Business Financing Resources
Whether you are a one-person shop or a large corporation, we take your business needs seriously and will do our best to help you start or grow your business in the Thief River area.
We will help you navigate the programs and streamline the process of getting your project off the ground.
Business Navigation
Starting and/or growing a business can be complicated, but we work hard to streamline the process. Business Navigation services are available for businesses looking to start, locate, or grow a business in Pennington County.
Business Financing
Businesses locating, starting, or expanding in Thief River Falls may be able to combine conventional financing with local, regional, state, and federal programs. Available assistance includes low-interest and gap financing, loan guarantees, tax incentives, workforce training grants, energy-improvement financing, and equity investment.
Eligibility, funding availability, interest rates, and program requirements vary. Advance Thief River can help businesses identify the most promising programs, connect with appropriate lenders and agencies, and assemble a financing package.
City of Thief River Falls Finance Programs
Revolving Loan Fund
The City of Thief River Falls Revolving Loan Fund provides financing for eligible businesses creating or retaining jobs. Funds may be used to acquire land or buildings, construct or renovate facilities, and purchase machinery, equipment, or other fixed assets.
Published guidelines provide for financing of up to $50,000 per job created or retained, with a maximum loan of $250,000 or 75% of eligible project costs, whichever is less. Interest rates and terms are established by the City, and assistance is subject to funding availability and City approval.
View Revolving Loan Fund guidelines
Commercial Energy Renovation Loan
Low-interest financing is available for improvements such as heating and cooling systems, windows, doors, insulation, roofing and accessibility improvements. Loans are available for up to $100,000 at a 2% interest rate, subject to current city guidelines and available funds.
Commercial Energy Renovation Loan Application Form.
Storefront Renovation Loan
Businesses and commercial property owners may finance exterior remodeling, signage, awnings and accessibility improvements. Loans are available for up to $35,000 at a 3% interest rate, with a term not exceeding 60 months.
Storefront Renovation Loan Application.
Tax Increment Financing and Tax Abatement
For qualifying development or redevelopment projects, the City may consider Tax Increment Financing or property-tax abatement. These tools can help finance eligible site-development, infrastructure, demolition, redevelopment or other project costs. Assistance is considered individually and requires City approval.
Regional Business and Investment
Northwest Regional Enterprise Loan Fund
The Northwest Regional Development Commission provides gap financing to businesses in Pennington County and the surrounding region. Loans generally range from $5,000 to $150,000 and normally finance no more than one-third of a project. Eligible uses can include business startup or expansion, equipment, facilities and working capital. Job creation or retention is generally required.
Learn about the Enterprise Loan Fund
Northwest Minnesota Foundation Business Loans
The Northwest Minnesota Foundation provides financing and technical assistance to startups and expanding businesses. Loans can support equipment, inventory, working capital, light renovations and eligible debt refinancing. The typical maximum is $35,000, although loans up to $50,000 may be considered case by case. Real-estate purchases are not eligible.
Learn about NMF business loans
Minnesota PROMISE Loan Program
The PROMISE Loan Program provides financing through the Northwest Minnesota Foundation to qualifying businesses, nonprofits and developers. Eligible applicants generally must have annual revenue below $1.5 million and operate in an eligible community. Loans may reach $1.5 million, carry an interest rate no higher than 3% and have terms of up to 20 years. Funds may support real estate, construction, renovation, equipment and infrastructure but not working capital or inventory.
Northwest Minnesota Foundation Child Care Financing
New and existing licensed child care businesses in Pennington County may apply for specialized financing to create, expand, improve or retain child care capacity. Eligible applicants include family child care businesses, for-profit centers and qualifying nonprofit programs. Interest-rate reductions may be available for providers that achieve or increase a Parent Aware rating.
Learn about child care financing
Two Rivers Angel Network
Two Rivers Angel Network connects Thief River Falls-area entrepreneurs with accredited investors. Members consider investments in startup and emerging companies across manufacturing, technology, retail, service and other industries. Financing may be structured as equity, debt or convertible debt, with individual investors making their own investment decisions.
Minnesota Business Expansion and Capital Programs
Minnesota Investment Fund
The Minnesota Investment Fund supports businesses creating or retaining high-quality jobs, with an emphasis on manufacturing, industrial, warehousing, distribution and technology-related projects. Financing is generally provided through the local government and can support machinery, equipment and other eligible expansion costs. Awards are structured as loans, although a portion may be forgiven when negotiated job, wage and investment requirements are met.
Learn about the Minnesota Investment Fund
Minnesota Job Creation Fund
The Job Creation Fund provides performance-based financial assistance to businesses making significant real-property investments and creating well-paying jobs. Qualifying Greater Minnesota projects generally must create at least five new full-time jobs and invest at least $250,000 in eligible real-property improvements. Awards and capital-investment rebates may total up to $2 million in certain cases.
Learn about the Job Creation Fund
Greater Minnesota Job Expansion Program
Qualifying existing businesses that expand employment in Greater Minnesota may receive sales-tax refunds for eligible purchases over a certification period of up to seven years. A business generally must have operated in Greater Minnesota for at least one year and increase employment by at least two full-time-equivalent positions or 10%, whichever is greater. Retail, hospitality, professional-service and other excluded industries do not qualify.
Learn about the Greater Minnesota Job Expansion Program
Minnesota Loan Guarantee Program
The program helps enrolled lenders make loans to eligible Minnesota small businesses by guaranteeing 80% of the loan principal, up to an $800,000 guarantee. Businesses apply through a participating bank, credit union, community lender or nonprofit lender. The lender establishes the interest rate, collateral and repayment terms.
Learn about the Minnesota Loan Guarantee Program
Small Business Loan Participation Program
DEED purchases a portion of qualifying loans made by approved nonprofit and community-based lenders. State participation generally ranges from $10,000 to $250,000 and can help finance equipment, real estate, working capital and startup costs. The business applies through an approved participating lender.
Learn about the Small Business Loan Participation Program
Automation Loan Participation Program
Minnesota manufacturing, distribution, technology and warehousing businesses with fewer than 500 employees may qualify for low-interest financing to purchase machinery, equipment or software that increases productivity or automation. Loans are available for up to $500,000 at 1% interest, generally with five- to seven-year terms. Private matching financing is required.
Learn about the Automation Loan Participation Program
Emerging Entrepreneur Loan Program
This program provides financing through approved nonprofit lenders to businesses majority-owned and operated by women, veterans, people with disabilities, minorities or people with low incomes. DEED’s portion of a loan may range from $5,000 to $150,000, and participating lenders may provide additional financing.
Learn about the Emerging Entrepreneur Loan Program
Growth Loan Fund
Early-stage Minnesota businesses engaged in technological innovation may qualify for low-interest financing when raising equity from accredited investors, angel investors or venture funds. The loan amount is tied to the equity raised and may reach $400,000. The business must meet the program’s technology and investment requirements.
Learn about the Growth Loan Fund
Minnesota Forward Fund
The Minnesota Forward Fund provides grants and loans for large private-capital investments in new or expanding industries. Eligible costs can include land development, buildings, machinery, equipment, infrastructure and working capital. The program is primarily intended for major projects, including projects that require a state match for federal funding.
Federal Small Business Financing
SBA 7(a) Loan Program
The SBA 7(a) program helps qualified small businesses obtain financing through participating lenders. Loans of up to $5 million may be used for real estate, buildings, equipment, working capital, refinancing, supplies and business acquisition.
SBA 504 Loan Program
SBA 504 loans provide long-term, fixed-rate financing for major fixed assets. Financing can support the purchase, construction or improvement of owner-occupied commercial real estate and the purchase of long-term machinery and equipment. SBA-backed portions may reach $5 million or $5.5 million for certain qualifying projects.
SBA Microloan Program
Small businesses and eligible nonprofit child care centers may obtain loans of up to $50,000 through SBA-approved nonprofit intermediary lenders. Funds can support startup expenses, inventory, supplies, furniture, fixtures, machinery, equipment and working capital.
Rural Business, Energy, Environmental and Agricultural Financing
USDA Business and Industry Loan Guarantees
USDA guarantees loans made by participating commercial lenders to eligible rural businesses. Financing can support business acquisition, startup, expansion, real estate, buildings, machinery, equipment, working capital and eligible refinancing. Businesses should begin by contacting a participating lender.
Learn about USDA Business and Industry Loan Guarantees
USDA Rural Energy for America Program
REAP provides grants and loan guarantees to rural small businesses and agricultural producers for renewable-energy systems and energy-efficiency improvements. Eligible projects may include solar, geothermal, energy-efficient lighting, heating and cooling systems, insulation, motors and process improvements. Funding is competitive and subject to periodic application rounds.
USDA Rural Economic Development Loan and Grant Program
USDA provides financing through eligible rural electric and telecommunications utilities. A participating utility may pass a zero-interest loan through to a business for startup, expansion, buildings, equipment, real estate or working capital. Businesses cannot apply directly to USDA, and assistance depends on participation by an eligible local utility.
USDA Intermediary Relending Program
USDA provides capital to participating nonprofit organizations, public agencies, cooperatives and Tribal organizations that make loans to rural businesses. Financing may support startup or expansion, facilities, land, equipment, leasehold improvements and working capital. Local availability, rates and terms are determined by the participating intermediary.
Learn about the Intermediary Relending Program
USDA Rural Microentrepreneur Assistance Program
Rural businesses with 10 or fewer full-time employees may obtain microloans through participating Microenterprise Development Organizations. Loans of up to $50,000 may support working capital, equipment, supplies, eligible refinancing and real-estate improvements. The business applies through a participating organization rather than directly to USDA.
USDA Rural Business Development Grants
These competitive grants can support projects benefiting small and emerging rural businesses, including technical assistance, feasibility studies, workforce training, equipment, facilities, business incubators and revolving loan funds. A for-profit business cannot apply directly; an eligible local government, Tribal government or nonprofit organization must sponsor the application.
Learn about Rural Business Development Grants
USDA Value-Added Producer Grants
Agricultural producers, producer groups, cooperatives and majority producer-owned ventures may apply for competitive grants to develop value-added agricultural products. Planning grants may reach $50,000, while working-capital grants may reach $200,000. A one-to-one match is required.
Learn about Value-Added Producer Grants
USDA Farm Ownership and Operating Loans
USDA’s Farm Service Agency offers direct and lender-guaranteed financing to qualifying family-sized farmers and ranchers who cannot obtain sufficient conventional credit. Funds may support farmland, buildings, livestock, equipment, feed, seed, supplies and operating expenses. Specialized microloans and beginning-farmer programs are also available.
USDA Farm Storage Facility Loans
Agricultural producers may obtain low-interest financing for eligible commodity storage and handling facilities and equipment. Storage-facility loans may reach $500,000, while eligible storage and handling trucks may be financed up to $100,000. Terms generally range from three to 12 years.
Learn about Farm Storage Facility Loans
USDA Biorefinery and Biobased Product Loan Guarantees
USDA can guarantee lender financing for commercial-scale advanced biofuel, renewable-chemical and biobased-product manufacturing facilities. Guarantees may reach $250 million, subject to borrower equity and extensive technical and financial review. This is primarily relevant to major bioindustrial development projects.
Learn about USDA Section 9003 financing
MinnPACE Financing
Commercial, industrial, nonprofit and qualifying multifamily property owners may finance energy efficiency, renewable energy, water-conservation and building-resiliency improvements through a property assessment. Financing can cover projects such as HVAC, lighting, insulation, motors, solar systems, geothermal systems and electric-vehicle charging infrastructure. Repayment is made through a special property-tax assessment.
Minnesota Small Business Environmental Improvement Loans
The Minnesota Pollution Control Agency provides loans of up to $75,000 at 0% interest to qualifying small businesses. Funds may be used for equipment that meets or exceeds environmental regulations or for investigating and cleaning up contaminated sites. Applicants must have fewer than 100 full-time employees and meet the program’s profitability requirements.
Workforce Training Assistance
NWPIC Incumbent Worker Training Program
The Northwest Private Industry Council provides reimbursement assistance to businesses training current employees. A business may receive up to $10,000 per program year for qualifying training such as recognized credentials, technical or computer skills, HR certifications and process-efficiency training.
Employers must contribute toward the project through cash or eligible in-kind costs:
- 10% for businesses with 50 or fewer employees
- 25% for businesses with 51–100 employees
- 50% for businesses with more than 100 employees
Learn about Incumbent Worker Training
Minnesota Job Training Incentive Program
New or expanding Greater Minnesota businesses may receive grants of up to $200,000 to train workers for newly created jobs. A project must generally create at least three new positions meeting minimum hours and compensation requirements. The business must provide a match equal to at least 50% of the grant.
Learn about the Job Training Incentive Program
Minnesota Job Skills Partnership
Businesses may partner with an accredited Minnesota educational institution to develop customized training for new or existing employees. Grants of up to $400,000 are awarded to the educational institution, which develops and delivers the training in partnership with the employer.
Learn about the Minnesota Job Skills Partnership
Automation Training Incentive Program
Small manufacturing and skilled-production businesses may receive grants of up to $25,000 to train existing employees on newly acquired automation technology. Eligible costs can include trainee wages, curriculum development, instruction, materials, equipment, testing and certifications. Awards are made on a first-come, first-served basis while funding remains available.
Not sure where to begin?
Business financing often combines several sources, such as owner investment, bank financing, and local or state gap financing. Contact Advance Thief River before purchasing property, ordering equipment, beginning construction, or committing to a project. Some programs require approval before costs are incurred or jobs are created.
Advance Thief River can help you:
- Evaluate potential program eligibility
- Identify appropriate lenders and financing partners
- Coordinate conversations with the City and Minnesota DEED
- Prepare financial projections and application materials
- Develop a complete financing strategy
Get started by sending an email or submitting a question using the contact form at the bottom of this page.
Contact Advance Thief River
Contact Michelle Landsverk, Executive Director of Advance Thief River with specific questions or to set up a meeting to discuss your needs.
Advance Thief River
Mailing Address
PO Box 773
Thief River Falls, MN 56701
Office
By Appointment Only
Spark Hub
(Inside Garden Valley Building)
1412 3rd Street West
Thief River Falls, MN 56701
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