Our EDA is Here to Help!

Stewartville is proud to support both existing and prospective businesses!  The Economic Development Authority has established a number of unique programs in order to carry out its mission and grow the community.  More information is available at the links below.  In addition to programs specific to Stewartville, the EDA is open to exploring the use of other creative methods to make a project happen as well as traditional economic development tools like tax increment financing, tax abatement, and federal, state, and other grants when available and appropriate.

Please call the EDA at (507) 533-4745 for any questions or more details about these or other development tools or incentives.

Working and doing business in Stewartville.

Downtown Rehabilitation Program (Facade Improvement)

Part I: Forgivable loan to assist owners of property zoned B-1 (central business district) with fixed, permanent, and decorative exterior enhancements including but not limited to signage, awning, lighting, windows, entry doors, and retaining walls, or similar type structures.

Part II: For qualifying projects over $15,000. For eligible project items on projects over $15,000, an EDA loan is available at 0% APR; loan limit and term is determined on a per project basis.

Downtown Redevelopment Program

Forgivable loan to assist owners of property zoned B-1 (central business district) with demolition, abatement of environmental issues, site grading/prep and fill, and addressing site access and configuration issues. Dollar-for-dollar match required. May not sell the property for 5 years and must increase the tax base of the property within 2 years of approval of repayment is required.

Finders Fee Program

Incentive for licensed real estate agents to sell city-owned commercial and industrial lots.

EDA Revolving Loan Fund

Provides gap financing to new & existing businesses with the goal of retaining and creating jobs in the City. A business in Stewartville may qualify for loans at below market rates. Proceeds may be used for land acquisition, site improvements, new construction, remodeling, machinery, and fixtures. Any project located within Stewartville that meets the eligibility requirements may apply for a loan from the Economic Development Authority. Some restrictions apply.

Business Incubation Program

New businesses who are interested in renting space in Stewartville can receive free education in core business competencies and rental assistance at decreasing amounts for a total period of 18 months!

Existing Building Purchase Incentive Program

A business owner who purchases an existing, qualifying building may receive a cash incentive relevant to the number of jobs created.

Tax Abatement

Tax abatement is the process by which a portion of property taxes are rebated back to the property owner, who then uses it to help offset development or redevelopment costs. Tax abatement is simpler and less restrictive than tax increment financing and is quite useful for smaller projects.

Tax Increment Financing

Tax Increment Financing (TIF) is a method of financing real estate development costs to assist with the construction of buildings or other private improvements, as well as other types of development.

TIF uses the additional property taxes paid as a result of development and increased property value to pay for a portion of the development costs.