City of West Concord
Local and Regional Programs and ResourcesA guide to Local and Regional programs and resources for those looking to do business in West Concord.
WEST CONCORD PROGRAMS
If you are interested in or have any questions about local programs unique to West Concord, please send an email to our Economic Development Staff. RBEG Revolving Loan Fund The West Concord Economic Development Authority manages a revolving loan fund for the purposes of low-interest gap financing. USDA Rural Development initially capitalized the fund through the Rural Business Enterprise Grant program. The primary goal of this fund is to support new and existing businesses in West Concord. Loan amounts are determined on a case by case basis, as gap financing is a tool to bridge the difference between financing secured and financing needed to carry out the business project. Interest rates are negotiable, but will not be fall 3% below the Wall Street prime rate. Term lengths for acquisition of land or building and new construction are 20 years, 5-7 years for machinery and equipment, 15 years for building renovations. The business owner/applicant must provide at least 10% of total project financing.
Tax Abatement Tax abatement is a business subsidy through which a portion of property taxes are rebated back to the property owner. The rebated funds are used to help offset development or redevelopment costs. Tax abatement is less complicated and less restrictive than TIF and is useful for smaller projects.
Tax Increment Financing Commonly referred to as "TIF", tax increment financing is a public financing method used as a business subsidy for real estate development projects. TIF captures the additional property taxes paid as a result of the increased tax revenues from a development project. These captured funds can be used to pay for a portion of the development costs. REGIONAL PROGRAMS and RESOURCES
Southern Minnesota Initiative Foundation (SMIF) SMIF is a donor supported foundation that invests in economic growth in the 20-county region of Southeastern Minnesota. Some key initiatives SMIF works to support are economic development, early childhood development, and community vitality. The following is a list of some pertinent programs SMIF operates to support these regional initiatives:
Southeast Minnesota SCORE SCORE, America’s premier source of free, confidential small business advice, was founded in 1964 as a nonprofit resource partner of the U.S. Small Business Administration (SBA). The Southeast Minnesota Chapter of SCORE provides free and confidential one-on-one business mentoring tailored to meet the needs of your small business and your personal objectives. The chapter also offers Local Workshops for a modest fee, for both start-up and in-business entrepreneurs. Clients have access to dozens of local face-to-face mentors and hundreds of e-mail mentors throughout the country. Check out the Southeast Minnesota SCORE Chapter website for more information, such as their office location, upcoming events, or to get in touch with the organization.
Southeast Minnesota Small Business Development Center (SBDC) The SE Minnesota SBDC offers no cost, confidential consulting to help businesses in the region identify, understand, and overcome the challenges of starting a business, running a successful business, and developing exit strategies. The SBDC provides professional expertise and guidance that every small business owner needs to flourish in today's business world. The SBDC can work with business owners and financial institutions to prepare documentation that lenders require for business loans. The SBDC also hosts business seminars to keep you up to date on business trends and solutions. For more information, seminar dates, and contact the SBDC, please visit the SE SBDC website.
504 Corporation The 504 Corporation is a non-profit organization certified by the U.S. Small Business Administration (SBA) to provide financial assistance to small businesses. The 504 Corporation works with the SBA and lenders to deliver the 504 loan program to small businesses. The 504 loan program's primary goal is to create and retain jobs. The program also aims to increase the real estate tax base, expand manufacturers, expand rural economies, and assist women, minority, and veteran owned businesses. To learn more about the 504 Corporation and the 504 loan program, please visit the 504 Corporation website.
Rochester Area Economic Development Inc. (RAEDI) RAEDI assists existing and potential businesses in the Rochester area secure the private and public resources needed to execute their growth plans. Since its inception, RAEDI has assisted hundreds of businesses that have generated more than $2billion of local economic activity and have created thousands of jobs. RAEDI services include financial packaging, business planning, site/location support, and business/community advocacy. For more about RAEDI and their services, please visit their website. |