The St. Joseph Economic Development Administration (EDA) has a history of providing technical and financial assistance to assist existing and new businesses accomplish their corporate goals. The EDA is pleased to offer local businesses access to the following incentives and information resources.

Business Facade Architectural Grant Program

The Business Facade Architectural (BFA) program provides an incentive to stimulate visible (re)investment in St. Joseph businesses. The program provides a matching grant for actual design and construction costs, up to $2,000 per property address per year. Qualifying projects must be of an approved design, be applied for by commercial property owners and/or merchants, and be applicable to exterior building improvement, landscape improvements, and other similar improvements visible from a public right of way. Signage is an eligible expense when combined with another improvement.

Grant application

Demolition Grant Program

An incentive is available for St. Joseph commercial property owners with outdated buildings. The Demolition Grant Program will match up to $3,500 in demolition costs per property. Additional expenses relating to lead paint and/or asbestos removal may qualify for additional assistance. The intent of the grant is to create vacant build-able parcels in existing concentrated business districts by removing structures exceeding their useful life.

Grant application

Tax Increment Financing

Tax increment financing (TIF) is a tool which allows the city / EDA to reimburse the company or land owner a portion of the new property taxes which are generated as a result of an expansion project. The amount of financial assistance available (TIF) is dependent upon a number of factors including but not limited to the assessed market value of the building and the financial need of the company. Several types of TIF districts are authorized by state law.

Tax Abatement

Like TIF, tax abatement is a tool which allows the city / EDA to reimburse the company a portion of property taxes which are generated within a specified period of time. The difference between TIF and tax abatement is that with tax abatement the county and/or school district have an option to participate (with TIF participation is mandatory). The amount of the tax abatement available depends on a number of factors, including, but not limited to the financial needs of the company and participation by county and school entities.

TIF application

TIF abatement policy

Industrial Revenue Bonds

Industrial Revenue Bonds (IDB) are private activity bonds (small issue manufacturing bonds) issued by cities or EDAs on behalf of private borrowers to finance the fixed costs of manufacturing facilities. IDBs may be utilized if the company owns or is leasing the facility. The bonds are marketed on their financial strength. Financial statements of the company do not need to be disclosed to investors. If the company is interested in this option, the city / EDA would proceed with requesting an allocation for funds from the state of Minnesota, following submittal of the required pre-application.

Small Business Development Loan Program

This state program is available to manufacturing or industrial small businesses (500 employees or less) which create a significant number of new jobs. Eligible projects include business expansions with funding for acquisition of land, building, equipment, and/or building construction or renovation. This state issued IDB requires a minimum $500,000 and maximum $6,000,000 project. Interest rates depend on the market rate of interest at the time bonds are sold. Terms are typically 20 years for real estate and 10 years or 80% of the useful life for equipment. Projects must be completed within two years. The Minnesota Agricultural and Economic Development Board (MAEDB) review applications monthly.

Minnesota Investment Fund (MIF)

The Minnesota Department of Employment and Economic Development (DEED) offers a program, which is a grant to the community that in turn makes a low interest loan to a company for land, buildings, equipment, and infrastructure improvements.

Revolving Loan Fund

A revolving loan fund was established in 2002, through principal and interest payments from a MIF grant/loan.

Revolving Loan Fund application

Revolving Loan Fund flyer

Revolving Loan Fund program rules

US Department of Agriculture: Rural Business Cooperative Service, Business & Industry Guarantee Program

Loan guarantee (up to 80%) to individuals, partnerships, corporations, cooperatives, or non-profits for improving private business enterprises. Loans can be for business creation, expansion or refinancing and used for land acquisition, facility construction, equipment purchases and/or working capital. Terms depend on proposed collateral but are typically seven years for working capital, 15 years for equipment, and 20 years for real estate. Requires 20% equity injection for new businesses or 10% for existing businesses. Applications accepted year round. For additional information please visit the United States Department of Agriculture Rural Development's website.

Incentives for Energy Providers

Stearns Electric offers rate incentives to qualifying businesses within the City of St. Joseph.

Incentives for Disadvantaged Persons

• The African Development Center provides business consulting services and financing to African entrepreneurs.
• The American Indian Economic Development Fund provides gap financing, technical assistance, and culturally relevant business education to enrolled bank members who wish to start or expand businesses.
• Latino Economic Development Center provides business development services to Latino entrepreneurs, including help with understanding financing and regulatory processes.
• The SBA's 8(a) Business Development Program is a business development program created to help small disadvantaged businesses compete in the American economy and access the federal procurement market. Socially disadvantaged individuals are those who have been subjected to racial or ethnic prejudice or cultural bias because of their identity as members of a group.

Technical Assistance – City of St. Joseph Economic Development Authority

The City of St. Joseph contracts with consulting economic development professionals who are able to assist with technical input into projects, finance packaging, and navigating the city review process.

Job Training

The City of St. Joseph has established ties with the Minnesota Department of Employment and Economic Development (DEED) and is familiar with job training and retraining resources offered through DEED.

Career solutions also assists with job training and employment opportunities in the St. Cloud area. Their website can be found by clicking here. 

Minnesota Technology, Inc.

This fee-based service provides business / technology consulting and training services for manufacturing and high technology companies in Minnesota. For more details checkout Enterprise Minnesota.

Free Business Counseling: Minnesota Small Business Development Centers

The Small Business Development Centers provide business counseling services for prospective and current business owners at no charge. Services include business planning, loan application preparation, sales and marketing assistance, accounting, and financial analysis. Local offices: St. Cloud State University phone is (320) 308-4842.

Anderson Center for Management and Leadership Development

The Anderson Center in St. Cloud provides management and leadership development services that facilitate economic growth in Central Minnesota. The Center provides management and leadership forums throughout Central Minnesota. Anderson Center serves business owners, executives, directors, managers, financiers, and their advisors from businesses and non-profits throughout greater Minnesota.

Donald McNeely Center for Entrepreneurship

The Donald McNeely Center for Entrepreneurship at the College of St. Benedict / St. John’s University is an entrepreneurship education resource that provides classes, coaching and assistance to entrepreneurs. It builds relationships among and between CSB / SJU students, faculty, alumnae/i, and community members to create and strengthen the entrepreneurial spirit.