City of Sleepy Eye, MN  

A City Rich in Tradition and History!
 

Economic Development Authority (EDA)

For more information, or if you have any questions or comments, contact Kurk Kramer, EDA Coordinator, at (507) 794-5636 or email at: eda@sleepyeye-mn.com

The EDA Board Meeting agendas and minutes can be found on the bottom of this page. 

EDA BOARD MEMBERS: 

  • Kathy Haala - President
  • Mike Carr - Vice President
  • Gary Windschitl - Secretary/Treasurer
  • Dan Schmid
  • Mike Schmid
  • Joann Schmidt
  • Nathan Stevermer

ADVISORY MEMBERS:

  • Christina Andres- Chamber Director
  • Mark Kober - City Manager
  • Kurk Kramer - EDA Coordinator

The Sleepy Eye Economic Development Authority (EDA) invites you to come and explore the opportunities for business investment and relocation in Sleepy Eye.

 

MISSION STATEMENT

The mission of the Sleepy Eye Economic Development Authority (EDA) is to maintain and improve the community through the retention and growth of business, industry and services. 

PURPOSE

The EDA was created by City Resolution in 1990 to promote the economic wellbeing of our community.   Since its inception the EDA’s primary responsibility has been commercial and industrial development and redevelopment.   

The EDA administers various business incentives and other economic development measures aimed at creating or retaining quality jobs, increasing the tax base and encouraging private investment into the community.

EDA TOOLS/FINANCING RESOURCES

  • Sleepy Eye Revolving Loan Fund (RLF)  The RLF is available to businesses either starting-up or expanding in the corporate city limits of Sleepy Eye.  The purpose of the RLF is to support business activities for which credit is not otherwise available on terms and conditions which would permit completion and/or the successful operation or accomplishment of the project in Sleepy Eye.
  • Sleepy Eye Downtown Rehabilitation Incentive Program (DRIP) This program is available to businesses located in the central business district of Sleepy Eye.  Eligible businesses can receive a forgivable loan for ½ of the rehabilitation project costs and a low interest loan for the remaining ½.  Businesses receiving assistance must undertake a program to improve the exterior of the building that may include new windows, siding, signs and awnings.
  • Loan Assistance Rate Buy Down  Must be for capital improvements, building rehab, and/or renovations only.  Interest rate buy down to 1% with maximum of 5% paid on a loan cap total at $25,000.00 per applicant.

  • Sign & Awning Program  This program is for local businesses interested in signage or awning for their business. 
  • Region 9 RLF  Gap type financing tool available to business start-up and expansions
  • Southern Minnesota Initiative Foundation RLF  Gap type financing tool available to business start-ups and expansions. 
  • Brown County Economic Development Partners RLF  Gap type financing tool available to business start-ups and expansions. 
  • Region 9 Micro Loan Program  This program is intended for business start-ups or expansions that cannot access capital through conventional means. 
  • Southern Minnesota Initiative Foundation Micro Loan Program  This program is intended for business start-ups or expansions that cannot access capital through conventional means.

 

Specific details on any or all of these programs are available upon request.  Contact the EDA office at (507) 794-5636

Sleepy Eye is experienced in utilizing Tax Increment Financing (TIF) and obtaining funds from the Minnesota Department of Trade & Economic Development.  Our local banks are experienced in working with Small Business Administration programs.  There is no economic development project too big or small – give us a try!

 

RESOURCES:   

Links to:

Minnesota Department of Employment & Economic Development

http://www.positivelyminnesota.com

Small Business Development Center

https://www.myminnesotabusiness.com/

Region 9 Development Commission

http://www.rndc.org/

Southern Minnesota Initiative Foundation

http://smifoundation.org/ 

Minnesota Technology

http://www.minnesotatechnology.org/sitemap.asp 

GreenSeam

http://greenseam.org

 

CONTACT US: 

Sleepy Eye EDA

200 Main Street East

Sleepy Eye, MN  56085 

Phone:  507-794-5636

email:  eda@sleepyeye-mn.com

 

PROPERTIES AVAILABLE

Downtown

Industrial

GENERAL OUTLINE OF DOCUMENTS REQUIRED TO SECURE FINANCING:

Most all financing packages require the entrepreneur or business owner to have a basic set of financial documents in order to secure financing.  We'll make every effort to make sure that your package is complete and flows from beginning to end.

 

Following is a list of items needed:

Business Plan Outline -  http://www.ntia.doc.gov/opadhome/mtdpweb/busplano.htm

Personal Financial Statement – http://www.sba.gov/sbaforms/sba413.pdf

3 Years Historical Tax Returns, Business and Personal 

Assumptions to Financials

Pro-forma Cash Flow (2 Years), Pro-forma Income Statement (3 Years) and Pro-forma Balance Sheet (3 Years) – CLICK THE DOCUMENT AT THE BOTTOM OF THE PAGE FOR SAMPLE PRO-FORMA FINANCIAL PROJECTIONS.

Amortization Schedules

Cost Estimates (Bids are Preferred)

Financing Commitment Letters (If Secured)

Purchase Agreements (If Appropriate)

Other – Any other documents that would support your project.

EDA AGENDAS AND MINUTES

200 Main Street East, Sleepy Eye, MN 56085 (507)-794-3731