Cultivating the business community is important to New Ulm. Our past history proves that investing in small businesses create huge opportunities. Below are resources offered to entrepreneurial and small businesses.
Looking to start a Business?
Small businesses are the heart of a community.
The following services are available to support small businesses and encourage entrepreneurs in New Ulm:
City of New Ulm/New Ulm Economic Development Authority offer small business grants, loans and other incentives such as tax increment financing and tax abatement. Regional partners offer small businesses loans and grants: Region Nine Development Commission Southern Minnesota Initiative Foundation Small Business Administration - Minnesota District USDA Rural Development MN Department of Employment and Economic Development Brown County Economic Development Partners, Inc. (507) 794-7992.
Small Business Development Center (SBDC) - Through a partnership with the Small Business Development Center, the City of New Ulm offers free one-on-one consulting at City Hall to provide entrepreneurs and small business owners the opportunity to receive free one-on-one consulting in a confidential setting. Training opportunities are provided by SBDC. New Ulm Chamber of Commerce – The Chamber provides the opportunity for businesses with like interests or needs to come together to lead initiatives, organize events, train employees and support shopping local strategies. Regional Center for Entrepreneurial Facilitation (RCEF) – a non-profit entrepreneur and business development organization. They provide free one-on-one business consulting.
Educational & Networking
Social Media Breakfast - We’ll learn how we can use a social media strategy to drive our business initiatives forward and use that strategy to plan out our content, drive better engagement, and ensure we are staying true to our brand. This group is led by the New Ulm Area Chamber of Commerce 1 Million Cups - An event that brings together entrepreneurs and the greater Mankato area community over coffee and conversations to support new ventures. The SBDC organizes these events for the region. New Ulm HYPE (Helping Young Professionals Evolve) - HYPE is a young professionals group designed to welcome and support new and current young professionals in the community. The New Ulm Area Chamber of Commerce assists the leadership team of this group.
Revolving Loan Fund
The purpose of the Revolving Loan is to encourage economic development by providing working capital funds to existing and new businesses.
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 $74,000 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 $10,000 with a low (1%) interest rate for a 5-year term.
Small Business Incentive Grant
If you are starting a new business and need capital to get off the ground, you can apply for a Small Business Incentive Grant. This program provides up to $7,500 in reimbursement for eligible expenses during the first year of operation. The only home-based businesses eligible for this program are licensed in-home child care providers.
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.