Financing Your Dreams

Our communities proudly support new and existing businesses through local banks and lending options. 

*This list below highlights popular options, but does not necessarily reflect all potential options. 

Area Banks

Community First Bank

Offices in Sebeka and Menahga

Phone: (218) 837-5171

www.co mm un ityfirstbankmn.com/

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Farmers & Merchants State Bank

Office in New York Mills

Phone: (218) 385-2300

www.fmbanknym.com/

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Wadena State Bank

Offices in Wadena, Bluffton, and Deer Creek

Phone: (218) 631-1860

www.wadenastatebank.com/

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Star Bank

Office in Verndale

Phone: (218) 445-5151

www.starbank.net/verndale

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TruStar Federal Credit Union

Office in Menahga

Phone: (218) 564-5678

www.trustarfcu.com/


Local Lending

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North Central Economic Development Association (NCEDA)

  • Micro-Lending Fund
  • NCEDA Revolving Loan Fund

For more information, contact Stephanie Barney at sbarney@regionfive.org or call 218-894-3233 ext. 6.

northcentraleda.org/business/

Initiative Foundation

  • Direct Business Loan Fund
  • Technology Capital Fund
  • Green Business Loan Fund
  • Nonprofit Loan Fund
  • Lender Match Loan Fund

For more information, contact Daniel Bullert at dbullert@ifound.org or call (320) 631-2013.

www.ifound.org/economy/business-financing/

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Todd-Wadena Electric Cooperative

  • Revolving Loan Fund
  • Great River Energy Economic Development Assistance

For more information, contact the Todd-Wadena office at (800) 321-8932.

toddwadena.coop/our-community/economic-development/

West Central Telephone Association

  • Rural Development Loan

For more information, contact Chad Bullock at (218) 837-5151. 

www.wcta.net


                                                    

Minnesota Department of Employment and Economic Development (DEED)

Whether it's to startup, operate, or expand, MN DEED offers a wide variety of financial assistance to help businesses at every stage. Programs include:

  • Financing Programs
  • Training Grant Programs
  • Tax Credits
  • Finance Guidance
  • Work Opportunity Tax Credit
  • Infrastructure

For further information on each program, please visit their website mn.gov/deed/business/financing-business/


                                                          

United States Department of Agriculture Rural Development

USDA provides funding opportunities for rural small businesses through loans, loan guarantees, and greants. Programs include:

  • Advanced Biofuel Payment Program
  • Biorefinery, Renewable Chemical, and Biobased Product Manufacturing Assistance Program
  • Business & Industry Loan Guarantees
  • Community Connect Grants
  • Distance Learning & Telemedicine Grants
  • Distributed Generation Energy Project Financing
  • Energy Resource Conservation
  • Intermediary Relending Program
  • Repowering Assistance Program
  • Rural Broadband Access Loan and Loan Guarantee
  • Rural Business Investment Program
  • Rural Economic Development Loan & Grant Program
  • Rural Energy for America Program Renewable Energy Systems & Energy Efficiency Improvement Loans & Grants
  • Rural Microenterpreneur Assistance Program
  • Socially-Disadvantaged Groups Grant
  • Strategic Economic and Community Development 
  • Telecommunications Infrastructure Loans & Loan Guarantees
  • Value Added Producer Grants

For more information on each program, please visit their website www.rd.usda.gov/programs-services/programs-services-businesses


 

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2nd Best State Overall (U.S. News & World Report, 2018)

Best State Overall
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Best-Run State in America (24/7 Wall Street/USA Today, 2017)

Best-Run State
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Happiest State in the U.S. (MagnifyMoney, 2018)

Happiest State
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1st in Quality of Life (Forbes, 2017)

Quality of Life
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1st in 5-Year Business Survival Rate (Bureau of Labor Analysis, 2012-2017)

Business Survival Rate
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1st Best State for Women (WalletHub, 2017; Institute for Women’s Policy Research, 2015)

Best State for Women
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Happiest – and Least Stressed – State in the Country (WalletHub, 2017)

Least Stressed
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