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Micro Loan Program
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. The money can also be used to help meet city codes and upgrade business equipment, such as computers and machinery. Featuring a dollar-for-dollar match and just a 3 percent interest rate, the program is available within city limits and does not require the borrower to guarantee job creation.
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).
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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 to...
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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 be...
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The Façade Loan Program is available to non-governmental owners of a commercial building located within the City of Fairmont, Minnesota.
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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 and...
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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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