INCENTIVES
Our Incentives
Revolving Loan Fund
The purpose of the Revolving Loan is to encourage economic development by providing working capital funds to existing and new businesses.
Online Form
Commercial Property Loan Program
A Commercial Property Rehabilitation Loan can help with permanent improvements to commercial buildings. This program provides commercial property owners or tenants with a low (2%) interest loan up to $74,999 for a 10-year term.
Small Business Loan
The Small Business Loan Program can assist small businesses by providing short-term capital to stabilize or expand their operations. Loans range from $2,500 to $15,000 with a low (2%) interest rate for a 5-year term.
Online Form
Signage and Awning Grant Program
This program is intended to offer funds to property owners or tenants within the Downtown Commercial Center Historic District to add or replace signage and/or awnings. Grants of up to $2,000 are available with a 50% match by the applicant. The project(s) must receive prior approval from the Heritage Preservation Commission to access these grant funds.
Tax Increment Financing (TIF)
Tax Increment Financing (TIF) may be available to offset development costs such as land or building acquisition, utility relocation, site improvements, and installation of public infrastructure. TIF Districts help encourage development that would not otherwise occur without this financial assistance.
Tax Abatement
Tax Abatement may be available for projects that improve vacant land or a building and that result in higher property taxes on the property. Projects must provide a public benefit.
Homebuyer Assistance Loan Program
This program offers the availability of financing to households wishing to buy their first home in New Ulm. The program is funded by the New Ulm EDA. Funds are limited and awarded on a first-come, first-served basis.
Single Family Home Improvement Loan Program
This program offers rehabilitation loans to owners of single-family residences. The program is funded by the New Ulm EDA. Funds are limited and awarded on a first-come, first-served basis.
Multi Family Rental Rehabilitation Loan Program
This program offers rehabilitation loans to owners of multi-family rental properties. The program is funded by the New Ulm EDA. Funds are limited and awarded on a first-come, first-served basis.
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