Funding Opportunities for Businesses and Entrepreneurs
SRDC administers several funding opportunities for businesses and entrepreneurs in Southwest Minnesota. Financing from the SRDC makes projects possible when gap financing or up-front funds are not available. Two primary funding opportunities include the SRDC Revolving Loan Fund (RLF) and Property Assessed Clean Energy (PACE).
Revolving Loan Fund Project Highlights
RLF funds loaned in Fiscal Year 2022
Total RLF funds loaned since 1995
Total leveraged Funds
RLF: Enabling Businesses to Expand or Sustain
SRDC’s Revolving Loan fund is designed to provide gap financing for new or existing businesses in the nine-county region with fixed asset and working capital financing. The fund is designed to bridge the gap between owner financing and private lender financing. This program supports business initiatives that create or retain jobs.
PACE: Improving Businesses’ Energy Efficiency
Through partnership with the Rural Minnesota Energy Board, SRDC administers the Property Assessed Clean Energy program which assists property owners with financing improvements that substantially increase energy efficiency. PACE allows businesses to make these fixture improvements without the up-front capital outlay. Costs for the improvements are paid back through a special assessment on their taxes. The increase in property taxes is offset by the decrease in energy costs so that the business sees no change in the bottom line.
Through partnership and collaboration with communities and counties, SRDC administers three RLFs specific to community areas within the region.
Falcon Development Corporation
Falcon Development Corporation (FDC)’s Revolving Loan Fund provides financing assistance to new and/or existing businesses, and/or retention of significant jobs with viable plans for making improvements, locating, or expanding in the City of Heron Lake and the surrounding area. FDC’s purpose is to advance the economic development prosperity of the area by promoting and encouraging trade and commerce. Any loan made to a business must add new wealth, growth, and betterment to the area. The revolving loan fund may also be used to provide financing for community development and infrastructure improvements that would promote economic development in the area, including the stimulation of growth through improved manufacturing or new technologies.
Jackson County RLF
Provides financing assistance to new and/or existing businesses, and/or retention of significant jobs for businesses in Jackson County, Minnesota.
For questions regarding Jackson County’s RLF or for application materials, contact SRDC Deputy Director Robin Weis.
Heron Lake RLF
Provides financing assistance to new and/or existing businesses, and/or retention of significant jobs for businesses within a 20-mile radius of the City of Heron Lake, Minnesota.
For questions regarding Heron Lake’s RLF or for application materials, contact SRDC Deputy Director Robin Weis.
SRDC is here to help strengthen your community!
SRDC offers a vast list of services to assist with your needs. Contact us if you are interested in working with SRDC on your project.