Business Innovation Grants (Renville County)

Business Innovation Grants (Renville County) is sponsored by Renville County EDA. This program assists businesses in Renville County, Minnesota, with business development and growth opportunities. Eligible uses include equipment purchases or upgrades and information technology upgrades, which could support analytics capabilities.

For Business - Renville County Home Housing and Economic Development Economic Development Authority For Business The Renville County EDA is committed to economic development and assisting with your business needs. We strive to provide a powerful platform of economic resources that Renville County residents, communities, and businesses can build on to reach their full potential.

Learn more about business grants, loans, assistance, and resources available in the tabs below. Join us to access a wealth of resources, incentives, and a supportive community dedicated to helping your business succeed. ” 1.

Schedule An Appointment Contact us at 320-523-3656 to get more information and schedule an appointment. Meet with us to discuss your project and what support the EDA can offer to help grow your business. 3.

Begin Your Business Journey See your project come to life, aligned with your business goals, and begin reaping the rewards of success. Business Innovation Grants This program has been designed to assist businesses in Renville County with business development and growth opportunities. Only one grant is awarded per business per calendar year.

The maximum grant amount is $3,000 Application and Guidelines: Full Business Innovation Grant Guidelines (PDF) Download Business Innovation Grant Application PDF Equipment purchases or upgrades Purchase, construction, renovation, or expansion of buildings Development or promotion of new product lines Professional development or employee training (tuition only) Information Technology upgrades A minimum of a 1:1 contribution match from the business and/or other funds is required Must be a specific project with potential to create/retain jobs or increase revenues of local businesses Application must be submitted to the EDA prior to project completion Businesses will be required to expend at least twice the amount of the grant award in reimbursable costs Grant applications are due by the 1st of January, April, July, and October.

Questions? Contact the EDA office at 320-523-3656 or email the EDA . Business Revolving Loan Fund The Renville County EDA has a Small Business Revolving Loan Fund (RLF) Program designed to provide business financing, in conjunction with banks and credit unions, for new, expanding, or relocating businesses in Renville County.

Applicants typically secure a loan through a primary lender, however, need a push of funds to complete the project. This is where the RLF can assist! Contact the EDA at 320-523-3656 or email the EDA to get the process started.

Download a Business RLF Application (PDF) The RLF was established in 2009, with a matching grant from the USDA Rural Business Enterprise Grants Program. RLF loans range from $10,000 to $25,000. The Loan Committee may authorize loans smaller, on a case by case basis.

Loans can be amortized over the life of the security. The Loan Committee shall determine the term and interest rate. The interest rate will typically will not exceed the prime rate by more than 2%.

A $100 application fee is required with each application to cover loan expenses. All title searches, lien records, security records, environmental assessments, credit reports, costs of copying, and loan closing costs will be paid by the Borrower. The Renville County HRA/EDA Board must approve all applications.

Projects / businesses eligible for assistance from the RLF program must be located in Renville County or have a positive economic impact on Renville County. Acquisition and development of land, easements, and right-of-ways.

Construction, conversion, enlargement, repairs or modernization of buildings (including facade repairs), energy efficiencies, plants, machinery, equipment, access streets and roads, parking areas, utilities, and pollution control and abatement facilities. Loans for start-up, operating costs, and working capital. Technical assistance for private business enterprises.

RLF funds will not be used to finance comprehensive area-wide type planning. This does not preclude the use of grant funds for planning a given event. RLF Funds will not be used to fund a part of a project which is dependent on other funding unless there is a firm commitment of the other funding to ensure completion of project.

Loans will not be made unless there is a reasonable prospect that the applicant meets the definition of “small and emerging private business enterprises” currently defined as “any private business that will employ 50 or fewer new employees and has les that $1 million in projected gross revenues.

” At least 51% of the outstanding interest in the applicant must be owned by those who are either citizens of the United States or reside in the United States after being legally admitted for permanent residence. Applications by members of the Loan Committee and their immediate family members shall be ineligible for funding.

RLF funds will not be used to produce agricultural products through growing, cultivation, and harvesting ether directly or through horizontally integrated livestock operations. Exceptions include commercial nurseries, timber operations, or limited agricultural production related to technical assistance projects.

In accordance with Federal law and U.S. Department of Agriculture policy, the Loan Committee will not discriminate on the basis of race, color, national origin, sex, religion, age, disability, or marital or family status.

Citizens Alliance Bank , Sacred Heart First National Bank , Fairfax First Security Bank , Renville Frandsen Bank & Trust , Bird Island, Hector, and Fairfax Grand Marais State Bank , Buffalo Lake Greater Community Credit Union , Renville Minnwest Bank , Danube and Morton Wanda State Bank , Franklin Business Assistance and Resources Business Assistance Directory Renville County’s Business Assistance Directory is published by the HRA/EDA as a tool to assist businesses and includes: local units of government Minnesota state legislators and congressional delegation Download the Business Assistance Directory [PDF] Minnesota Department of Employment and Economic Development (DEED) Mid-Minnesota Development Commission (MMDC) Minnesota Business Finance Corporation (MBFC) Southwest Small Business Development Center Southwest Initiative Foundation U.S. Small Business Administration (SBA) The 2017 federal tax reform bill created a new investment tool named Opportunity Zones, which gives holders of capital gains certain tax breaks if they invest in projects that create economic opportunity within defined areas.

Renville County has one designated Opportunity Zone, which overlies the Cities of Danube and Olivia, and surrounding area. To take advantage of the tax breaks, holders of capital gains invest these assets into Opportunity Funds. It is also possible to create an Opportunity Fund to funnel capital into an individual project of interest to the funder.

Opportunity Zones provide the greatest benefit for longer term investment in the development of multi-family housing properties, as well as commercial buildings. To start the process, please contact Renville County HRA/EDA at 320-523-3656 or Email [email protected] IRS Opportunity Zones Information MN DEED Opportunity Zones Information Are you looking for a property to start or expand your business?

We know site selection can be a daunting task! Renville County has both buildings and land available for business growth and development needs, coupled with a skilled workforce. To assist in this process, you will find area realtors linked here.

Available homes, commercial buildings, and land are listed in each of their respective links. Keep in mind that some city EDA’s in Renville County may have properties available, not listed within local realtor sites. Contact the Renville County EDA at 320-523-3656 or Email [email protected] to discuss your needs!

Search Available Buildings and Sites in Renville County Fitzner Real Estate and Land Company Kerkhoff Auction & Real Estate Minnesota Land and Homes Real Estate This is not an all inclusive list of area realtors. Search for licensed realtors at the Minnesota Department of Commerce Portal . Job opportunities abound from Renville County Employers!

Learn more about employment opportunities and resources available to assist job seekers at our partner sites below: Central Minnesota Jobs and Training Services Renville County Employment Opportunities The availability of a skilled and agile workforce is key to the success of any business.

Learn more about resources available to help find and train your workforce at our partner sites below: Central Minnesota Jobs and Training Services Renville County Contact: Bridget Paulson: 320-290-7685 or Email Bridget Minnesota Department of Employment and Economic Development (DEED) Workforce Development Renville County Contact: Della Ludwig: 320-423-0121 or Email Della Find Minnesota Department of Employment and Economic Development Unemployment Statistics Here