The City of Glencoe understands that your success is vital for the community’s future. Various incentives and other development resources are available for new and expanding businesses. Those interested in discussing specific business assistance opportunities should contact Dan Ehrke at (320) 864-6951.
Local Financing Options:
Glencoe is able to assist businesses with their relocation or on-site expansion needs through a combination of local, regional and statewide resources. This process starts with private financing. The City of Glencoe is fortunate to have three community-based financial institutions that are available to work with local businesses to address their commercial lending needs.
First Minnesota Bank – www.firstmnbank.com • (320) 864-3161
MidCountry Bank – www.midcountrybank.com • (320) 864-5541
Security Bank & Trust Company – www.security-banks.com • (320) 864-3171
Minnesota Community Capitol Fund is a statewide revolving loan fund that makes use of under utilized local Revolving Loan Fund (RLF) capital. By pooling local RLF dollars, the Fund proves participants with greater lending fl exibility, the capability of offering much larger loans than would otherwise be possible, and professional fund management services. The City of Glencoe has contributed $25,000 to the MCCF and, consequently, is able to leverage up to ten times that amount for local economic development projects.
Minnesota Department of Employment & Economic Development is the state’s principal economic development agency, with programs promoting business recruitment, expansion, and retention; workforce development; international trade; and community development. For information on specific financing and business assistance programs can be found by visiting the organization’s website.
Southwest Initiative Foundation their mission is to be a catalyst, facilitating opportunities for economic and social growth by developing and challenging leaders to build on the region’s assets. For more than 20 years, the Southwest Initiative Foundation has supported regional business growth by providing gap financing for new and expanding businesses. Further information on the foundation’s loan and other business assistance programs can be found be found by visiting the organization’s website.
Mid-Minnesota Development Commission serves the Counties of Kandiyohi, McLeod, Meeker and Renville. Part of the organization’s mission is to foster economic development opportunities for the communities that they serve. This involves administrating a revolving loan program for individual loans up to $100,000 that can be used for real estate, equipment and working capital. Further information on the commission’s loan and other business assistance program can be found by visiting the organization’s website.
Ridgewater College – Center for Customized Education focuses on building long term relationships with businesses and individuals. A trained specialist will help in assessing needs and designing a program to meet your objectives with a budget and time frame. Further information on programs available through Ridgewater College can be found by visiting the organization’s website.