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 When it comes to starting or growing your business, Greater Mankato has a multitude of funding sources, including debt and equity loans, grants, and tax incentives.
Financial Check-up at no Charge
Financial Check-up
Would your business benefit from a financial check-up at no charge to you? The Small Business Development Center in Mankato is positioned to analyze your financials using sophisticated software designed to give you the information needed to assess your business' financial health.
Debt Financing - Conventional (i.e. Banks)
Financial Institutions in Greater Mankato
Greater Mankato financial institutions can provide the fundamental financial services needed for your business as well as conventional financing tools.
Debt Financing - Public & Foundation
504 Corporation
Provides up to 40% of project financing at a competitive fixed interest rate and term through the U.S. Small Business Administration (Contact: 507.625.6056 or jim@504corporation.com).
Minnesota Investment Fund
Provides grants to help add new workers and retain high quality jobs on a statewide basis. The focus is on industrial, manufacturing, and technology-related industries Grants are awarded to local units of government who provide loans to assist expanding businesses.
Industrial Revenue Bonds
Utilizes proceeds from city-issued revenue bonds to acquire and construct sites and facilities. Lease payments made by the business enterprise to city government are used to service the bonds.
City of Mankato Municipal Revolving Loan Funds
Provides low interest, revolving loan funds primarily for industrial/service economic development (financial incentives form).
City Center Mankato Revolving Loan Funds
Provides low interest, revolving loan funds for reinvestment in Mankato's City Center.
Region Nine Development Commission Loan Programs
Promotes the development of the region through intergovernmental cooperation, community development, and long-range planning and technical assistance.
Southern Minnesota Initiative Foundation (SMIF)
Invests in emerging businesses and the emerging workforce, helping businesses, local governments and nonprofit organizations find common ground, pool resources and achieve more.
Equity Financing
Angel Tax Credit
On April 1, 2010, the 25% Angel Tax Credit was signed into law. This credit was implemented to encourage investors to invest in early stage, high or new proprietary technology businesses. Minnesota Department of Employment and Economic Development (DEED) is administering the certification to businesses, investors and funds. Complete information including applications will be available on the DEED website by August 2010.
Business checklist
Qualified investor checklist
Fund checklist
Factsheet
Two Rivers Angel Investment Network (TRAIN)
Provides financing as part of the RAINSource Capital network. TRAIN is an LLC formed in Greater Mankato. The fund is capitalized at $800,000 with 16 accredited individual and institutional investors. (Contact: 651.632.2143 or bjohnson@rainsourcecapital.com).
Wellspring Investor Alliance
Serves as a link between prospective investors and entrepreneurs seeking investment capital. The alliance is composed of independent accredited angel investors interested in growing high potential businesses in the region.
Grants
Office of Energy Security
The Office of Energy Security has grants available to assist owners of commercial, industrial and nonprofit facilities to make cost effective energy efficiency and renewable energy improvements in their facilities.
Region Nine Development Commission Grant Research
Grant research performed at no charge for businesses. There is a fee for grant writing services.
Sarah Reichwald Beiswanger | Resource Development Coordinator | 507.389.8880
Before you use this resource:
You must have a business plan before applying for any grants
Grants for for-profit, small businesses are few and far between.Grants are very competitive
You must register on grants.gov, link is http://www.grants.gov/applicants/organization_registration.jsp
Tax Incentives
JOBZ MINNESOTA (Job Opportunity Building Zones)
Provides local and state tax exemptions to new and expanding businesses and targeted primarily toward industrial, value-added or high-paying service businesses.
Tax Increment Financing (TIF)
Finances the costs of a new real estate development by utilizing funds gained through increased property taxes generated from the development.
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