FEDA loan program expands

11 Jan 2022


FAIRMONT– On Monday the Fairmont Economic Development Authority considered modification of CARES Act guidelines.

In March of 2020, at the start of the pandemic, the Coronavirus Aid, Relief and Economic Security Act was signed into law. As a result, FEDA received $610,000 in revolving loan funds to help local small businesses, non-profits and individuals. The deadline to spend the money is July 2022.

“We still have over $200,000 left to spend,” said Linsey Preuss, Fairmont Economic Development Coordinator.

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The Fairmont Economic Development Authority (FEDA) coordinates and administers economic development initiatives for the City of Fairmont, MN. It serves as a comprehensive and premier resource for businesses seeking to startup, grow and locate in the area. FEDA’s priorities include business retention and expansion, financing, workforce development, recruitment, site development, housing and business startup. FEDA prides itself as a growing resource for Fairmont, MN news.