The City of Preston Economic Development Authority (EDA) is committed to the growth and expansion of businesses, jobs and community development in the City of Preston. The EDA can assist with, Loans/Grants, Business Development, and Site Selection. The following is a list with links to business and community tools. For more information, contact Cathy Enerson, EDA Director at: email@example.com, or 507-765-2153
EDA Board Members:
- Dwight Luhmann – Board Chair
- TBD – Vice Chair
- Cathy Enerson – Director, Secretary/Treasurer
- Charles Sparks – Member
- Tim Kiehne – Member
- Joann Szuch – Member
- Eric Topness – Member
- Robert Maust – Member
- Jon Ebner – Member
EDA Economic Development Projects
- National Trout Center: National Trout Center ED Project
- Preston walking tour: www.prestonchamber.com
- Preston’s NW Industrial Park: Please contact the EDA for site selection: Industrial Park plat
- Spare Change Round up program LINK to guidelines and application: PPU grant guidelines & application
- Numerous low interest loans to area small business entrepreneurs, see program links below
The Preston EDA cordially welcomes continued growth and new development in the Preston Area. The process of expanding current business as well as starting new can be very difficult, and at times discouraging.
The Preston EDA Offers several gap financing and assistance programs
Preston Housing Incentive
The Preston Economic Development Authority facilitates a City Housing Incentive to promote new construction, the purchase of existing homes and the rehabilitation of existing properties. If you would like to build new, purchase an existing home as a new resident to Preston or rehab your current home, contact Cathy Enerson at a href=”tel:15077652153″>507-765-2153 for more details. The incentive may include energy savings, free utilities, Preston Bucks, golf club memberships, Preston pool passes and permit fee reductions. Download and pring the Preston Housing Incentive.
Preston Commercial Incentive/Improvement Revolving Loan Fund
The Preston Economic Development Authority operates a Revolving Loan fund to assist with business startups and expansions. The incentive is offered through very low interest rates and attractive financing terms. RLF Link. Note there is a 2016 – 2017 Small cities development grant and low interest loan project for the rehab of commercial and apartment in the eight blocks around the downtown courthouse square.
PACE: Property Assessed Clean Energy (PACE) program in the state of Minnesota.
This program was created by the state legislature as a funding mechanism for renewable energy and energy efficiency upgrades for businesses and non-profits. Fillmore County passed a joint powers agreement with the St. Paul Port Authority making this program available to Preston businesses. The process generally starts with an energy use assessment. These can be any of the energy efficiency options available through Preston Public Utilities, or some other no-cost options available throughout the state. Here are a couple of links to learn more about the program, and read about some examples of its use in the region: www.cleanenergyresourceteams.org/pace and sppa.com/financing-businesses/.
Preston Business Expansion/Job Creation Revolving Loan Fund
The Preston EDA also operates a Job Creation loan fund. This fund is used to provide discounted financing for projects that include the creation of jobs and may be offered for those business ventures which appear to need extra financial incentive to make them feasible.
- State of MN job creation fund
- City of Preston Revolving Loan Fund
Download and print this information.
Small Business Development Center
There is a representative of the SBA Small Business Development Center in Preston two days a week. This professional is available to assist with business start-ups and expansions. The SBDC can also provide counseling on many aspects of business operations.
Download the SBDC application here. Please email the two page form to: firstname.lastname@example.org
Professional Development Staff
The City of Preston employs the services of a Regional Development organization, CEDA. Through these services, the City has access to numerous development programs that otherwise are often more difficult to attain. We can help identify and apply to programs to meet your needs. These include:
- Small Business Development Center
- Job Training Assistance
- Minnesota Department of Employment & Economic Development
- Building Renovation & Rehabilitation
- Technology Manufacturing
- Agricultural/Food Processing
- Board Training
- Preston Public Utilities Operation Spare Change Round Up
- Housing Incentive Guidelines & Application
- Revolving Loan Fund Guidelines and Application
- Small Business Development Center (SBDC) Request for Counceling, SBDC sign up: Small Business Development Center Request for Counseling – SBA assistance form 641
- Court House Square Small Cities Grant program
NEED LINKS OR DOCUMENTS TO UPLOAD FOR THESE