FINANCIAL & TECHNICAL RESOURCES

Make a well-informed business decision…

The Economic Development Partnership of Wright County offers numerous resources that provide business owners answers and insights about Wright County. Our list of assistance and resources includes:

  • Directory of local, regional, state and federal financial assistance programs
  • Inventory of available land and buildings for development in Wright County
  • Workforce development programs
  • Labor market information
  • Free technical assistance for businesses including marketing plan creation, cash-flow analysis and more through the Small Business Development Center
  • Business-oriented workshops and seminars
  • Regional and state economic development directories, statistics, research and maps
  • Local business directories

Financial & Technical Resources

Technical Assistance

Minnesota Technology
http://www.minnesotatechnology.org
Minnesota Technology works with manufacturing businesses to develop and implement technology that will increase their competitiveness.

Small Business Development Center (SBDC)
Sponsored by the Small Business Administration, the SBDC provides confidential and free assistance to any type of business. From the entrepreneur just starting out to the established business owner, the SBDC can assist with finance packaging, market research, financial management, business plans and more. SBDC and the Partnership have established a satellite office in Wright County to better serve our businesses. Contact the Partnership to schedule your free business counseling meeting.

Financial Assistance

Wright County Enterprise Revolving Loan Fund
The Wright County Enterprise Fund provides gap financing to new and expanding industrial businesses that create quality jobs with good wages. Enterprise Fund dollars can be used in conjunction with other loan programs listed below. For more information, contact the Partnership at (763) 477-3086. Application Checklist. Application Form (PDF format).
Loan Fund Policies & Procedures (PDF format).

Dairy Modernization Loan
Wright County will modify its criteria for the use of the loan funds for the Dairy Industry in the following manner:

  • Modified the wage requirement: Because of the variety of help that a Dairy has, it would be difficult to monitor and calculate a mean wage. The purpose of this loan is to help maintain the existing dairy farms, and this industry traditionally requires a lot of hours to get the work done. The wage requirement would be set at a minimum of $10 per hour for full-time employees, but would exclude any farm family members.
  • Any applicant must be a farmer actively engaged in the dairy operation in Wright County.
  • Omit the minimum interest rate and have a range of prime -1 to prime + 3. For a farmer with good financials and a subordinate lien on real estate that appears to have adequate value to cover the size of the loan, the lesser rate would apply.
  • Application fees and closing costs: Real Estate would be checked for “Owners and Encumbrances (O&E) in order to determine if the lien position has adequate protection for the loan size. The cost of the legal opinion and the filing fee would be the only costs that would be charged to the applicant.
  • Special Conditions: Applicants for the use of these funds must be in compliant with MPCA Chapter 7020 Feedlot Rules.

Wright County’s Commercial Lenders
A list of Wright County's commercial lenders.

Central MN Development Company

A SBA 504 Certified Development Company providing long term, below market and
fixed rate financing to businesses in the Central MN region.

Initiative Foundation
In addition to other services, the Initiative Foundation provides gap financing to industrial and commercial businesses throughout Wright County. Several funds are available for both startup and expansion projects, including the Business Loan Program, Loan Guarantee Program and the Central Minnesota Seed Fund. For more information on these programs and how they work, contact the Partnership at (763) 477-3086 or the Initiative Foundation at (320) 632-9255. http://www.ifound.org

Minnesota Community Capital Fund (MCCF)
This flexible loan fund is designed to leverage millions of dollars of underutilized capital of Revolving Loan Funds (RLFs). Through the pooling of RLF resources, the MCCF will provide participants with greater lending flexibility, the capability of offering much larger loans than would be possible with only existing local resources, and professional fund management services. The funds lending focus in on business and community economic development financing activities that lead to the creation of livable wage jobs and Industrial expansion.
For more information please call Scott Martin (952) 541-9674.

Minnesota Business Finance Corporation
MBFC offers fixed rate, low interest SBA 504 loans, as well as complete packaging, for new and expanding business. For more information, call Nadene Kruize at 1-800-593-0123. http://www.mbfc.org

Minnesota Department of Employment and Economic Development (DEED)
DEED provides a variety of financial resources to new and expanding businesses, as well as Minnesota communities. The State's most popular program for business assistance is the Minnesota Investment Fund. For more information, contact the Partnership at (763) 477-3086 or DEED at (651) 296-3898. http://www.deed.state.mn.us

USDA Rural Development
The USDA offers several programs for both communities and businesses, including the Intermediary Relending Program and the Business and Industry Guarantee Program. http://www.rurdev.usda.gov

Alternative Funding Sources
Private capital can be raised for nearly any type of business and can greatly increase a company's cash flow, improve purchasing power, or assist with expansion. Contact the Partnership at (763) 477-3086 for information on alternative funding sources.

 

Utility Resources
Many of the utility companies that service Wright County provide various resources to businesses located or locating within their service area. Resources may include rebates, rate reductions, site selection, or financing. The Partnership can help determine what options are available in your area. Call (763) 477-3086.

Technical Assistance/Workforce Development

 

 

back to Resources
Copyright © 2004-2007, Wright County Economic Development Partnership | 763.477.3086 | info@wrightpartnership.org