemployment. The tax credit allows employers to reduce their federal tax liability by up to $9,600 per new hire. For-profit businesses of any size qualify. And the tax credit applies to temporary, seasonal, part-time and full-time workers. For more information visit http://www.positivelyminnesota.com/Business/Finding_Workers/Hiring_Incentives_Credits/Work_Opportunity_Tax_Credit.aspx
Growth Acceleration Program (GAP) Grant
The Growth Acceleration Program (GAP) increases the competiveness and helps grow Minnesota's small manufacturing and manufacturing-related companies by accelerating business improvements and the application of critical technologies. All funds awarded under GAP must be used to assist an eligible company with business services and products that will enhance the operations of the company. The maximum amount of GAP funding awarded to an eligible company in any calendar year is $50,000. A company may request GAP funding for multiple projects, as long as no one project exceeds $25,000. For more information visit http://www.enterpriseminnesota.org/resources/growth-acceleration-program.html