Resources and services to drive growth in St. Cloud

The Anderson Center provides engaging management and leadership development forums for executives to facilitate economic progress in Greater Minnesota. Forums are facilitated by skilled discussion leaders, who challenge participants to teach and learn from each other, through real-world case studies. Each forum provides a peer network, case studies, application exercises, and reference materials. Many forums offer an opportunity for professional and continuing education credits.

The MTO provides professional export counseling and assistance from international trade representatives. Experts guide small and midsized companies through the challenges and opportunities of conducting global business, including technical, regulatory and logistical information, market intelligence and research, and conducting business across borders and cultures. The MTO also offers educational seminars, workshops, and export events. The STEP program provides financial and technical assistance to qualifying MN small businesses. Eligible small businesses may apply for reimbursement up to $500 for export training, which will result in developing an export strategy, or up to $7,500 for approved export development activities.

The Central Region SBDC at St. Cloud State University provides one-on-one professional and confidential business consulting at no cost. Pre-venture, start-up, and established businesses can all obtain professional expertise and guidance to identify and secure financing and training programs for owning and operating a business.

SCORE provides free and confidential business counseling to assist people in starting a new business, as well as existing small and mid-sized business owners. SCORE volunteers are real-world professionals with expertise to help small businesses succeed. Counselors are experts in accounting, finance, operations, marketing management, and business plan preparation.

The Women's Business Alliance is an initiative of the Entrepreneur Fund that provides expert support for the unique challenges facing women entrepreneurs. They offer training, workshops, 1:1 counseling, business planning, and financing to female-led businesses for scalability and growth.

The fund provides up to $1 million in grants to approved industrial, manufacturing, and technology-related businesses, after specified job creation and capital investment goals are achieved.  Minimum requirements include ten jobs created and a $500,000 capital investment.  Actual job creation and capital investment rebates are based on project parameters.

The Minnesota Investment Fund offers a maximum of $500,000 per grant. The fund focuses on industrial, manufacturing, and technology-related industries that increase the local and state tax base, and improve economic vitality statewide.  Grants are awarded to local units of government, which use the money to provide below-market rate loans to help companies expand. Funding may be used to purchase land, machinery, and equipment.

Grant and loan funds are available to assist in redeveloping sites for business expansion or relocation. Public funds can pay up to 50% of eligible redevelopment costs or 75% of contamination clean-up costs.

The City of St. Cloud Economic Development Revolving Loan Fund, is a local pool of money to support private economic development and redevelopment projects for the benefit of the City of St. Cloud.

The program provides manufacturers with below-market rate financing for the purchase of real estate and fixed assets.

The Brownfields Guide provides a comprehensive document to assist with the financing of brownfields in Minnesota.  The guide helps explain the importance of redeveloping brownfield sites and contains essential information on the various types of funding available to assist with the cost of cleaning up and redeveloping contaminated sites.

With access to several government lending programs, including Small Business Administration (SBA) and New Markets Tax Credits (NMTC), as well as specialized financing tools, CRF can fund commercial real estate purchases, business equipment purchases, leasehold improvements, working capital, and other business projects.

Whether through Gap Loans, Direct Loans, or Microloans, the Initiative Foundation provides financing and technical assistance for a wide range of companies and nonprofits of many sizes.

SBA 504 Loans provide start-up and existing businesses with long-term, low down payment, fixed-rate financing of major fixed assets, such as land and buildings. SBA 504 Loans are designed to spur new job creation.

The African Development Center of MN provides business training, commercial financing (traditional and alternative terms), and technical assistance to assist African immigrants and refugees in Minnesota to own a business.

Metropolitan Economic Development Association (MEDA), assists businesses owned and managed by entrepreneurs of color, with financing and access to market opportunities. In addition, MEDA hosts the MN Procurement Technical Assistance Center (MN PTAC), which helps all Minnesota businesses pursue government procurement opportunities. MN PTAC offers specialized support for women- and veteran-owned businesses.

The Milestone Growth Fund provides financing to businesses owned by entrepreneurs from African-American, Asian-American, Latino, and Native American communities. Various debt-with-equity investment instruments are offered in the range of $200,000 to $500,000. To begin the funding process, companies must be prepared to submit a formal request and business plan.

Minnesota Emerging Entrepreneur Loan supports the growth of businesses owned and operated by minorities, low-income persons, women, veterans, and/or persons with disabilities.

WomenVenture provides technical tools to help women start and grow their businesses, find a new job, or change careers.

Businesses headquartered in Minnesota with fewer than 25 employees, and engaged in the research or development of qualifying high-technology, can qualify for up to $1 million in angel tax credits.

Beginning July 1, 2015, businesses that buy or lease qualifying capital equipment (machinery and equipment used in manufacturing) for use in Minnesota, are eligible for an up-front exemption from Minnesota state and local sales or use. Businesses must continue to pay sales tax and then request a refund from the Minnesota Department of Revenue.

Companies that build data or network operation centers of at least 25,000 square feet, and invest $30 million, qualify for sales tax exemptions for 20 years on computers and servers, cooling and energy equipment, energy use, and software may qualify for tax breaks.

The program provides sales tax exemptions of up to 12 years to eligible existing businesses in Greater Minnesota (outside the Twin Cities 7-county metro area), that meet specified job creation and wage level eligibility requirements.

The Minnesota Historic Structure Rehabilitation Tax Credit Program offers a 20% state tax credit for qualified historic rehabilitation. It also offers project investors an option of a grant, in lieu of a credit. Only income-producing properties are eligible for this incentive. The State of Minnesota funds this tax credit/grant for eligible applicants who meet the program requirements. The building must be listed in the National Register of Historic Places, or be certified as contributing to the significance of a “registered historic district.”

Businesses with research & development (R&D) expenses in Minnesota may qualify for the credit for increasing research activities. The R&D credit equals 10 percent of qualifying expenses, up to $2 million, and 2.5 percent for expenses above that level. C-corporations, partnerships, and S-corporations are eligible to claim the credit through the Minnesota Department of Revenue.

A financing tool available for commercial real estate development projects in designated economically distressed areas of the City. Contact St. Cloud EDA for details.

TIF and tax abatement are tools the City may use to help finance project costs. These tools encourage private development and pay for public improvement costs such as streets, sidewalks, sewer and water, and similar public infrastructure improvements. State statutes define the eligibility parameters and generally are targeted to new developments that increase the tax base, provide employment opportunities, or redevelop blighted areas. 

Tax increment or tax abatement are the proceeds derived from the difference between the base property tax value of parcels, and the increased property value of parcels due to new development. The total amount of tax increment or tax abatement, is calculated for the projected term of the district. A developer can then obtain a loan based on the projected tax increment revenues, to use the funds upfront for public improvements.  

The City of St. Cloud Business Financial Assistance Policy is the basis for reviewing all TIF and tax abatement projects.

The State of Minnesota Data Center offers information about the economy, job market, and workforce to help your business remain competitive.

This MN DEED program partners strategically with businesses and schools to train or retrain workers, expand opportunities, and keep high-quality jobs in the state. Grants of up to $400,000 are awarded to educational institutions that partner with businesses to develop new job training for retaining existing employees.