The EDA will assist you with locating information needed to plan for start-up, acquisition, and expansion projects. Information resources to assist with questions are readily available.
We provide multiple business support options including:
- Helping to streamline your company
- Marketing Assistance
- Social media & web assistance
- Accounting assistance
- Employee management assistance
- Inventory management assistance
The EDA offers a funding option known as the Spruce-Up Program which is provided in cooperation with participating area lenders to offer a low interest loan opportunity for repair and renovation of commercial building and property exteriors. Loans in the amount of 5,000-$30,000 will be made to eligible borrowers at 3.5% interest for 5 years term.
We strive to assist businesses with all their needs, including forming and refining business plans, financial packaging, finding the right location, zoning and code requirements, linking to others in the region or state with additional resources and expertise, acquiring data, etc. We are here to assist you and to serve as a liaison in working with the city to advance your business project.
The continued economic growth of the city is dependent upon having commercial and industrial land and building space readily available. The EDA strives to facilitate these efforts by linking property owners and prospective business candidates together.
Several regional resources are available to help finance economic development projects. In this section you can access details on program requirements, eligibility criteria, rates, terms and contact information. Click on a link below to navigate to the program information you’re interested in.
SOUTHERN MINNESOTA INITIATIVE FOUNDATION PROGRAMS The Southern Minnesota Initiative Foundation (SMIF) has been a catalyst for economic growth within this 20 county region. SMIF is investing in local businesses in the areas of biobusiness, entrepreneurs, and minority-owned business. Information below provides more information about 3 loan programs provided by the Foundation:
REVOLVING LOAN PROGRAM This program is used to “fill the gap” between available and necessary financial resources. Loans of up to $200,000 amortized for up to 15 years are available to eligible projects.
SMALL-ENTERPRISE LOAN PROGRAM The Small-Enterprise Loan Program supports small business owners or start-up entrepreneurs, including minority-owned businesses. Loans of up to $35,000 are available for start up or expansion of businesses engaged in manufacturing, retail, and service.
BIO SEED FUND PROGRAM SMIF’s Bio Seed Fund targets economic development opportunities related to bio-medical, bio-agriculture, and renewable energy. Loans of up to $25,000 are available for seed and start-up stage companies that need capital, business expertise, and networking opportunities.
ADDITIONAL REGIONAL PROGRAMS Contact the staff at the EDA office for information about additional potential regional funding assistance programs.
Business Start-Up Guides
The Department of Employment and Economic Development publishes Guide to Starting a Business in Minnesota that is available free of charge. Copies may be picked up in the Pine Island EDA office at 106 2nd Street SW, Pine Island, MN, the information is on-line by clicking here, or by calling the publications order line at (651) 556-8425 or toll-free in Greater Minnesota at (800) 310-8323.
MN Department of Employment & Economic Development Whether through loans, grants or tax incentives, access to sufficient capital is essential when starting and growing your business. Following is information about some of the state finance programs that may be useful.
Minnesota Investment Fund - The Minnesota Investment Fund provides financing to help add new workers and retain high-quality jobs on a statewide basis. The focus is on industrial, manufacturing, and technology-related industries to increase the local and state tax base and improve economic vitality statewide. Funds are awarded to local units of government who provide loans to assist expanding businesses.
Small Business Development Loans -
The Minnesota Agricultural and Economic Development Board (MAEDB) administers this loan program in order to promote the creation of jobs and assist business expansions in the state. Manufacturing and industrial businesses located or intending to locate in the state may be eligible if the firm has less than 500 employees. Link here for additional information about Small Business Development Loans.
Hiring Incentive / Training Programs
MN Job Skills Partnership / Pathways Grant Program
The intent of the Job Skills and Pathways Grant Programs are to provide new-job training or retraining for existing employees of participating Minnesota businesses. Eligible companies can receive up to $400,000 in matching grants for employee training and re-training.
State and Federal Hiring Incentives and Tax Credits
Special tax credits and incentives are available to employers who hire workers from targeted groups, including certain veterans, low-income youth and adults, people with disabilities and others that consistently experience high rates of unemployment through the following 3 programs.
Work Opportunity Tax Credit
Is a federal tax credit available to private sector businesses as an incentive to hire workers in certain groups who consistently experience high rates of unemployment. (Ex: veterans, vocational rehabilitation referral, food stamp recipients, family assistance, and ex-felons to name a few.)
Sci Techsperience Internships
Sci Techsperience is a paid internship program that connects college students in science, technology, engineering and math disciplines with rewarding hands-on opportunities at Minnesota companies that need their skills. Employers may claim a refundable credit of up to $2,000 for each internship provided to eligible students in Greater Minnesota.
Federal Bonding Insurance
Fidelity Bonding is no-cost employee dishonesty insurance that protects employers against employee theft of money or property.