Community & Economic Development
The Le Sueur Economic Development Authority (EDA) promotes business attraction and provides business assistance and referrals to enterprises expressing interest in locating in the community, as well as to existing businesses seeking to expand. It is their mission to retain, expand, and attract businesses creating high quality jobs in Le Sueur. Visit the City of Le Sueur Business Subsidy Policy to learn more.
Revolving Loan Fund
The purpose of the Economic Development Revolving Loan Fund (RLF) is to provide financial assistance to new and expanding businesses in the City of Le Sueur. The RLF is meant to serve as a bridge between the amount the borrower can obtain on the private market or through equity and the amount needed to start and/or grow a business.
The maximum amount of a loan from this program is $150,000. Working capital loans are capped at $25,000. Any fund request exceeding this guideline requires special approval by the EDA.
Priority will be given to projects which include one or more of the following:
- Job Creation, specifically jobs paying at least 150% of state minimum wage
- Job Retention
- A beneficial impact to Downtown Le Sueur
- Increase in property valuation
Eligible loan activities include:
- Working Capital
- Land or Building Acquisition
- New Construction
- Facade and building renovation
- Machinery and equipment
- Infrastructure improvements
Façade Improvement Program
The City of Le Sueur offers a Façade Improvement Loan Program to businesses interested in improving the exterior appearance of their buildings. Work covered under the program includes:
- Masonry repairs and pointing
- Façade painting, repair, reconstruction or replacement of historic features
- Storefront restorations, replacement or enhancements
- Awnings or canopies
- Signage and exterior lighting
- Gutter and downspouts
- Handicap accessibility
- Window and door repair or replacement or entrance modifications
- Any other items deemed appropriate by the EDA
Businesses can apply for a forgivable loan for exterior-building improvements:
- Loan forgiveness takes place over a five-year period with 20 percent of the award forgiven annually.
- The maximum award is $5,000. The EDA may consider increased awards for renovations to historic commercial properties.
- Awarding of loans depends on the availability of funding in a given year.
Property Tax Abatement
The Minnesota State Legislature allows cities, counties, and school districts to grant property tax abatements for economic development projects in exchange for creating a certain number of jobs or increasing the tax base.
An abatement allows government entities to refund a portion of a company's property taxes for a set period of time. It is used when a company makes improvements on vacant land or a building that will result in higher property taxes being paid.
To apply for abatement consideration, businesses must submit a business subsidy application with information on number of jobs, average wage and estimated value increases.
Tax Increment Financing
The Minnesota Legislature allows certain government entities to create Tax Increment Financing (TIF) districts for the purpose of enticing development or redevelopment. It can also be used for financing public infrastructure related to the project.
Cities, housing development authorities and port authorities front the cost for development or redevelopment projects using bonds, inter-fund loads or pay-as-you-go financing. Once complete, the government entity (or developer in the case of pay-as-you-go financing) is reimbursed from the difference in property tax values between the original value of the property and the value after the project is completed.
To apply for TIF consideration, businesses must submit a business subsidy application with information on number of jobs, average wage and estimated value increases.
Regional and State Partner Resources
The City of Le Sueur works with many partners to foster business growth, expansion, and redevelopment in Le Sueur. Here are some regional resources that can help your business grow:
The Minnesota Department of Employment and Economic Development (DEED) is the state's principal economic development agency. DEED programs promote business recruitment, expansion, and retention, international trade, workforce development, and community development.
Contact: Lisa Hughes, Regional Business Development Manager
DEED also has many valuable resources for small businesses:
Phone: (651) 556-8425 or (800) 310-8323
The South Central Minnesota Chapter of SCORE is part of a national nonprofit association dedicated to entrepreneur education and the formation, growth and success of the nation's small businesses. The Chapter provides free and confidential business mentoring in starting a new business, buying or selling a business, and managing an existing small business. SCORE also sponsors workshops on a number of business topics and more.
Phone: (507) 455-3215
Le Sueur Area Chamber of Commerce
The Le Sueur Chamber of Commerce local chamber advocates for businesses and works to build strong alliances. Their mission is to promote the Le Sueur area and serve as a connection to businesses, community institutions and organizations, and people.
Phone: (507) 665-2501
South Central Region Small Business Development Center (SBDC)
Your Small Business Development Center located in Minnesota State University, Mankato, Minnesota, offers no-cost, customized consulting to businesses throughout their entire life cycle, from the excitement of the idea stage and the thrill of the launch to the challenges of growth periods and distressed times.
Phone: (507) 389-8875
Southern Minnesota Initiative Foundation
Southern Minnesota Initiative Foundation is a regional development and philanthropic organization that fosters economic and community vitality in 20 counties of southern Minnesota through a culture of collaboration and partnership.
Region Nine Development Commission
Region Nine serves a nine (9) county region, striving to create more stable and viable communities. Their mission is to promote the development of the region through intergovernmental cooperation, community and human development, long-range planning, and technical assistance.
Phone: (507) 387-5643
USDA Rural Development
The United States Department of Agriculture (USDA) Rural Development is committed to helping improve the economy and quality of life in rural America. They offer loans, grants, and loan guarantees to help create jobs and support economic development and essential services such as housing, health care, first responder services and equipment, and water, electric and communications infrastructure. They promote economic development by supporting loans to businesses through banks, credit unions and community-managed lending pools. They provide technical assistance to help communities undertake community empowerment programs. They also help rural residents buy or rent safe, affordable housing and make health and safety repairs to their homes.
Phone: (651) 602-7800
Women Venture is a Women's Business Center as designated by the U.S. Small Business Administration (SBA). They help women start and grow profitable and sustainable businesses. They also train entrepreneurs, advise businesses, provide loans, and create jobs.
Phone: (612) 224-9540
CareerForce is Minnesota's career development and talent matching resource dedicated to success. They guide people toward rewarding careers, connect individuals to opportunities, and provide valuable economic and employment development information for employers. They do everything in their power to help career seekers, employers, and Minnesota communities thrive.
Phone: (507) 344-2622