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Financing Solutions
Maplewood's Economic Development Authority (EDA) promotes and facilitates economic development within the city. The EDA considers development proposals on a case-by-case basis and uses a broad range of tools and programs to help projects become viable. This resource is a sample of the tools available for the EDA to use.
Tax Increment Financing
Tax increment financing (TIF) is a planning and financing tool which has been used by local units of government since 1973.Tax increment financing was originally designed by the Minnesota Legislature to replace the federal urban renewal programs of the 1960s, which were gradually cut back and eventually eliminated. Contact the city for more information relating to the use of TIF.
Ramsey County Business Loans Program
Ramsey County receives funding from federal sources and repayments of current loans to capitalize its loan pool. Business Loan staff provide technical assistance in meeting program requirements and will work with applicants to determine the most appropriate source of financing. Accepted loan application packages are reviewed by an independent committee. Loan terms and conditions are negotiated by Ramsey County, and repayment is made to the county.
Ramsey County Open to Business Program
Open to Business is a partnership between Ramsey County and the Metropolitan Consortium of Community Developers (MCCD) and provides direct technical assistance and other forms of support to small business owners and entrepreneurs at no cost. All current business owners and aspiring entrepreneurs intending to establish, purchase, or improve a business within the county are eligible and encouraged to participate.
For additional information contact Metropolitan Consortium of Community Developers Business Advisor, Luis Mendoza by email at lmendoza@mccdmn.org or at 651-216-6252.
Ramsey County Emerging Entrepreneur Loan Program
This program supports the growth of businesses owned and operated by minorities, low-income persons, women, veterans, and/or persons with disabilities.
DEED provides funding to certified nonprofit partners to make loans to these Minnesota businesses throughout the state. The program is designed to encourage private investment, provide jobs for minority and low-income persons, create and strengthen minority business enterprises, and promote economic development in low-income areas.
Minnesota Department of Employment and Economic Development (DEED)
The State's business financing programs help companies and communities retain existing jobs and create new high-quality jobs. Not all businesses are eligible. Qualifying companies must meet specific job creation and wage goals.