Financial incentives are available to qualifying businesses in order to support economic development. Financial assistance can take a number of forms including grants, loans, property tax reduction or rebates. Each program has its own set of requirements and the City of Maple Lake economic development specialist Jim Gromberg can be reached at 763-762-2846 to help new or existing businesses navigate the maze of financial incentive programs to meet the needs of your business.
Some of the main sources of financial assistance for businesses are as follows (please select underlined text for additional information):
The AgStar Fund for Rural America, the corporate giving program of AgStar Financial Services is proud to announce a Feasibility Study Grant Program. The purpose of the program is to fund feasibility studies that may result in economic development for rural areas in AgStar’s service area.
City of Maple Lake Revolving Loan Fund
The City of Maple Lake has a revolving loan fund available to qualified local businesses. Funds available are limited to the current balance in the revolving loan fund and subject to the approval of the City Council.
Program Policies and Procedures
Maple Lake Revolving Loan Program Application
Industrial Revenue Bonds
Industrial Revenue Bonds are a way a city can loan money to a business without utilizing city funds. The city issues the bonds, but the loan is actually being made by the investor purchasing the bond. Please contact the economic development specialists regarding this financing tool.
The Minnesota Department of Employment and Economic Development (DEED) provides a number of financial assistance programs for businesses:
Minnesota Investment Fund
Research and Development Tax Credit
Job Creation Fund
Small Business Innovation Research(SBIR) and Small Business Technology Transfer (STTR) Programs
Indian Business Loan Program
Angel Tax Credit
Minnesota Reservist and Veteran Business Loan Program
Created in 1986 by a partnership of local people and The McKnight Foundation, the Initiative Foundation is one of six Minnesota Initiative Foundations (MIFs) serving greater Minnesota. The MIFs were originally formed to address economic issues related to rural flight, poverty and downtown decline, which were prevalent during the mid-1980s.
Each foundation’s priorities are decided by the people in its own region, with grants and loans supporting such issues as economic development, leadership development, community building, and families, youth and seniors.
The City of Maple Lake has created a film rebate program to encourage movie and television production in the city and to support local businesses that can service the film industry.
SBA does not loan money directly to businesses but works with local financial institutions to facilitate small business lending through the SBA loan guaranty programs. This link provides information on SBA loans and grants as well as additional financial resources for small businesses.
Tax Increment Financing
Tax increment financing (TIF) is a tool that captures the increased property taxes generated by a new construction or a substantial expansion project. A portion of these increased property taxes (the increment) can then be used to reimburse the business for project costs such as site improvements and utility connection. TIF is initiated at the city level, but is regulated by the State of Minnesota. Please contact the economic development specialists regarding this financing tool.
Tax abatement is a tool that allows the city to reimburse a business for a portion of its property taxes for a limited period of time and is therefore similar to tax increment financing (TIF). Tax abatement funds are generally more flexible than TIF funds, although the amount of financial assistance is often significantly less than can be provided by TIF. Please contact the economic development specialists regarding this financing tool.
USDA Rural Development has a number of loan and grant programs available to businesses for a wide range of purposes.
The Wright County Enterprise Fund provides gap financing to new and expanding industrial businesses that create quality jobs with good wages. Enterprise Fund dollars can be used in conjunction with other loan programs. For more information, contact the Partnership at (763) 477-3086
This is the main page for Wright-Hennepin and Wright-Hennepin provides several programs that provide financial incentives to businesses or help businesses manage their energy needs more efficiently.
Xcel Energy provides several programs that provide financial incentives to businesses or help businesses manage their energy needs more efficiently.
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