Financing Toolkit
The Red Wing Port Authority operates a large loan portfolio to healthy and expanding businesses that have the highest probability of creating new jobs. We provide:
- Long term
- Low down payment
- Reasonably priced financing
With our experienced staff we can help customize your funding needs to help your business grow!
In accordance with Federal law and the U.S. Department of Agriculture's policy, this institution is prohibited from discriminating on the basis of race, color, national origin, sex, age, or disability.
To file a complaint of discrimination, write to: USDA, Director, Office of Civil Rights, 1400 Independence Ave. SW, Washington, D.C. 20250-9410 or call (800) 795-3272 (voice) or (202) 720-6382 (TDD).
Results
In conjunction with the U.S. Small Business Administration (SBA), 504 Corporation finances business’ commercial real estate, equipment purchases, and refinances debt used to purchase real estate and equipment. The down payment is normally 10% with startup business and single purpose buildings required to pay 15%...
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The $1.9 trillion package, based on President Biden’s American Rescue Plan, is intended to combat the COVID-19 pandemic, including the public health and economic impacts. Funds were allocated by federal legislation to states, which in turn allocated the funds to cities. Red Wing continues to...
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Minnesota's Angel Tax Credit provides a 25% credit to investors or investment funds that make equity investments in startup companies focused on high technology, new proprietary technology, or a new proprietary product, process or service in specified fields. The maximum credit is $125,000 per person,...
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The City of Red Wing supported the creation of a 2-year pilot program referred to as the “Downtown Investment Partnership Program” (2018-2019). The city contributed to a dedicated fund over four years in support of this new initiative to provide local dollars, without regulatory strings attached,...
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The federal EPA has resources available for redevelopment, including a Cleanup Grant to assist with projects on identified brownfield sites. The city may be able to help pursue these funds based on a project meeting EPA’s program criteria.
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As part of the Downtown Investment Fund, the Port Authority identified local foundations that are dedicated to similar goals for downtown redevelopment projects. The Port Authority continues to work with foundations and philanthropic organizations to identify projects and project needs that are aligned with foundation...
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The Greater Minnesota Job Expansion Program provides tax benefits to businesses located in Greater Minnesota that increase employment. Qualifying businesses that meet job-growth goals may receive sales tax refunds for purchases made during a seven-year period.
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The city’s Housing and Redevelopment Authority (RWHRA) has financing available to support the rehabilitation of commercial businesses in a target area, including downtown Red Wing. The maximum loan is $50,000 at a 0% interest rate with half provided as a deferred loan forgiven after ten years. Certain...
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The Minnesota Housing Finance Agency (MHFA) offers a wide range of financial assistance to create and preserve affordable housing, including mortgages, low-income housing tax credits (LIHTC), deferred loans, and grants to prevent homelessness. For more information go to www.mnhousing.gov/sites/multifamily/gettingstarted
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Legacy grants provide financial support for projects focused on preserving Minnesota’s history and culture. Redevelopment of certified historic buildings – both planning and construction – are qualified grant activities. Grants are only available to government units and non-profit organizations. The City of Red Wing can...
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The Minnesota Investment Fund provides grants to help add new workers and retain high-quality jobs on a statewide basis.
The focus is on industrial, manufacturing, and technology-related industries to increase the local and state tax base and improve economic vitality statewide.
To Apply...
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The Job Creation Fund provides financial incentives to new and expanding businesses that meet certain job creation and capital investment targets.
Companies deemed eligible to participate may receive up to $1 million for creating or retaining high-paying jobs and for constructing or renovating facilities...
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The Minnesota Reservist and Veteran Business Loan Program provides business loans to companies that are affected when certain employees are called to active military duty and to individual veterans who have returned from active duty and want to start their own business.
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Minnesota Job Skills Partnership Grants (MJSP)
The intent of a MJSP grant is to provide new-job training or retraining for existing employees of participating Minnesota businesses.
Customized Training and Continuing Education
MSC Southeast provides Customized Training and Consulting to help organizations gain...
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Making improvements to enhance a building’s energy efficiency has a variety of proven benefits. First, there’s the economic impact of dollars saved on utilities and added value to the property. Additionally, in saving energy, we also reduce carbon emissions and lessen our dependence on foreign...
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A substantial part of downtown Red Wing is located in a qualified census tract for new market tax credits. New market tax credits are intended to support jobs creation, and are generally not eligible for housing projects.
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Parts of the City of Red Wing are located within a designated Opportunity Zone. Opportunity Zones provide options for tax deferral for building redevelopment projects.
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The Red Wing Port Authority (RWPA) has financing resources available for redevelopment projects, including revolving funds and direct budget expenditures. The RWPA has a “Downtown Revolving Loan Fund” that has supported a variety of downtown projects. Currently, this fund is subject to further evaluation by the...
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MinnPACE, a division of the Saint Paul Port Authority, is the largest provider of PACE financing in the State of Minnesota.
Property Assessed Clean Energy (PACE) is an innovative finance solution for building owners interested in energy efficiency and renewable...
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The Public Relations Grant is eligible to a non-profit corporation or organization (e.g., charities, trusts and tax-exempt entities) or a unit of government or a public agency.
See resources to the right to learn more.
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The City of Red Wing has set aside funds over the past five years to help implement a “Downtown Investment Partnership” initiative. The City Council approved guidelines for a 2-year pilot program on January 8, 2018. Although no project was initiated during those two years,...
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Companies that engage in certain research and development (R&D) activities in Minnesota may qualify for the Credit for Increasing Research Activities.
The R&D credit is equal to 10% of qualifying expenses up to $2 million, and 4% for expenses above that level. Qualifying expenses...
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The U.S. Small Business Administration helps small businesses get funding by setting guidelines for loans and reducing lender risk. These SBA-backed loans make it easier for small businesses to get the funding they need.
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MNSBIR, Inc. is an independent, private, non-profit organization with its mission to assist startups and small businesses to secure non-dilutive funding from America’s Seed Fund – the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. America’s Seed Fund awards funding to...
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The Red Wing Port Authority is providing an incentive program to improve the signs, awnings and façades of commercial and industrial buildings throughout the City. By enhancing the appearance of buildings, the program serves to improve the economic viability of these areas. Better aesthetics increase...
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Federal and state income tax credits are available for certified historic rehabilitation projects. Buildings must be listed in the National Register of Historic Places, all work must meet national historic preservation standards, and a multi-part application must be completed and approved by the State Historic...
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The State Small Business Credit Initiative (SSBCI) was part of the American Rescue Act (ARPA) of 2021 and included $10 billion for state, territory and tribal business finance programs. Minnesota has been approved by the U. S. Department of the Treasury for up to $97...
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The City of Red Wing and its Port Authority have an adopted Tax Abatement Policy to support desirable development, redevelopment or renewal that would not otherwise occur without this type of public assistance. Abatement is viewed as providing less potential public dollars to a project compared...
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The City of Red Wing and its Port/Housing Authorities have an adopted TIF Policy to further certain redevelopment, renewal and housing related projects. The fundamental purpose of using TIF is to support desirable development that would not otherwise occur “but for” the public’s financial TIF...
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The Trillion BTU Program is a partnership between the St. Paul Port Authority(SPPA), the Center for Energy and Environment(CEE) and Xcel Energy.
All Xcel Energy commercial and industrial customers are eligible.
Money saving opportunities are identified by energy audits and engineering studies (Xcel...
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In 2021, the Red Wing Port Authority was given authority by the City Council to oversee a redevelopment planning effort that includes a targeted area in and around the former Bauer Built property on Old West Main Street. In order to incentivize future redevelopment projects...
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