Business Financing & Resources

There's a wide variety of programs and resources available for businesses looking to expand or locate in the City of Cold Spring.  We understand each business is different, and there is no one-size-fits-all program; please give us a call to help you determine which program best fits your needs. 


The Small Business Administration (SBA)
The United States SBA was created to counsel, assist and protect the interests of small business concerns, to preserve free enterprise and to maintain and strengthen the overall economy.  The SBA helps you start and grow your business and offers several loans and programs.  

Central Minnesota SCORE
SCORE provides free and low-cost business mentoring services, educational workshops, and other resources to entrepreneurs and business owners.


Central MN Development Company (CMDC)
The CMDC is a private non-profit development company that helps provide special financing to small and mid-sized businesses.  Benefits include: lower down payments, longer terms, below market fixed rates and rapid turnarounds.  

Initiative Foundation
The Initiative Foundation works to strengthen the economy and communities of Central Minnesota.  The following financing programs are available:

  • Business Loan Fund - up to $500,000 for value-added agriculture and manufacturing companies that bring new revenue to communities.
  • Nonprofit Loan Fund - up to $100,000 for the creation or expansion of mission-related earned-income/social enterprise activities carried out by eligible nonprofit organizations. Loan proceeds may be used for working capital, equipment acquisition and/or facility improvements.
  • Lender Match Loan Fund - up to $100,000 for manufacturing, technology, wholesale and other businesses. In partnership with financial institutions, this fund provides crucial capital to minimize the out-of-pocket cash outlay otherwise needed for a down payment on the purchase of equipment or real estate 


MN Department of Employment & Economic Development (MN DEED)

The MN DEED is the state's economic development agency.  MN DEED programs promote business recruitment, expansion, retention, workforce and community development. Their Starting a Business page can help you tackle common questions related to staring a business. The following financing programs are also available:

  • Minnesota Job Creation Fund - up to $1,000,000 for creating or retaining high-paying jobs and for constructing or renovating facilities
  • Minnesota Investment Fund - projects receive $500,000 or more for adding new workers and retaining high-quality jobs; funds used for real estate and machinery/equipment
  • Emerging Entrepreneur Loan Program- provides loan capital for businesses that are owned and operated by minorities, low-income persons, women, veterans and/or persons with disabilities
  • Minnesota Reservist and Veteran Business Loan Program- provides business loans to companies that are affected when employees are called to active military duty and to individual veterans who want to start their own business. Both types of loans provide one-time, interest-free loans of $5,000-$20,000.
  • Angel Tax Credit- provides tax incentives to investors or investment funds that make equity investments in startup companies focused on high technology, new proprietary technology.


United States Department of Agriculture (USDA)
The USDA provides financial assistance and business planning to help create and retain high-quality jobs. The USDA Rural Development Office has programs to assist new and existing construction, equipment purchases, renewable energy production, and energy efficiency upgrades.