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 Gabby Kinneberg, EDA Director at: firstname.lastname@example.org, or 507-765-2153
EDA Board Members:
- Dwight Luhmann – Board Chair
- Jon Ebner – Vice Chair
- Jon DeVries – Member
- Kristy Richards – Member
- Erik Topness – Member
- Robert Maust – Member/City Council Representative
- Dean Aug – Member/City Council Representative
EDA Economic Development Projects
- Preston Livability Website Tab – www.prestonmnchamber.com/livability This is a partnership project with the Preston Area Chamber of Commerce that showcases community assets. The tab offers those wishing to live or recreate in Preston the opportunity to gather information to make decisions or further inquire about why to live or recreate in Preston.
- Preston Job and Career Fair – A community job fair held in person and online for the public. For students and introduction to the job fair and a career fair. Each served a purpose to introduce students to jobs, experience job recruitment, and career exploration. Additionally, panelist and area experts provided students with both education and guidance while they began to think about how to incorporate their passion into their first career choices. Testimonial: Lana Hollar, K-12 School Counselor for Mabel – Canton Public Schools wrote: “Thanks so much for including Mabel-Canton in the job & career fair. It was VERY ORGANIZED and the format was great! The kids chattered about what they saw on the entire trip home. It supports all the conversations that I’m having with kids each day.”
- Preston Veterans Home 54 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 sunset December of 2018. This program assisted with the rehab of 8 block around the Fillmore County Courthouse square in downtown Preston. It put $933,000 into projects. 70% of that was grants and 30% was low interest loans. Improved rental units and commercial buildings.
- Preston Housing Committee was formed in 2018.
- Preston Housing Needs Study was updated in 2018. Click here to view.
- Fillmore County Housing Needs Study Click here to view.
- Preston Workforce Taskforce was created in 2018. Goals of a CNA program with Fillmore Central, job fair and expand child care.
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
COVID-19 LOCAL EMERGENCY LOAN FOR CITY OF PRESTON BUSINESSES
Click Here for the Application and Guidelines
Loan Program Requirements and Terms
- Qualifying business must be located within the City of Preston municipal limits
- The maximum loan amount not to exceed $3,000 per applicant
- Loan will amortized over a period of 60 months (5 years) on a monthly payment basis, with the payments starting January 1, 2021
- Interest rate of zero (0%), late fee after June 1, 2021 of $5 per month added onto the end of the loan.
- Loans may be repaid in whole or in part anytime without penalty
- Once 3/4th of the loan is paid in full, 1/4 of the loan becomes a grant based on financial support from the (amendment approved by Council on May 4, 2020)
- Loan applicants will receive a 1099-C form indicating the amount of loan forgiveness to be used when they file taxes. Tax is paid on the amount forgiven.
PRESTON DEMOGRAPHICS TO ASSIST IN RELIEF PLANNING
Preston, MN has a population of 1,220 with a daytime population of 1728. Median age of 40.3 and a median household income of $51,762.
The median property value in Preston, MN is $185,507, and the home ownership rate is 71.8%. Most people in Preston, MN commute by driving 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. Technical colleges include Rochester Community and Technical College, Riverland Community College in Austin, MN and in Winona, MN, Minnesota State College-Southeast Technical
Preston is one hour from La Crosse, WI, one hour from Winona, MN, one hour from Austin, MN, forty five minutes from Rochester, MN and forty five minutes from Decorah, IA.
Southeast MN Economic Development Study
The Southeastern Minnesota League of Municipalities (SEMLM) in October of 2018, released a study with an updated economic forecast for southeast Minnesota, and options for several major policy shifts to accommodate population and employment growth over the next 25 years. Among the policy options and recommendations are zoning changes to support greater housing production, expanded transportation networks, a regional tourism strategy, immigrant support resources, and programs to increase access to childcare – all designed to grow the region’s economic development potential.
The study – the first of its kind in the region – forecasts long-range population, employment, and economic activity in the entire Southeastern Minnesota region, on a county-by-county basis. The region, composed of Dodge, Fillmore, Goodhue, Houston, Mower, Olmsted, Wabasha, and Winona counties, encompasses 77 municipalities, with more than 368,000 residents and 190,000 employees. Here is a Link to the study
Preston Veteran Home
Donations are still being accepted. To donate please contact Preston City Hall at 507-765-2153. The Federal application was submitted by the Minnesota Department of Veterans Affairs in April.
Follow the Minnesota Department of Veterans Affairs Future Home information by clicking here. The Department will inform the public about all three of the proposed State Veterans Homes and the progress with Federal funding.
You can follow the Preston Veteran Home Support page by clicking here.
Find more information on the Preston’s Veteran Friendly Community Campaign click 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 Gabby Kinneberg 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.
- 2021 Housing Incentives COMING SOON!
- Download and print the Preston Existing Buildings – Create and/or Rehab Apartments Incentive
- Download the 2018 Preston Housing Needs Update
- Visit the Livability Tab on our website!
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 several Revolving Loan Funds for business startups, expansions, and multi-housing and apartment repairs. The incentive is offered through very low interest rates and attractive financing terms.
- Click Here for Preston Revolving Loan Fund for Business Development
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: https://www.minnpace.com/
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
- State Equity Loans – Contact the Preston EDA for availability. 507-765-2153
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/elp/
- 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.
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.