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We can assist you with a flexible array of financial resources
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GMED and its economic development partners offer a flexible
array of financial resources to assist expanding companies.
The Cities of Mankato and North Mankato have used TIF
for larger building projects. Tax proceeds from a new
facility are pledged to cover development costs such as
site preparation, landscaping, parking, utilities, and
pre-treatment expenses.
The Cities of Mankato and North Mankato possess revolving
loan primarily for industrial/service economic development.
Interest rates on these funds are generally below market
rate.
Both cities have been aggressive in utilizing these funds
from the state to assist companies with expansion. These
funds are issued by the State of Minnesota and are tied
to job creation and starting wages. Maximum funding amounts
to $500,000.
IDB's may be an attractive method of funding larger projects.
This type of financing can be structured in a tax-exempt
status, thus allowing for attractive interest rates, either
fixed or variable. Greater Mankato banks and both cities
are familiar with this type of financing.
These regional organizations are interested in promoting
economic and community development. The Initiative Foundation
loan programs allow for gap funding of up to $200,000
and Region Nine has a maximum funding level of $100,000.
Both organizations generally offer lower interest rates
than the participating bank. Loans are typically amortized
over 5 - 15 years depending on the use, with a 5-year
term and balloon if appropriate.
The Greater Mankato area possesses over 13 financial institutions
with over $1 billion in total assets. GMED has relationships
with these resources and can help you negotiate favorable
terms.
A majority of the area's financial institutions can provide
financial tools such as factoring, leasing, asset-based
lending, and structured financing. |
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