The EDA is authorized under Minnesota Statutes 469.090 through 469.108 to exercise certain powers to provide for industrial and economic development and redevelopment within the City. The Sherburn EDA also has authority to undertake housing projects that are in the best interests of the health, safety, and welfare of the citizens of the community.
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. We have an Advertising Subsidy available for new businesses or new business owners to assist with new signage or advertising up to $300.
The EDA also has a Revolving Loan Fund Program is aimed at providing a financial incentive to property (Residential, Business, and Industry) owners with completing exterior and interior improvements to their buildings, including additions. The loan program is structured to recognize the financing needs for improvements. 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 80-percent of the project cost between $5,000 to $10,000. 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.
We also offer a Loan Interest Buy-down Program. To learn more about the criteria and how to apply, contact (507) 764-4491.
In addition, there are other financing resources to assist businesses in their location or expansion within the City of Sherburn.
Martin County Economic Development Authority
Newly formed in 2007 to assist businesses locate or expand within Martin County.
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.
EDA Commission Board
Term Expires December 31, 2019
Term Expires December 31, 2022
Term Expires December 31, 2021
Term Expires December 31, 2019
Term Expires December 31, 2018
Brad Hughes, City Administrator/EDA Director
21 E. First St.
Phone – 507.764.4491
Fax – 507.764.3882