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Technical Assistance
SMALL BUSINESS DEVELOPMENT CENTER
Todd County Development Corporation (TCDC) is designated as a Small Business Development Center satellite office, providing "FREE" business technical services to all of Todd County. The TCDC SBDC office is part of the North Central Minnesota Small Business Development Center located in the Business and Industry Center at Central Lakes College in Brainerd. We are able to discuss your project or idea in confidence, work with you to determine the type or level of technical assistance required and resources needed to help make your project a success. Resources can be identified and put to work to help to help your business project succeed. For entrepreneurs with an idea or new ventures, Todd County Development Corporation will be offering “Going Into Business” sessions later in 2012 that will help you get on the right path to success. Session information includes the following information:
To take advantage of our SBDC services provided at no cost to you, contact:
Rick Utech - (218) 732-2128 or email rick@co.todd.mn.us or Joel Anderson (218) 732-3441 or email joelacust@gmail.com
Financial Assistance
Local and Regional Sources
Todd County Development Corporation - Business Assistance “Revolving Loan Fund” (RLF):
RLF funds provide additional access to capital for new and emerging small businesses where traditional sources of funding are unavailable or limited. Funds available to value added agricultural manufacturing, technology, commercial/industrial and product manufacturing businesses that retain or create quality jobs. RLF funds are loaned at a low fixed rate of interest, repaid by the borrower and re-loaned again so other business projects have the same opportunity to prosper and grow.
For more information contact: Rick Utech at 320-732-2128 or email rick.utech@co.todd.mn.us
North Central Economic Development Association (NCEDA) Revolving Loan Fund:
NCEDA provides financial assistance to businesses through low interest loans for business expansions, new businesses and transfers of ownership in Region Five. The program is designed to offer fixed asset and working capital financing for new and expanding businesses. Eligible uses include:
For more information contact Joe Schulte at 218-894-1328 or email jschulte@regionfive.org
Initiative Foundation – Business Financing:
The Initiative Foundation creates economic opportunity by lending funds to locally owned businesses.
The foundation is a supplementary lender, always working with other financial institutions to alleviate risk or equity concerns that may prevent a promising business from receiving the needed financing to start-up or expand. Priority is given to technology-based and green businesses as well as value-added manufacturing and agriculture operations. Nontraditional business owners such as women and minorities are especially encouraged to apply. The following business financing programs are available to meet diverse regional needs:
For more information on the Initiative Foundation Business Financing programs contact
Dan Bullert at 320-631-2013 or email dbullert@ifound.org
Area Financial Institutions
American Heritage National Bank | Central Minnesota Federal Credit Union 24 2nd Street South Long Prairie, MN 56347 320-732-6131 |
| Minnesota National Bank 706 Hwy 71 South Long Prairie, MN 56347 320-732-2133 | Mid Central Federal Savings Bank |
| Unity Bank 602 4th Street Northeast St. Staples, MN 56479218 894-2084 | 01 2nd Ave NW Bertha, MN 56437 Phone: 218 924-4055 |
First International Bank and Trust - Homepage 111 4th Street Northeast |
State Programs
Minnesota Department of Employment and Economic Development “DEED” Programs:
The main purpose of DEED’s business financing programs is to help companies and communities retain existing jobs and create new high-quality jobs. Not all businesses are eligible for these programs. Those that do qualify must agree to meet specific job creation and wage goals. Some programs are general in nature. Others focus on targeted regions of the state, on targeted industries that show job-growth potential, and on targeted groups of people. Programs Available are:
Federal Programs
Small Business Administration (SBA)
The SBA's Express and pilot programs offer streamlined and expedited loan procedures for particular groups of borrowers, notably active duty military personnel, veterans, and borrowers from distressed communities.
SBA Express program gives small business borrowers an accelerated turnaround time for SBA's review. You will receive a response to your application within 36 hours. In addition, lower interest rates are often available to you when you apply through an Express program.
Community Express loan program allows approved SBA lenders to provide a unique combination of financial and technical assistance to borrowers located in the nation’s underserved communities. Eligible communities include the SBA’s Historically Underutilized Business Zones (HUB Zones) and those communities identified as distressed through the Community Reinvestment Act (CRA). To encourage small businesses start-ups, the SBA makes eligible loans of $25,000 or less, regardless of where your small business is located.
Patriot Express. The U.S. Small Business Administration has announced the SBA’s Patriot Express Pilot Loan Initiative for veterans and members of the military community wanting to establish or expand small businesses. The SBA and its resource partners are focusing additional efforts on counseling and training to augment this loan initiative, making it more accessible and easy to use.
7(a) Loan Program is the SBA’s primary program to help start-up and existing small businesses obtain financing when they might not be eligible for business loans through normal lending channels.
CDC/504 Program loan program is a long-term financing tool, designed to encourage economic development within a community. The 504 Program accomplishes this by providing small businesses with long-term, fixed-rate financing to acquire major fixed assets for expansion or modernization. The usual structure includes a loan secured from a private sector lender with a senior lien covering up to 50 percent of the project cost, a CDC (backed by a 100 percent SBA-guaranteed debenture) with a junior lien covering up to 40 percent of the project cost and a contribution from the borrower of at least 10 percent of the project cost (equity).
Guaranteed Loan Programs (Debt Financing) where banks and other lending institutions offer a number of SBA guaranteed loan programs to assist small businesses. While SBA itself does not make loans, it does guarantee loans made to small businesses by private and other institutions.
Information on SBA programs can be found at http://www.sba.gov/about-offices-content/2/3122 or contact Todd County Development Corporation at 320-732-2128 or rick.utech@co.todd.mn.us
USDA – Rural Development
Business and Cooperative Loan Assistance
For additional information on USDA Rural Development programs please visit http://www.rurdev.usda.gov/RD_Loans.html or contact the Alexandria, MN office:
S. John Strand
Area Specialist
(320) 763-3191
John.Strand@mn.usda.gov
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