Please contact the Community & Economic Development office for additional information and to help determine eligibility.
Local Business Resources
The City of Faribault has various incentive programs designed to support and encourage investment in the community.
Economic Development Loans
*New in 2016* Downtown Commercial Rehab & Exterior Improvement Program
Small Business Loan Guide through Consumer Affairs
According to The SBA Loan Book: The Complete Guide to Getting Financial Help Through the Small Business Administration, over 99 percent of all business entities in the US are small businesses. These businesses represent over half of the private workforce and the private-sector output and over 40 percent of all private commercial sales in the United States.
How do so many small businesses get started? It all begins with the right type of financing. Whether you are astartup business or are expanding your current business, you need money to get rolling. This guide will help you figure out the type of loan you need for your business and will look at the step-by-step process of securing a business loan:
Determine the type of loan you need
Look in the right places for a business loan
Find help applying for your loan from business professionals
Talk to your preferred lender ahead of time
- Write and present your business plan
Housing Development Loans and Grants
Regional & State Partner Resources
The City of Faribault understands that importance of leveraging resources and building a network of partners who are interested in working towards the same vision. The following organizations are important contributors to development efforts in our community, providing financial resources that support quality growth. Each organization has their own tools, which are integral components to the overall development toolbox.
- Faribault Area Chamber of Commerce - The local chamber advocates for businesses and works to build strong alliances. Their vision is to support growth and prosperity, and they are a strong economic development partner. The Faribault Area Chamber of Commerce also maintains a list of local businesses and other business resources
- Faribault Main Street is organized to unify the Central Business District, with emphasis on Central Avenue, to create an attractive destination in which businesses prosper, the community benefits and residents and visitors enjoy a quality downtown experience.
- Rice County Economic Development - provides economic development loans and tax abatement for qualifying projects.
- Rice County Small Business Development Center (SBDC)- The Rice County Small Business Development Center is housed at the Faribault Area Chamber of Commerce office. The SBDC provides free and confidential counseling for small businesses. Local, qualified counselors are available to meet with businesses on any business topic.Rice County Small Business Development Center (SBDC)- The Rice County Small Business Development Center is housed at the Faribault Area Chamber of Commerce office. The SBDC provides free and confidential counseling for small businesses. Local, qualified counselors are available to meet with businesses on any business topic.
- Steele-Waseca Cooperative Electric (SWCE) - is an electric utility provider that serves our industrial parks. Not only does SWCE provide reliable electric power, they have loan programs designed to support development within their territory, and they have access to USDA no-interest loan dollars.
- South Central College - is part of the MnSCU system and is know for their quality education and training. The Center for Business and Industry (CBI) was established specifically to help businesses. South Central College and CBI are positioned and ready to provide training and curriculum to meet the needs of business and industry.
- State of Minnesota - Department of Employment and Economic Development (DEED) - supports economic development efforts throughout the state. The City of Faribault has successfully worked with DEED staff to access state and federal program dollars for local projects.
** New in 2016 ** The EDA partnered with the University of MN Extensions to analyze available data to better understand Faribault’s economy. While there are many methods for measuring and describing “economy” – this project intentionally focused on Faribault’s competitive advantages. The report provides a broad overview of the local economy with a specific focus on its strengths – a strong, diverse manufacturing base, relatively strong growth in employment and wages, and a growing population of working age adults in the face of statewide (nationwide) workforce shortages.
- Understanding Faribault's Economy
- City Limits Area Map (PDF)
- ZIP Code Area Map (PDF)
- City-Wide Traffic Counts (PDF)
- 2015 - ESRI - Traffic County Map 2 - City of Faribault
- 2015 - Market Profile - City of Faribault
- 2015 - Retail Market Potential Report - City of Faribault
- 2015 - Retail MarketPlace Profile - Leakage-Surplus Report - City of Faribault
- Complete Parking Study (PDF)
- Parking Study Overview (PDF)