New and expanding business projects require resources, private and public. The City of New Ulm and the New Ulm Economic Development Authority have a variety of financial resources available to assist industrial, commercial and retail businesses.
From the startup of a new business to an expanding established business, we provide a mix of resources, programs and opportunities to support your company’s growth. Based upon your business needs and industry, there may be other opportunities available. Contact us to discuss options!
Commercial Property Loan Program
This is a low interest loan program available to commercial property owners or tenants in New Ulm. The maximum loan is $75,000 in matching funds at a 2 percent (2%) interest rate over a 10-year term. The EDA loan provides 50 percent (50%) of the total loan amount. The remaining 50 percent (50%) is financed by a local banking institution under separate terms. Review the Commercial Property Loan Program application (PDF) and Commercial Property Loan Program Policies and Regulations (PDF)
Revolving Loan Fund
Usually used for big projects that have a job creation opportunity. Primarily focused on industrial businesses, the Revolving Loan Fund (PDF) provides additional resources for capital improvement projects that produce jobs within our community.
Small Business Loan
The minimum loan amount is $2,500 and the maximum amount is $10,000 for existing small business looking to expand or make improvements. The term of the loan is 5-years with an interest rate of 1 percent (1%). No interest or payments until January 1, 2021. Review the Small Business Loan application (PDF) and Small Business Loan Policy and Regulations (PDF)
Small Business Incentives Grant Program
Grants of $10,000 are available for new small businesses in commercial locations during their first year of operation. The maximum grant is $10,000 per business. The EDA has allocated $50,000 for this program and applications will be processed on a first-come, first-served basis. Eligible start-up costs can be reimbursed such as signage, inventory, advertising, accounting, equipment or furnishings, rent, insurance and other costs associated with starting a new business.
To be eligible for the Small Business Incentive Grant Program (PDF), the business must be located in a commercial/industrial storefront with an individual address, the business must have fewer than 10 employees (including the owner) and the application must be submitted within the first year of operation. The only home based businesses eligible for this program are in-home daycare. Non-profits are not eligible.
Small Business Economic Impact Grant Program
The program was approved by the EDA to support and assist businesses in stabilizing their cash flow during the COVID-19 pandemic and Executive Order 20-99. The maximum grant is $2,000 per business. Review the Small Business Economic Impact Grant application (PDF) eligibility guidelines.
Signage and Awning Grant Program
To be eligible for the Signage and Awning Grant Program, project designs must receive Heritage Preservation Commission approval before work begins. Applications for Design Review and Signage and Awning grants may be obtained at Planning and Inspections Dept at City Hall.
Small Business Development Center - South Central Office
The Small Business Development Center provides one-on-one, confidential consulting to business owners and other business development services and trainings through a partnership with New Ulm.