Commercial Development Program
To assist Murray County business owners with repairs to commercial and retail property, the Murray County EDA offers Commercial Development Program loans for permanent repairs to Murray County commercial and retail businesses and non-profits.
Property owners are eligible for up to $20,000 to make needed repairs on their non-profit, commercial or retail business. Borrowers must supply at least a 1:1 match of private funds.
- Loans carry 2% interest, which begins to accrue 6 months from loan closing.
- Loans for the program will be repayable in equal monthly installments beginning 6 months from loan closing or final loan disbursement, whichever occurs first, with a maturity date of 5 years after loan closing.
- Loans will be due and payable in full when the borrower refinances, sells the business, or closes the business.
- Loans made under the Commercial Development Program are not assumable.
Applicants should complete the Commercial Development Program application and submit it, along with other required documents, in person or by mail to the Murray County EDA office at 2848 Broadway Avenue, Slayton, MN 56172. The application requests information on the property, the source of matching funds and other financing necessary to complete the proposed rehabilitation project.
Eligible applications will be processed and funded on a first-come, first-served basis.
Guidelines for the program can be found HERE.
For more information, contact Justine Wettschreck at 507-836-6023 or email firstname.lastname@example.org