Fax: 507-764-3882
Upcoming EDA Meetings
2nd Wednesday of each month
at 5:00 p.m. at City Hall.
The Sherburn EDA strives to make Sherburn the right place for you to start a business.
We understand the capital costs there are when a new business starts, and that is why we offer programs to assist you with that.
City of Sherburn EDA Programs
Revolving Loan Fund Program
The Revolving Loan Fund was established by the Sherburn Economic Development Authority (EDA) to assist businesses with completing exterior and interior improvements to their buildings, including building additions. This public fund provides a source of financing at a low interest rate that can be used in conjunction with other private lender financing and/ or owner(s) contributions. The loan program can be used to pay 50-percent of the project cost up to $20,000.
EDA loans normally serve as “gap” financing. Business owners should have their bank or other financing lined up before approaching EDA and have evidence of approved financing with their application.
The Revolving Loan Fund Program is aimed at providing a financial incentive to business owners to improve the overall condition of existing property structures. The loan program is structured to recognize the financing needs for improvements. Each application will be reviewed, and decisions to fund individual loan requests will be based on the financial feasibility of the project and repayment capacity of the applicant.
Rehabilitation Improvement Program
The Sherburn Economic Development Authority Rehabilitation Improvement Program will provide assistance to Sherburn residents and business owners for the rehabilitation of their home or place of business. The Sherburn EDA has the direct administrative oversight of this program. The methods of program distribution and eligibility criteria are incorporated in this procedural guide.
Rehabilitation Improvement Program Funds (RIPF) will be used to improve properties that meet the following criteria. Work that does not comply with the eligibility requirements is subject to reduction or retraction of award.
- Property to be improved must be located within Sherburn City limits.
- The property must be a permanent structure.
- Must be feasible for rehabilitation (see definitions)
- Improvements of the structures must be approved by the Sherburn EDA. Buildings in the historical district will have an emphasis on preserving original building character.
Blighted Property Demolition Matching Grant
The Sherburn Economic Development Authority (EDA) may provide matching grant funds of up to $2,500 for demolition of blighted residential structures within the City of Sherburn.
Applicants must first apply for and be approved for the City of Sherburn Blighted Property Demolition Grant. Funding is subject to availability and approval at the discretion of the EDA.
Additional Resources
Margin County EDA
Martin County Economic Development Authority strives to facilitate, support, and encourage entrepreneurs, start-ups, and existing business owners with their ideas working from the bottom up to grow and sustain our vibrant community for the future.
Region Nine Development Commission
Region Nine Development Commission takes great pride in working with and on behalf of counties, cities, townships and schools throughout south central Minnesota. Since 1972, being a partner for progress has led to the development of programs and identification of solutions in areas of aging, economic development and business development, healthy communities, transportation, community development, and leveraging regional resources.
Rural Minnesota Energy Board
PACE (Property Assessed Clean Energy ) is a financing tool used to assist commercial and industrial businesses (including agri-business) with 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.
Southern MN Initiative Foundation
The foundation provides financial assists in the form of grants and loans, management and technical assistance, convening, and programming.