Laserfiche WebLink
How does the program work? <br /> • Businesses should contact the certified development company authorized by <br /> SBA to originate and service SBA 504 loans in their geographic area. SPEDCO <br /> is a non-profit certified development company located in New Brighton whose <br /> mission is to help small businesses obtain financing for job creation, to fund <br /> business expansion and to promote economic development in Minnesota. <br /> SPEDCO can handle SBA Loan financing for businesses wishing to expand or <br /> locate in Mounds View. They provide long-term, fixed rate loans through the <br /> SBA 504 Loan program and also provide 7(a) loan packaging consulting services <br /> to banks and their customers. For more information call 651-631-4900. <br /> 2) State of Minnesota Business Financing Programs <br /> The Department of Employment and Economic Development encourages the <br /> creation of high quality jobs through business growth, expansion and retention. <br /> Business Development Services help companies expand or relocate in <br /> Minnesota, find and train employees, promote international trade, and finance <br /> business expansions. The most likely funding program applicable to Mounds <br /> View businesses would be the Minnesota Investment Fund (MIF). It's designed <br /> for businesses acquiring "fixed assets" (such as equipment, buildings, and land) <br /> and adding new employees as a result. This program provides companies <br /> below-market financing. Virtually all types of businesses are eligible, except <br /> retail. The maximum award is $500,000. The applicant is the city. Terms are <br /> • negotiated. <br /> 3) Ramsey County Business Loan Program <br /> The Ramsey County Business Loan Program provides gap financing that can be <br /> used in conjunction with other private and public funds. <br /> Who can apply? <br /> In general, loans are restricted to commercial, industrial, or service oriented <br /> businesses located in or moving to Ramsey County. In addition, businesses <br /> must be registered to do business in the State of Minnesota and demonstrate a <br /> need for public financing. <br /> How does the program work? <br /> Loans are typically made for the purchase of capital equipment, land and building <br /> acquisition, and building rehabilitation or new construction. Application fees are <br /> low, and rates and terms are more flexible than the market. Loans of up to <br /> $250,000 are provided. To request an application, or to obtain more information, <br /> you can contact Denise Beigbeder at the Ramsey County Community and <br /> Economic Development office at 651-266-8005. <br /> 4) Bonds used for Development <br /> By state law cities can issue bonds. These debt instruments can be taxable or <br /> tax-exempt. Not all bonds are general obligation. Pure revenue bonds are also <br /> • common, especially for development. Bonds can be used to pay project costs <br /> April 2007 Draft <br /> Mounds View Business Toolbox <br /> Internal Document <br /> Page 6 of 9 <br />