Economic Development

EDA Board Members:

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

Advisory Members:

Christina Andres - Chamber of Commerce 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.

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

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/Financial 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) 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.

Click The Document Below For Sample Pro-forma Financial Projections.
Just fill in the blanks to get started - most all formulas have already been entered.