The city of Inver Grove Heights staff and Progress Plus will work with businesses to analyze project requirements including planning, zoning, finance, and marketing related issues. Depending on the nature of the project, the following business incentives may be available:
Industrial Development Revenue Bonds (IRBs) – Fixed rate, long term, equal or below market rate financing to help industrial businesses with:
- new project land acquisition and construction
- additions to existing facilities
- purchase and renovation of an existing structure
- purchase of production equipment
504 Loan Program – Long term, fixed rate financing (generally 1 to 2 points below market rates) for up to 90% of the necessary capital to help industrial business with:
- purchase of land and buildings
- rehabilitation and construction
- leasehold improvements
- purchase of machinery and equipment
SBA 7 (a) Loan Program – Assist manufacturing firms with fewer than 250 employees and wholesale firms with annual sales of less than $9.5 million in obtaining loans from banks and other lending institutions by guaranteeing 90% of the principal and interest; funds can be used for:
- working capital and inventory
- machinery and equipment
- purchase of land and buildings
- land acquisition
- renovation and construction of facilities
Tax Increment Financing – Various districts exist throughout the city.
Programs may also be available through the Minnesota Department of Employment and Economic Development.
Inver Grove Heights