Kennedy EDA

Kennedy's Economic Development Authority (the Kennedy EDA) has a revolving loan fund in place to assist businesses in start-up or expansion, and for projects that will create new jobs or retain existing jobs in the community. The revolving loan fund has been established to promote an improved business climate by providing lower interest rates and long-term gap financing. Any for-profit, private sector business or industry, located or to be located in or around Kennedy is eligible to apply for funding.

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Guidelines

• The loan amount funded is typically not more than one-half of the total project amount.

• Refinancing is not normally an eligible funding activity.

• Borrower equity contribution equal to at least 10% of total project cost is typically required.

• Applicants will normally be required to provide collateral to secure each loan.

• The interest rate is dependant on the loan security provided.

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Priorities

• Projects that do not directly compete with existing business or industry in Kennedy.

• Projects that create one job per $10,000 in funding.

• Projects that make jobs available to low and moderate income persons.

• Projects with higher rates of Borrower equity contribution.

• Projects that will create an increase in the local tax base.

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Getting Started

• Kennedy EDA Revolving Loan Fund Program Guide

• Kennedy EDA Revolving Loan Fund Program Application

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For more information on Kennedy's EDA revolving loan fund, please contact the City office at 218-674-4142.

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The City of Kennedy is an Equal Opportunity Employer and Provider.

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Minnesota JOBZ Program

Grow your business and increase your company’s profits in Kennedy, one Minnesota’s Job Opportunity Building Zones (JOBZ).

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The State of Minnesota's JOBZ Initiative provides local and state tax exemptions to qualified companies that expand or relocate into targeted regions outside the Twin Cities metropolitan area—including Kennedy! With the many lots available within the City of Kennedy, you’re bound to find the perfect place to take your business to a whole new level of success.

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Actual benefits are determined by the exact nature of your business expansion, as well as its effective date. JOBZ benefits accrue from the date that your business qualifies and continue until December 31, 2015, when the JOBZ program is scheduled to expire. For more information on the JOBZ Initiative within the City of Kennedy, please contact the City office at 218-674-4142.

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Information, in part, provided by Minnesota Department of Employment and Economic Development.