Fairmont Economic Development Authority Celebrates a Strong Year and Looks Toward a Bright 2025

Fairmont, Minnesota, is a wonderful place to live, and the Fairmont Economic Development Authority (FEDA) tirelessly works throughout the year to highlight the wonderful community groups, employers, and resources found here. FEDA strives to attract new businesses and residents to Fairmont while developing programs to invest in the current community.

“We aren’t just supporting Fairmont residents in our work,” says Ned Koppen, Economic Development Coordinator of FEDA. “We are building a brighter future for our family members, neighbors, friends, and colleagues. We want to see everyone succeed.”

The end of the year is an excellent time for reflection. Before FEDA dives into 2025, read a few success stories and highlights that showcase how it achieved its goal. Fairmont is a stronger, healthier community because of FEDA’s presence. 

The Revolving Loan Fund Awarded $444,000 to Local Businesses 

FEDA offers several resources to local businesses throughout the year. Along with marketing efforts and sharing Fairmont’s competitive advantages, FEDA has a Revolving Loan Fund to support entrepreneurs and business owners looking to grow. In 2024, FEDA issued seven loans totaling $444,000 through this fund.

These funds can be used for a variety of purposes. A few reasons applicants applied for loans include:

• Financing new ownership of existing businesses.
• Purchasing property for business expansion or development. 
• Purchasing new equipment for businesses. 
• Helping local businesses bring their buildings up to code.

The revolving loan funds keep dollars in the local community while providing fair, low-interest gap financing. When business owners pay the loan back, the money is reissued through the next round of loans. This allows us to continue building up Fairmont and surrounding areas. 

The Façade Program Issued $22,572 in Forgivable Loans

FEDA also has a Façade Program as part of its local incentives that provides funding to improve the outward appearance of buildings. This makes the businesses more desirable to customers, driving up business. Helping our businesses thrive and revitalize supports the business, shopping local and growth in Fairmont.

In 2024, FEDA approved and funded five forgivable loans from the Façade Program totaling $22,572.00. Another five forgivable loans have been approved and are waiting for the façade work to be completed so they can be funded.

“FEDA knows that our local businesses can face many challenges,” says Koppen. “We have developed a variety of programs to invest in our business owners so their companies thrive.”

Each year the FEDA board approves funds for the façade program which are then awarded as a five-year loan. Each year a portion of the loan is forgiven until it is totally forgiven after five years.

FEDA also administers the City of Fairmont’s Demolition Program, which awards funds to property owners who need help to demolish residential or commercial blighted properties.

FEDA Continued to Market Fairmont on a National Scale

Promoting Fairmont is the core of FEDA’s mission. Our goal is to bring new businesses, development, and residents to Fairmont. FEDA continues to invest in several marketing efforts to promote growth and spur interest in the region. A few of these efforts include:

• Working with The Retail Coach to market Fairmont and bring in retailers.
• Partnering with Camoin and Associates to track our website visitor traffic and identify who is visiting our pages.
• Growing with the Community Venture Network, which schedules meetings to bring together businesses interested in expanding into outstate MN, with communities like Fairmont.
• Contracting with Golden Shovel Agency to improve and upgrade our website content while investing in SEO and social media efforts. 

Through these efforts, the Fairmont Economic Development Authority has a new Facebook page and has reached thousands of decision-makers, site selectors, and influencers across the United States and beyond. 

FEDA Accomplishes Its Goals Through Local Partnerships

Along with the highlights mentioned above, FEDA continues to allocate time and resources to evergreen projects and investments. It has countless community partners who make these efforts possible. Economic development is truly a team effort. Here are a few key focuses that you can find us working on.

• Investing in housing initiatives and childcare support for residents. 
• Working closely with the Martin County Economic Development Authority 
• Boosting tourism through Visit Fairmont. 
• Supporting important technical education programs with Fairmont Area Schools.
• Supporting the Minnesota Valley Action Council internship program. 

We also couldn’t effectively do our jobs without the experts at the Fairmont Area Chamber of Commerce, Imagine Martin, Greenseam, CareerForce, the Martin County Commissioners, the Small Business Development Center, Region 9, and both state and national political representatives.  

Thrive with FEDA in 2025 and Beyond

FEDA had a strong 2024 with business investment, national promotions, and community partnerships. While the organization toasts to the end of the year, it is looking ahead to 2025. Let’s make the next year even brighter, stronger, and better for the City of Fairmont.

Keep up with FEDA on Facebook and follow us online for news updates and opportunities.