EDA Programs & Services – City of Lanesboro

EDA Programs & Services

The City of Lanesboro has played an active role in the development of rural America. Through its City Council, Economic Development Authority Board of Directors, and staff, the City of Lanesboro has provided not only leadership but financial participation in economic and community development.

The City of Lanesboro is seeking to improve the quality of life in rural areas by contributing to the long-term improvement in the economy, including job creation and retention, diversification of the economy, improving the education and skills of the rural workforce, and upgrading the public infrastructure to improve the health, safety, and/or medical care of rural residents.

Programs

Revolving Loan Fund

Loan funds will be used to finance and/or develop
small and emerging private business enterprises in rural areas.

Qualifying Projects

A project/business to be assisted by the RLF program typically must be physically located within Lanesboro, Minnesota. On a case-by-case basis, the EDA Board of Directors and City Council may waive this requirement and provide loan funds to a business located outside the City of Lanesboro if the committee determines doing so will have a positive economic impact on the community. If the business relocates outside of the City of Lanesboro, the City of Lanesboro may require immediate pay off of the loan.
Acquisition and development of land, easements, and rights-of-way.
Construction, conversion, enlargement, repairs or modernization of buildings (including façade repairs), plants, machinery, equipment, access streets and roads, parking areas, utilities, and pollution control and abatement facilities.
Loans for startup operating costs and working capital.
Technical assistance for private business enterprises.
The grantee has a goal of creating or retaining at least one full-time job for each $10,000 loaned from the RLF.