- Murray County Economic Development Revolving Loan Fund (EDRLF)
- Property Assessed Clean Energy (PACE)
Murray County Economic Development Revolving Loan Fund (EDRLF)
The Murray County EDRLF is administered by the Murray County EDA. Its purpose is to provide a portion of the funds necessary to finance projects that will result in economic development by creating or retaining job opportunities, expanding the tax base, promoting entrepreneurship or providing necessary services that will foster additional economic development.
The EDRLF is not intended to be a substitute for conventional business financing or to be used in place of other specialized federal, state or local programs. The majority of the financing will generally come from conventional sources (i.e. banks), while the EDRLF will be used to “fill the gap” that may exist between what the project will cost and what the bank is able to loan. This is often called “gap” or “subordinate financing”.
- Download a PDF of our Revolving Loan Fund brochure.
- Download EDRLF documents (1. First save the documents to your computer; 2. Complete the documents “off-line” and save again; 3. Mail, fax or email completed documents to “Economic Development Director” – see below for contact info):
- Find banks and credit unions in Murray County.
- The Southwest Regional Development Commission, Southwest Initiative Foundation and Prairieland EDC are other sources of gap or subordinate financing.
Complete loan packets for Murray County’s EDRLF may be obtained by contacting:
Economic Development Director
Office of Economic Development
PO Box 57
Slayton, MN 56172-0057
Office Phone: 507-836-6023
Property Assessed Clean Energy (PACE) Financing
PACE is a financing tool for energy efficiency and renewable energy improvements. If your business, farm, multi-family housing building, nonprofit, or place of worship is interested in energy efficiency or adding renewable energy like solar, PACE can help you move forward.
How does PACE work? PACE financing is repaid as an assessment on your property tax bill for a set period. In this way, PACE eliminates the burden of upfront costs by providing low-cost, long-term financing. PACE is different from a traditional loan: There is less reliance on credit, the assessment stays with the property instead of the owner, and PACE can generally be repaid over longer terms than a bank might allow.
What can PACE finance? Examples of potential building improvements that can be financed with PACE are solar arrays, HVAC upgrades, LED lighting, condensing boilers, digital controls, insulation, variable-frequency drive motors, building automation systems, and other water and energy conservation measures.
For program details, applications, fact sheets, success stories, and frequently asked questions, visit the PACE page on the Rural Minnesota Energy Board website.