Strategic planning sessions shape the future for Fairmont Economic Development

As the third quarter of 2025 moves forward, Fairmont Economic Development Authority (FEDA) is making major progress on annual goals and initiatives established at the beginning of the year. After outlining a desire to strengthen small businesses, enhance storytelling, market Fairmont, and explore new opportunities to grow the community in January, FEDA has secured unique partnership opportunities to boost the city’s profile, build on financial program successes, and engage in long-term planning to solidify an economic development roadmap for the next several years. 

Telling Fairmont’s story

Plans for 2025 included a desire to recruit new businesses, including retail options, to the city. Strong business recruitment and site selection strategies need to effectively share what makes Fairmont special with outside businesses and potential residents.

In a project that both helps the city tell its story and simultaneously markets the community, FEDA partnered with Visit Fairmont and Fairmont Area Schools to create a video promoting Fairmont and highlighting why local citizens choose to live rural in Greater Minnesota. The project will zero in on the reasons these residents call Fairmont home. The project partners are working with three-time Emmy award winner Corey Hepola and his team to create the video, and it will be featured as part of the second season of the popular  My Town series. A release date is planned for the fall of 2025 following a filming period in midsummer. 

Strategic planning will set FEDA's vision through 2030

To enhance long-term planning and establish far-reaching goals for Fairmont, FEDA is currently engaged in a strategic planning process. Through a series of strategy sessions and strength and weakness assessments, FEDA board members will help develop key economic development priorities for the next three to five years. With these insights in hand, FEDA will be able to set a vision to take the city into a new decade of economic growth.

Local programs promote business development

A key strategic goal for FEDA in 2025 is promoting the use of existing loans and grants created to support local businesses. FEDA maintains a diverse mix of funding opportunities targeting the funding gaps many small enterprises can encounter. Meanwhile, special programs, such as facade loans and demolition, target niche business needs and contribute to community beautification.

2024 was a strong and active year for the existing revolving loan fund, and FEDA wants the momentum to continue through the remainder of 2025 and beyond. Through partnerships with local lending institutions, Fairmont Economic Development Authority supports a revolving loan fund covering the gap between financing options available for local enterprises and financing needs. Fund applicants must be a business in the city, demonstrate financial aptitude, and show how the business enhances the local economy. Acceptable fund uses include business acquisition, expansion, machinery and equipment, inventory, and real property acquisition. Investment amounts are up to $75,000 and can be amortized for up to 20 years. Further criteria and an application are available here.

Ready to partner with Fairmont Economic Development or explore the opportunities Fairmont provides for your business? Contact us today.