NEW ULM – The New Ulm Economic Development Authority (EDA) found little change in their reviewed of its Get It Ready Single Family Rehab Loan program, except maybe the program’s name.

At the start of 2026, the New Ulm EDA began a year-long audit of its economic programs to determine which ones needed to be adjusted or eliminated. During Tuesday’s work session, the board reviewed the Get It Ready Rehab Loan program. Through the program, single-family homeowners could receive a 10-year loan of between $5,000 and $40,000 at 2% interest for the purpose of fixing up a home. Initially, the program was created for people looking to fix up their home to sell it, but the program has evolved to include new home owners who want to bring the house up to code.

EDA Coordinator Heather Bregel said staff had a few recommendations for updating the program works as is. She did recommend that the loan requirements be updated for credit history. Currently, the EDA only requires applicants to have a positive credit history.

Bregel suggested applicants have a credit score of 650 or above to be compatible with other loan programs. Another recommendation was that the applicant occupy the home at the time of application.

Bregel said in the past, some applicants have applied for the loan without living in the home. She was concerned that if the applicant is not occupying the home, the intention might be to flip the home for resale, which is not the purpose of the loan.

“The intent of the program was to give it to single-family homeowners to either fix it or sell it, or move into once it’s fixed,” she said. “I think they should be living in the home when they apply for the loan.”

EDA board member Mike Lieb suggested all program applicants be asked to give proof of home owners’s insurance. This would mean that any potential insurance claim issued to the home could be used to pay back the EDA loan.

Board member Andrea Boettger said it would be a simple addition to the application process, and it would further protect the EDA and is a fairly common practice.

The board briefly discussed whether “Get it Ready” was the appropriate name for the loan. The program was originally intended for applicants looking to get their home ready to sell it, but since it could be used by new homeowners looking to make repairs, the board questioned if the loan should be rebranded as a home improvement loan.

City Manager Chris Dalton said they could change the program name, but recommended a name that emphasizes this loan was for fixing the infrastructure of a home, not remodeling.

Bregel agreed, saying the program was to bring a home up to health and safety codes rather than place marble countertops in the kitchen.

Dalton said staff would bring back new program titles at a future meeting.

“I do think it is a really great program,” Boettger said. “It is nice that we have something to offer to make sure we’re maintaining our housing stock.”