Business Finance Assistance

A financing package can be customized depending on your business needs. Most of the assistance comes in the form of low-interest loans that help in securing a primary lender or investor.

City Of Olivia / EDA
320-523-1055
Tax Increment or Tax Abatement Assistance
Eligible Uses: Land acquisition, demolition, site preparation, and public improvements
Tax Increment and tax abatement are a tools to encourage development by funding certain eligible project costs.
Job & Wage Goals required.

Available Land and Buildings
Detailed information about land and buildings available in the Olivia area from the Minnesota Department of Trade & Economic Development.

Olivia EDA Revolving Loan Fund
Eligible Uses: Land, Building, Equipment, Inventory, and Working Capital
Loan Amount: Up to $17,500
Terms: Rate set by EDA, Loan repayment not to exceed 10 years

Southwest MN Foundation
800-594-9450 320-587-4848
Fax: 320-587-3838

Revolving Loan Fund (Challenge Grant)
Eligible Uses: Working Capital, Machinery, Equipment, Land & Building Acquisition and Renovation.
Loan Amount: Up to $200,000, Up to 50% of the project.
Terms: 2% below prime, 5-year renewable terms
Job & Wage Goals: 1 Job per $15,000 of loan proceeds

Business Finance Micro-Loan Program
Eligible Uses: Working Capital, Inventory, Machinery & Equipment, And Leasehold Improvements
Loan Amount: Up to $100,000, Up to 33% of project
Terms: Prime plus 2%, 5-year renewable terms

Mid-MN Revolving Loan Fund 320-235-8504
Eligible Uses: Working Capital, Inventory, Machinery & Equipment
Loan Amount: Up to $500,000
Terms: Rate: Negotiated (generally 4-6%), Repayment depends on use.
Job & Wage Goals required.

DEED MN Investment Fund
Eligible Uses: Land, Buildings, Equipment
Loan Amount: Up to $500,000, Up to 50% of project
Terms: Negotiated (generally 4-6%), Loan maturity depends on use.
Job & Wage Goals required.

SBA 504 (MN Business Finance Inc) 800-593-0123 320-255-1685
Eligible Uses: Land, Buildings, Equipment
Loan Amount: Up to 40% of project, Up to $750,000
Terms: Fixed, below-market interest rates, 10-20 years
Structure: 50% lender; 40% MBFI 504 Loan; 10% owner’s equity /community contribution

JOBZ Program (35 acres available in various locations.)

All these programs have a fairly simple application process that we can assist with. We are also available to help with site selection and the development process.
I may be reached at 320-523-1055 or oeda@olivia.mn.us.

Susie Lothert – Olivia Economic Development Director.