Other Financial Programs

Other EDA Financial Programs

In addition to City administered financial tools, many other public and private organizations offer financial tools for gap financing.

Look below for a summary of each program:

The Southern Minnesota Initiative Foundation (SMIF) is established by the McKnight Foundation.

The SMIF works to build a prosperous region and foster economic growth in the 20 Minnesota counties it serves.

To accomplish this, the SMIF has a variety of loan options to help businesses, local governments, and nonprofit organizations including loans to support new bio businesses, micro-enterprises, entrepeneurs in high-tech products and services. Preference is given to bio-businesses and minority entrepreneurs. Start here

Community and Economic Development Associates (CEDA) is a private nonprofit agency that has been providing professional business, community and economic development consulting services to counties and communities across Southeast Minnesota for over 20 years. CEDA currently provides support to over 20 communities and counties throughout the region.

CEDA offers Microenterprise Fund (MEF) loans are designed for start-up, newly established, or growing businesses. Loans will be made available to qualifying entrepreneurs based on established loan fund procedures. Small business loans are to be used for seed capital, working capital, purchases of inventory and equipment, real estate, building renovation and expansion capital. Start here

The Minnesota Department of Employment and Economic Development (DEED) is the State of Minnesota’s principal economic development agency.

Its mission includes supporting the economic success of individuals, businesses, and communities by improving opportunities for growth. DEED offers many programs for job training, job creation, redevelopment and demolition funds, loans, data analysis and more. Many programs are available for niche business areas including tech, bio enterprise, export, small business, and businesses led by women, Indian and veteran owners. Start here

504 Corporation is a non-profit organization certified by the U.S. Small Business Administration (SBA) to provide financial assistance to small businesses. As an SBA Certified Development Company, 504 Corporation works with SBA and lenders to deliver the 504 loan program to small businesses. The staff assists business with identifying other sources of funding for their financing needs that do not fit into the 504 loan program and what organization can assist. These financing sources include local, state, and federal programs. Start here

SBA offers a variety of loan programs for very specific purposes including general small business loans, disaster loans, real estate and equipment loans and microloans, among other programs.

You can info@lakecityeda.com or call 651-345-6808

The U.S. Department of Agriculture (USDA) offers a wide variety of loan and grants programs for businesses. These include grants for business feasibility studies and planning, as well as loan programs focused on agriculture and related businesses such as conversion of agricultural products. USDA also offers programs related to rural business development (Lake City is designated a rural area), water, wastewater and energy efficiency.

Lake City works closely with the local USDA representative on loan programs to find resources to fit your needs.

You can info@lakecityeda.com or call 651-345-6808