Financial resources for Otter Tail County businesses

Starting up or expanding a business takes more than a good idea. It also takes funding, planning, and support from organizations that understand the financial needs of local businesses. Loans, tax incentives, and other financial resources can help business owners take their next step—renovating or expanding buildings, buying equipment, improving energy efficiency, creating jobs, or planning for long-term growth.

There are a variety of financial resources available to Otter Tail County businesses. These programs can help business owners access funding, explore loan options, lower project costs, and connect with organizations that support rural business development. Depending on the project and business stage, there are several local, regional, state, federal, or utility-based programs.

• Start-Up Businesses: West Central Initiative, Midwest Minnesota Community Development Corporation (MMCDC), Small Business Administration (SBA), and USDA Rural Development offer loan programs for start-up businesses.
• Building and Property Improvements: Otter Tail County, MMCDC, and the Cities of Battle Lake, Fergus Falls, Henning, Ottertail, New York Mills, Parkers Prairie, Pelican Rapids, and Vergas offer loans and/or grants for commercial building rehabilitation or renovation.
• Growth and Expansion: West Central Initiative, City of Fergus Falls, MMCDC, Minnesota Department of Employment and Economic Development (DEED), SBA, and Great River Energy offer loans for growing businesses needing access to capital.
• Energy Efficiency: Great River Energy, Otter Tail Power, USDA Rural Development, and MinnPACE offer rebates and/or creative financing to make energy efficiency improvements for businesses.

Business owners are encouraged to explore these resources by connecting with local and regional partners before a project begins. Partner organizations can help business owners understand which programs are the best fit, what information they need to prepare, and who to contact for guidance. Community members, lenders, Chambers of Commerce, economic development partners, and local leaders can also help by sharing these resources with businesses that are growing, expanding, or planning a new investment.

Find a summary of these financial resources at ottertailcounty.gov/business-development