Local Incentives
CARES Act Revolving Loan Fund
The Fairmont Economic Development Authority’s Revolving Loan Fund is available within Martin County. The goal of this program is to assist businesses who have experienced sudden and severe economic dislocation caused by the coronavirus (COVID-19) pandemic.
Contact: Linsey Preuss, Economic Development Coordinator, 507-238-3925, lpreuss@fairmont.org
Category: Local
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Reduced interest rate loans are available on a matching basis for business expansion projects. The loans are normally subordinated and the criteria adaptable (normally up to 33 percent of the project cost, to a maximum of $75,000). The interest rate and term are negotiable withi...
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The purpose of the City of Fairmont’s Demolition Grant program is to provide financial assistance to Owners/Developers/Contractors to demolish substandard and/or irreparable residential and commercial structures. The demolition of substandard structures must be completed within one year following approval. The City reserves the right t...
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Applications will be reviewed on a first come-first serve basis until that year’s allocations are gone. Applications will be reviewed for eligibility and overall merit by FEDA staff. Your application may be approved as is, approved with changes, or denied. Generally, an application will b...
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The Fairmont area has a large number of successful individuals and companies that consider equity investment opportunities. The diversity and variation in the types of firms within the community makes it possible to evaluate any size of equity investment opportunity that may be proposed.
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The Fairmont Economic Development Authority has acquired an industrial building for use as an industrial incubator. Over 12,000 square feet of space is available with loading docks, exterior truck access, concrete parking area and other related amenities.
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Fairmont’s full-service industrial park features 62-acres of available land; 17 acres of which is certified under Minnesota’s Shovel-Ready Certification Program. There are currently a number of options available for land acquisition. The city also has two commercial subdivisions that are shovel-ready with state highway an...
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Established small businesses in Fairmont, as well as startups and recent transplants, are eligible for the EDA Microloan Program. Owners who want to improve their infrastructure can access up to $10,000 and use the funds for signage, storefront upgrades, general maintenance and minor building renovation...
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Tax increment financing programs are available for those businesses where physical expansion will result in a significant increase in normal property taxes. In the past, Fairmont had 21 active projects, ranging from large 80,000 square foot industrial expansions to downtown redevelopment to warehouse and distribution.
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