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Timber Pines Senior Living received TIF in 2019
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The Village Apartments received tax abatement in 2022
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Hilltop Cottages received TIF in 2019
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Business Resources

The EDA provides resources and tools, including loans, grants, Tax Increment Financing, tax abatement and business subsidies to support development. To request any of these resources:

  1. Review the City's Business Subsidy Policy, Revolving Loan Fund Policy or Commercial Rehabilitation Loan Policy;
  2. Complete the Financial Assistance Application and collect required documentation;
  3. Submit application, supporting documents and the required fee to City staff. 

 Process and Timeline

The application process is similar to what would be expected when applying for a bank loan. The first step is to meet with City staff to discuss the project. If the project meets the guidelines, the next step is to prepare an application and gather all the necessary documents and supporting information. Applications are accepted monthly and must be submitted by the first business day. Once completed, the application will be reviewed by the EDA board and a recommendation will be made to City Council.

Other Business Financing Resources 

The City of Pine City frequently partners with the following on most requests for assistance related to business start-up, expansions and relocation. Please explore each entity's website and reach out to City staff or the respective staff of each entity for questions. 

Entrepreneur Fund

The Entrepreneur Fund actively partners with entrepreneurs in northeast Minnesota, central Minnesota and northwest Wisconsin to spark growth and achieve success. They help with business loans, flexible financing and strategically support and promote a culture of entrepreneurship throughout the region. 

  • Grow Your Business
  • Enhance Business Operations
  • Small Business Financing
  • Professional Growth & Networking

East Central Regional Development Commission

Revolving loan fund with the purpose to create and retain permanent, private sector, full-time jobs in the region.

  • Provide capital for business development and expansion
  • Leverage other public/private investment to achieve maximum number of jobs per loan fund dollar
  • Improve tax bases of local government units

Initiative Foundation

The Initiative Foundation combines targeted business financing and consulting services to help leverage private investment and create living-wage employment in the region. They do this through a range of partnerships and through the following activities and programs:

  • Business Financing
  • Consulting & Training
  • Exporting Initiative
  • Workforce Development

Minnesota Department of Employment & Economic Development

The State of Minnesota's Department of Employment and Economic Development has an extraordinary amount of resources for businesses, including information and help with:

  • Starting a Business
  • Financing a Business
  • Finding Workers
  • Exporting and Trade
  • Locating in Minnesota
  • Business Guidebooks
  • Help from Experts
 
Revolving Loan Fund Info Sheet 4.2019
Revolving Loan Fund Policy 7.2017
Business Subsidy Policy 7.2017
Commercial Rehabilitation Loan Policty 4.2019
Financial Assistance Application