Local Incentives

CARES Act Revolving Loan Fund

FEDA has secured funds from the Federal Economic Development Administration to capitalize a small business revolving loan fund for businesses adversely impacted by Coronavirus.  These funds, provided to the March 2020 CARES Act will be administered by FEDA through the CARES Act Revolving Loan Fund Program.

Contact:  Linsey Preuss, Economic Development Coordinator, 507-238-3925, lpreuss@fairmont.org

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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... Learn More
To encourage new development and growth, Fairmont is invested in helping property owners rid themselves of blighted buildings. Assuming interested parties take responsibility for 50 percent of the costs, the city can offer up to $5,000 for residential structures and $10,000 for commercial structures. T... Learn More
Investment Amount Up to $1,000 per applicant until $10,000 is expended Eligibility Criteria Available to childcare providers located within the City Limits of Fairmont, Minnesota Businesses must provide full time childcare services Primary consideration will be given to projects which will create new childcare slots Use of Funds Home maintenance relating t... Learn More
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. Learn More
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. Learn More
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... Learn More
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... Learn More
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. Learn More