The Renville County EDA is committed to economic development and assisting with your business needs. We strive to provide a powerful platform of economic resources that Renville County residents, communities, and businesses can build on to reach their full potential. Learn more about business grants, loans, assistance, and resources available in the tabs below.
Join us to access a wealth of resources, incentives, and a supportive community dedicated to helping your business succeed.”
Get Started!
1. Schedule An Appointment
Contact us at 320-523-3656 to get more information and schedule an appointment.
2. Discuss Your Project
Meet with us to discuss your project and what support the EDA can offer to help grow your business.
3. Begin Your Business Journey
See your project come to life, aligned with your business goals, and begin reaping the rewards of success.
Business Innovation Grants
This program has been designed to assist businesses in Renville County with business development and growth opportunities.
Grant Amount:
- The maximum grant amount is $3,000
Application and Guidelines:
- Full Business Innovation Grant Guidelines (PDF)
Eligible Uses:
- Equipment purchases or upgrades
- Capital improvements
- Purchase, construction, renovation, or expansion of buildings
- Development or promotion of new product lines
- Commercial blight
- Professional development or employee training (tuition only)
- Information Technology upgrades
Criteria:
- A minimum of a 1:1 contribution match from the business and/or other funds is required
- Must be a specific project with potential to create/retain jobs or increase revenues of local businesses
- Application must be submitted to the EDA prior to project completion
- Businesses will be required to expend at least twice the amount of the grant award in reimbursable costs
Grant applications are due by the 1st of January, April, July, and October.
Questions? Contact the EDA office at 320-523-3656 or email the EDA.
Business Revolving Loan Fund
The Renville County EDA has a Small Business Revolving Loan Fund (RLF) Program designed to provide business financing, in conjunction with banks and credit unions, for new, expanding, or relocating businesses in Renville County.
Applicants typically secure a loan through a primary lender, however, need a push of funds to complete the project. This is where the RLF can assist! Contact the EDA at 320-523-3656 or email the EDA to get the process started.
Criteria
- The RLF was established in 2009, with a matching grant from the USDA Rural Business Enterprise Grants Program.
- RLF loans range from $10,000 to $25,000. The Loan Committee may authorize loans smaller, on a case by case basis. Loans can be amortized over the life of the security. The Loan Committee shall determine the term and interest rate. The interest rate will typically will not exceed the prime rate by more than 2%.
- A $100 application fee is required with each application to cover loan expenses. All title searches, lien records, security records, environmental assessments, credit reports, costs of copying, and loan closing costs will be paid by the Borrower.
- The Renville County HRA/EDA Board must approve all applications.
Eligibility
- Projects / businesses eligible for assistance from the RLF program must be located in Renville County or have a positive economic impact on Renville County.
- Acquisition and development of land, easements, and right-of-ways.
- Construction, conversion, enlargement, repairs or modernization of buildings (including facade repairs), energy efficiencies, plants, machinery, equipment, access streets and roads, parking areas, utilities, and pollution control and abatement facilities.
- Loans for start-up, operating costs, and working capital.
- Technical assistance for private business enterprises.
Limitations
- RLF funds will not be used to finance comprehensive area-wide type planning. This does not preclude the use of grant funds for planning a given event.
- RLF Funds will not be used to fund a part of a project which is dependent on other funding unless there is a firm commitment of the other funding to ensure completion of project.
- Loans will not be made unless there is a reasonable prospect that the applicant meets the definition of “small and emerging private business enterprises” currently defined as “any private business that will employ 50 or fewer new employees and has les that $1 million in projected gross revenues.”
- At least 51% of the outstanding interest in the applicant must be owned by those who are either citizens of the United States or reside in the United States after being legally admitted for permanent residence.
- Applications by members of the Loan Committee and their immediate family members shall be ineligible for funding.
- RLF funds will not be used to produce agricultural products through growing, cultivation, and harvesting ether directly or through horizontally integrated livestock operations. Exceptions include commercial nurseries, timber operations, or limited agricultural production related to technical assistance projects.
In accordance with Federal law and U.S. Department of Agriculture policy, the Loan Committee will not discriminate on the basis of race, color, national origin, sex, religion, age, disability, or marital or family status.
Area Lenders
- CenBank, Buffalo Lake
- Citizens Alliance Bank, Sacred Heart
- FM Bank, Olivia
- First National Bank, Fairfax
- First Security Bank, Renville
- Frandsen Bank & Trust, Bird Island, Hector, and Fairfax
- Franklin State Bank, Franklin
- Greater Community Credit Union, Renville
- HomeTown Bank, Olivia
- Minnwest Bank, Danube and Morton
Business Assistance and Resources
Business Assistance Directory
Renville County’s Business Assistance Directory is published by the HRA/EDA as a tool to assist businesses and includes:
- area lenders
- financial institutions
- opportunity zones
- equity investors
- foreign trade zones
- technical assistance
- local units of government
- elected officials
- Minnesota state legislators and congressional delegation
Opportunity Zones
The 2017 federal tax reform bill created a new investment tool named Opportunity Zones, which gives holders of capital gains certain tax breaks if they invest in projects that create economic opportunity within defined areas. Renville County has one designated Opportunity Zone, which overlies the Cities of Danube and Olivia, and surrounding area.
To take advantage of the tax breaks, holders of capital gains invest these assets into Opportunity Funds. It is also possible to create an Opportunity Fund to funnel capital into an individual project of interest to the funder.
Opportunity Zones provide the greatest benefit for longer term investment in the development of multi-family housing properties, as well as commercial buildings.
To start the process, please contact Renville County HRA/EDA at 320-523-3656 or Email [email protected]
Available Properties:
Are you looking for a property to start or expand your business?
We know site selection can be a daunting task! Renville County has both buildings and land available for business growth and development needs, coupled with a skilled workforce. To assist in this process, you will find area realtors linked here. Available homes, commercial buildings, and land are listed in each of their respective links.
Keep in mind that some city EDA’s in Renville County may have properties available, not listed within local realtor sites. Contact the Renville County EDA at 320-523-3656 or Email [email protected] to discuss your needs!
Local Realtors
- Edina Realty
- Fitzner Real Estate and Land Company
- Kerkhoff Auction & Real Estate
- Legacy Land & Home
- Minnesota Land and Homes Real Estate
- RE/Max Preferred Realty
- Scenic City Realty
- This is not an all inclusive list of area realtors. Search for licensed realtors at the Minnesota Department of Commerce Portal.
For Job Seekers
Job opportunities abound from Renville County Employers! Learn more about employment opportunities and resources available to assist job seekers at our partner sites below:
- Career Force
- Central Minnesota Jobs and Training Services
- Minnesota Works
- Renville County Employment Opportunities
For Employers
The availability of a skilled and agile workforce is key to the success of any business. Learn more about resources available to help find and train your workforce at our partner sites below:
- Central Minnesota Jobs and Training Services
- Renville County Contact: Bridget Paulson: 320-290-7685 or Email Bridget
- Minnesota Department of Employment and Economic Development (DEED) Workforce Development
- Renville County Contact: Della Ludwig: 320-423-0121 or Email Della
- Minnesota Works
