PACE, Property Assessed Clean Energy, is a financing tool that allows commercial property owners to invest in energy saving projects with no money down until the following year. Payments are rolled into a special property tax assessment, with cost savings exceeding payment due.
In order to utilize PACE, the local government must establish a Joint Powers Agreement with MinnPACE. Then commercial building owners evaluate and select projects that reduce energy costs. MinnPACE provides financing directly to the building owner, and the local government adds the assessment to the tax rolls. The building owner will pay the assessment for up to 20 years. The City of Lake City does not currently have a Joint Powers Agreement with MinnPACE. However, if you are a commercial building owner interested in this type of financing, please reach out to Port Authority staff for assistance.
Launch Minnesota is a state initiative that exists to help grow Minnesota’s startup ecosystem. Through several programs, including Innovation Grants, Angel Tax Credits and Education Grants, Launch Minnesota seeks to invest in innovative start-ups to grow the innovation ecosystem in our state.
The Minnesota Emerging Entrepreneur Loan Program (ELP) supports the growth of businesses owned and operated by minorities, low-income persons, women, veterans, and/or persons with disabilities. The Department of Employment and Economic Development provides grant funds to a network of nonprofit lenders that use these funds for loans to startup and expand businesses throughout the state. The program has additional goals of providing jobs for minority and/or low-income persons, creating and strengthening minority business enterprises, and promoting economic development in low-income areas.
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. DEED offers a plethora of resources for businesses at any stage in their development, including financing guides, business planning manuals, recruitment assistance, and access to data tools.
The Southern Minnesota Initiative Foundation (SMIF) is a donor-supported foundation that invests in economic growth in 20 counties of south central and southeastern Minnesota. SMIF offers a variety of loans for businesses, in addition to hosting business training and offering additional business resources and support.