The New Ulm Economic Development Authority (EDA) recently approved a new grant program available for small businesses during their first year of operation. The maximum grant is $10,000 per business. The EDA has allocated $50,000 for this program and applications will be processed on a first-come, first-served basis.

Eligible start-up costs can be reimbursed such as signage, inventory, advertising, accounting, equipment or furnishings, rent, insurance and other costs associated with starting a new business.

To be eligible for the Small Business Incentive Program, the business must be located in a commercial/ industrial storefront with an individual address, the business must have fewer than 10 employees (including the owner) and the application must be submitted within the first year of operation. The only homebased businesses eligible for this program are in-home daycares. Non-profits are not eligible.

If you are interested in this grant program, please contact:

Audra Shaneman

Economic Development Director/Assistant City Manager

(507)233-2121 ext. 105

AudraS@newulmmn.gov

Homebuyer Assistance Loan Program:

The EDA allocated $50,000 earlier this year for a new loan program to help first time homebuyers who wish to purchase a home in New Ulm with their down payment and closing costs. There are no income limits for this program. Homebuyer must use a local lender and be pre-qualified for a mortgage. Applications are processed on a first-come, first-served basis. Eight loans were funded through this new loan program in 2019. Staff will request that the EDA approve another $50,000 in funding for this program for applications received in 2020.

If you are interested in this loan program, please contact:

Heather Bregel

Housing Coordinator

(507)233-2121 ext. 163

HeatherB@newulmmn.gov