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 When it comes to starting or growing your business, Greater Mankato has a multitude of funding sources, including debt and equity loans, grants, and tax incentives and resources.
Fraud and Identity Theft Prevention
Use this helpful guide from US Bank, to implement best practices and solutions to protect your business from fraud.
Financial Check-up at no Charge
Financial Check-up
Would your business benefit from a financial check-up at no charge to you? The Small Business Development Center in Mankato is positioned to analyze your financials using sophisticated software designed to give you the information needed to assess your business' financial health.
Debt Financing - Conventional (i.e. Banks)
Financial Institutions in Greater Mankato
Greater Mankato financial institutions can provide the fundamental financial services needed for your business as well as conventional financing tools.
Debt Financing - Public & Foundation
504 Corporation
504 Corporation is authorized by the U.S. Small Business Administration to make SBA 504 loans up to 40% of a project cost for land, buildings and machinery as 'subordinate' debt to a bank's first lien (50% of project cost); leaving only 10% required by the borrower. Single use facilities, equipment and start-up businesses may require an additional 5-10% cash injection by the borrower. Contact 504 Corporation, Mankato at 507.625.6056 or the corporate office in Rochester, MN at 507.288.6442.
Minnesota Investment Fund
Provides grants to help add new workers and retain high quality jobs on a statewide basis. The focus is on industrial, manufacturing, and technology-related industries Grants are awarded to local units of government who provide loans to assist expanding businesses.
Industrial Revenue Bonds
Utilizes proceeds from city-issued revenue bonds to acquire and construct sites and facilities. Lease payments made by the business enterprise to city government are used to service the bonds.
City of Mankato Municipal Revolving Loan Funds
Provides low interest, revolving loan funds primarily for industrial/service economic development (financial incentives form).
City Center Mankato Revolving Loan Funds
Provides low interest, revolving loan funds for reinvestment in Mankato's City Center.
Region Nine Development Commission Loan Programs
Promotes the development of the region through intergovernmental cooperation, community development, and long-range planning and technical assistance.
Southern Minnesota Initiative Foundation (SMIF)
Invests in emerging businesses and the emerging workforce, helping businesses, local governments and nonprofit organizations find common ground, pool resources and achieve more.
US Department of Agriculture (USDA) Loan Programs
Loans available to support clean and renewable energy.
Equity Financing
Minnesota Angel Network
Minnesota Angel Network (MNAN) was formed to promote a more active angel investment community in our state. MNAN educates entrepreneurs about preparations required to obtain investment capital and facilitates connections between angel investors looking to make investments and businesses that are seeking angel investment. MNAN assists companies in all major sectors of business, including but not limited to medtech, high tech, and cleantech. Involvement with MNAN is free to investors.
Angel Tax Credit
On April 1, 2010, the 25% Angel Tax Credit was signed into law. This credit was implemented to encourage investors to invest in early stage, high or new proprietary technology businesses. Minnesota Department of Employment and Economic Development (DEED) is administering the certification to businesses, investors and funds. Complete information including applications are available on the DEED website.
Twin Cities Business Article - 2011 Angel Tax Credit Funds Likely to be Gone by Year’s End 7/27/2011
Business checklist
Qualified investor checklist
Fund checklist
Factsheet
Two Rivers Angel Investment Network (TRAIN)
Provides financing as part of the RAINSource Capital network. TRAIN is an LLC formed in Greater Mankato. The fund is capitalized at $800,000 with 16 accredited individual and institutional investors. (Contact: 651.632.2143 or bjohnson@rainsourcecapital.com).
Grants
Office of Energy Security
The Office of Energy Security has grants available to assist owners of commercial, industrial and nonprofit facilities to make cost effective energy efficiency and renewable energy improvements in their facilities.
Tax Incentives
JOBZ MINNESOTA (Job Opportunity Building Zones)
Provides local and state tax exemptions to new and expanding businesses and targeted primarily toward industrial, value-added or high-paying service businesses.
Tax Increment Financing (TIF)
Finances the costs of a new real estate development by utilizing funds gained through increased property taxes generated from the development.
Small Business Health Care Tax Credit
Health care insurance is a significant expenditure for small businesses. To offset the cost of health care insurance, the IRS is offering a credit. See if your business qualifies - deadline October 17!
Tax Resources
e-Services by Minnesota Department of Revenue
Online tool designed to allow businesses to view taxpayer records, file returns, make payments, and update registration information. Businesses are able to access information 24-7 and benefit from real time help.
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