5 Economic Development Activities You Might Not Know About

When the average person thinks about economic development, they tend to focus on business attraction. While economic development teams do want to bring new businesses to the region, their day-to-day tasks are much more local. The Fairmont Economic Development Authority (FEDA) is actively involved in community groups and creates programs to support entrepreneurs, small business owners, and residents alike.

“Every business is important in Fairmont, which is why economic development teams support companies of all sizes,” says Ned Koppen, Economic Development Coordinator at FEDA. “Major employers support the economy, but smaller companies also create jobs and provide goods and services to the community. When you have a plumbing emergency, you want a local business owner who can fix the problem fast.”  

If you aren’t familiar with FEDA, learn more about its projects and activities. See how you can get involved and how Fairmont is growing because of its economic development efforts. 

1. FEDA Provides Forgivable Childcare Loans

FEDA provides incentives to local businesses to support repairs and improvements. Among them is a revolving loan fund for companies that provide full-time childcare services. The childcare loan program provides $1,000 loans to qualified applicants. The loan can cover half of the cost of a project with a cap of $1,000 per applicant. The interest rate is 0%, and 25% of the loan is forgiven quarterly. As long as the childcare provider stays in business, the loan can be forgiven.

The goal of this loan program is to make it easier for childcare providers to invest in their businesses and create more slots for Fairmont families. When residents have access to childcare, they can enter the workforce and enjoy peace of mind knowing their kids are safe. 

2. FEDA Helps Businesses Find The Best Possible Storefronts 

FEDA maintains active real estate listings to help business owners find places to operate. When an entrepreneur is ready to transition from a pop-up shop at the farmer’s market to a full-time operation, FEDA can help them look at potential properties. If a business wants to open a second location or move to a different part of town, FEDA is there to help.

Beyond site selection, economic development teams help local businesses in other ways. FEDA shares business resources to help companies learn, network, and grow. The state of Minnesota offers many free and affordable resources to help you improve business operations. You don’t have to do it alone. 

3. FEDA Tracks Housing Trends and Works to Provide Solutions 

The housing shortage affects Americans nationwide, and Fairmont isn’t exempt. However, FEDA is taking steps to increase housing inventory and better understand what Fairmont residents need.

For example, the Rehabilitation Loan Program, funded from the Local Housing Trust Fund, makes it easier for property owners to restore and repair homes. Instead of relying on new construction, the community can repair distressed properties and turn them into community assets.  

FEDA is currently working on a new housing study for Fairmont and Martin County to better understand the market. This should be published in the coming year. 

4. FEDA Partners With Dozens of Community Organizations

It’s impossible to understand the community's needs without actively participating in it. This is why the team at FEDA works closely with Visit Fairmont, the Fairmont Area Chamber of Commerce, Fairmont Area Schools, the Martin County EDA, and several other government teams, non-profits, and volunteer groups.

“FEDA is also strong because of its board of directors, which is composed of five Fairmont citizens and two city council members,” says Koppen. “Our board donates their time to FEDA because they care about the community and see the value in economic development.”

FEDA invites community members to get involved and sit on the board if they want to bring their expertise to the table. Contact the City Clerk if you are interested. 

5. FEDA Continues to Put Money Into the Community

Economic development is one of the best ways to see your Fairmont tax dollars at work. FEDA’s various programs directly put funds into the community to make projects and ideas viable. For example, FEDA has approved 22 building façade loans in the past three years. Similar to the childcare program, these are forgivable loans that allow businesses to make their storefronts and exteriors more appealing, creating growth by attracting new customers.

“A lot of people think FEDA works with big businesses and wants to bring new companies to town,” says Koppen. “We’re open to talking with expanding businesses, but most of our work focuses on local companies and supporting existing small businesses.” 

See FEDA in Action Across Fairmont

Once you know everything FEDA does, it’s easy to see economic development activities across Fairmont. From supporting new families as they search for housing and childcare to helping local businesses grow, FEDA immerses itself in the community and strives to better meet its needs.

Keep up with Fairmont and see what FEDA accomplishes this year. There are a few exciting projects coming down the pipeline that we can’t wait to share.