RAEDI has allocated $600,000 in Economic Development Funds (EDF) to support *Base Businesses in the city limits of Rochester. Funding is available as a result of the passage of the half-cent sales tax voted on by the residents of Rochester from 2012. This initiative underscores the commitment to fostering economic growth and prosperity within the community.
The EDF program offers low-interest loans (minimum $50,000) tailored to meet the needs of local businesses, providing them with the financial resources necessary to thrive and expand. Whether you’re a startup looking to scale up or an established enterprise seeking to invest in new projects, these funds can serve as an asset to fuel your growth ambitions.
Learn more about what a base business is and how the funds can be used.
The Minnesota Emerging Entrepreneur Loan Program provides loan capital for businesses that are owned and operated by BIPOC (Black, Indigenous, Persons of Color), low-income persons, women, veterans, and/or persons with disabilities. The program has additional goals of providing jobs for BIPOC and/or low-income persons, creating and strengthening BIPOC business enterprises, and promoting economic development in low-income areas.
Rochester Area Economic Development, Inc. (RAEDI) assists existing and potential businesses in the Rochester area secure the private and public resources needed to execute their growth plans. Since inception, RAEDI has assisted hundreds of businesses that have generated more than $2 billion of local economy activity, creating thousands of jobs.
