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: firstname.lastname@example.org, or 507-765-2153
EDA Board Members:
- Dwight Luhmann – Board Chair
- Jon Ebner – Vice Chair
- Cathy Enerson – Director, Secretary/Treasurer
- Jon DeVries – Member
- Joann Szuch – Member
- Erik Topness – Member
- Robert Maust – Member/City Council Representative
- Holly Zuck – Member/City Council Representative
EDA Economic Development Projects
- Preston Veterans Home 72 resident care center, Local & State funding secured, Federal grant funding or private funding pending.
- 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 PPU grant guidelines & application
- Numerous Low Interest Loans to area small business entrepreneurs, see program links below
- Small Cities Development Grant sunsets in 2018
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, MN has a population of 1,383 people with a median age of 40.3 and a median household income of $46,198.
The median property value in Preston, MN is $109,500, and the home ownership rate is 71.8%. Most people in Preston, MN commute by Drove Alone, and the average commute time is 24.2 minutes. The average car ownership in Preston, MN is 2 cars per household. City Lines provides transportation to and from Rochester to work at Mayo Clinic, this is a very popular mode of transportation.
The largest universities near Preston, MN are Winona State University, with 2,134 graduates, Saint Mary’s University of Minnesota, with 1,788 graduates, and Minnesota State College-Southeast Technical, with 544 graduates.
Site selection is ever evolving and fluid, we encourage you to speak with the EDA Director for up to date email@example.com
Preston Veteran Home
Donations accepted now through the end of August.
Follow the Minnesota Department of Veterans Affair https://mn.gov/mdva/ link, the Department will inform the public about all three of the proposed State Veterans Homes. Follow information about the Federal Application – Construction – Operations & Hiring. Over time information be released via the MDVA website.
Find more information on the Preston’s Veteran Friendly Community Campaign HERE.
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 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 print the Preston New Construction Housing Incentive
- Download and print the Preston Significant Rehab Construction Incentive
- Download the 2018 Preston Housing Needs Update
USDA grant and loan housing programs include
- Age 62 or above grant program
- Purchasing a home
- Home rehabilitation, income qualified
Rural Development Single Family Housing Program Links:
- Single Family Housing Direct Home Loans
- Single Family Housing Home Loan Guarantees
- Mutual Self-Help Housing Technical Assistance Grants
- Rural Housing Site Loans
Single Family Housing Repair Loans and Grants provide funds to elderly and very-low-income homeowners to remove health and safety hazards, perform necessary repairs, improve or modernize a home, make homes accessible for people with disabilities, or make homes more energy efficient so these very-low-income families use less of their income on utility bills.
For more information about Single-Family Housing Programs or to find out if you are qualified contact your local USDA Rural Development office. The nearest office is in Fairbault, MN
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. 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
- Value Added Grant Program from the MN Department of Agriculture
Contact the EDA Director for various other loan programs, SMIF, CEDA, USDA
Please check out this loan opportunity for Entrepreneurs through DEED. https://mn.gov/deed/business/financing-business/deed-programs/mile/
- Amounts range from $20,000 to $50,000
- 4-year term
- No repayments in the first year and graduated payments in subsequent years
- Require a 1:1 match from another funder
- Approximately $125,000 may be awarded and up to 6 loans may be made each application period
- Loans are for early stage businesses developing or producing high-tech products or services in Minnesota.
Small Business Development Center
There is a representative of the SBA Small Business Development Center in Preston one 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
Community Development Grants for Non – Profits
Spare change has been rounded up and matched by the Preston Public Utilities to create an annual grant for community projects.
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
For more information, visit Preston, Minnesota Economic Development, or contact: Cathy Enerson at 507-765-2153 or email@example.com