Can I get a grant for my business?
Generally speaking, there are no grants or “free money” available to start for-profit businesses. There are some grants available for for-profit businesses, but they are usually for research and development, energy efficiency upgrades and renewable energy generating systems.
How will I ever get enough money to start my own business?
Most new businesses are financed with debt, rather than equity. Once you have a business plan put together and know how much money you’re going to need, your first contact should be your local banker. If the bank cannot provide enough financing to get your business off the ground, contact an organization that does “gap” or subordinate financing” to help fill the gap between what your bank will loan and what you need.
How do I put together a business plan?
There are excellent resources available on the internet for putting together a business plan. Some resources are listed on the “Great Links” page of this section of the website. Or, contact the Murray County Economic Development Office for help. We can’t do the plan for you because it’s your plan, but we’re happy to help.
Do you make business loans?
The Murray County Economic Development Revolving Loan Fund (EDRLF) provides gap financing to new and expanding businesses. Major financing will usually come from conventional sources, like your local bank; while the revolving loan fund is used to fill the gap between what the conventional source(s) will lend and the amount actually needed for the project.
What are the terms and the interest rate?
Terms vary. There is no set interest rate; however it is usually lower than the typical business loan.
What else do you do for businesses?
- We can apply for Minnesota Investment (MIF) loans and Job Creation Fund incentives on behalf of businesses.
- We will make referrals where necessary to other agencies or consultants that can assist the business.
- We can assist in developing business plans and in projecting cash flows.
Do you have additional questions? Call 507-836-6023 or email firstname.lastname@example.org.