The purpose of the Redwood County Economic Development Authority is to be the catalyst for economic growth, job creation, business retention and improving the quality of life in Redwood County.
Briana Mumme Economic Development Coordinator
EDA Board Members
Jacob Jenniges – Walnut Grove
Pat Eichten – Wabasso
Al Kokesch – Morton
Lowell Peterson – Redwood Falls
At Large #1
At Large #2
Jim Salfer – Wabasso
Bob Van Hee – Redwood Falls
Board Member Duties
Board Member Duties:
The purpose of the Redwood County Economic Development Authority (EDA) is to be the catalyst for economic growth, job creation, business retention and improving the quality of life in Redwood County. The EDA Board consists of setting policies and direction to the Economic Development Coordinator. One representative from each of the five districts, two at large members and two County Commissioners make up a nine member board. Members must either reside, own property or work within Redwood County.
- Monthly Board meetings on the second Thursday of each month at 9 am
- Three-year term, with no Member serving more than three full terms (consecutive or nonconsecutive)
- Occasional committee meetings
- Knowledge of community
- Willing to participate for positive results
- Able to think innovatively
- Motivational (relative to staff and other Board members)
- Desire to understand and promote economic development
- Assist with “bridge building” between and among communities, groups and individuals
- Improved knowledge of the community as a whole
- Network with people from across Redwood County with similar interests and concerns
- Per diem and mileage reimbursement
Applications deadline is now closed.
Revolving Loan Fund
Revolving Loan Fund (RLF)
Administered by The Redwood County Economic Development Authority (EDA)
Loan Program General Information
The Loan Program offered by EDA provides “gap financing” to eligible businesses. These financing programs leverage the dollars provided by financial institutions and investors, and strengthens financial packages. Financing is intended to compliment, not compete, with Redwood County traditional financing sources. Redwood County EDA will not participate in a project that can be solely financed through traditional sources. Redwood County EDA actively solicits and promotes partnerships with financial institutions in projects.
Applicants are encouraged to call or visit the Redwood County EDA at an early stage in project development to discuss the feasibility of support of their projects. EDA will endeavor to provide an indication of the project’s eligibility and to suggest factors which should be
considered to maximize the potential for developing a financial proposal. The EDA welcomes preliminary inquiries for prospective applicants. Persons with questions about policies and procedures, funding interests, or proposal submission are invited to contact :
Maximum loan up to $50,000; other amounts considered with County Board approval; Lender participation required
Use of Proceeds
Acquisition and development of land, easements, and right-of-ways
Construction, conversion,enlargement, repairs or modernization of buildings (including façade repairs)
Machinery or equipment
Access streets and roads, parking areas, utilities, and pollution control and abatement facilities. Loans for start-up operating cost and working capital.
Term of Loan
Dependent upon type of asset
Rate of Interest
2% per annum below the fluctuating rate of interest (Reviewed annually by the Loan Committee) published by the Wall Street Journal as its “prime rate.”
Down Payment (Equity)
10%-25% New, Buyout, or Expansions between 5-30%.
25% – 50% RLF FUNDS
25% – 50% Bank
10% – 25% Equity
Negotiated, depending upon project structure. Security shall consist of the best lien available on real estate, equipment, inventory, etc. The discontinue value of the security (using typical lender discount rates) shall equal or exceed the value of the loan.
The Loan Committee may require personal guarantees and/or co-signors
Job Creation Criteria
Up to $15,000 per job created or retained
Long-term access to credit; low interest rate
30-45 days from receipt of completed application including business plan,
financials, and personal financial statement. An environmental review needs to be completed which can take up to 30 days.
Applicants who meet the definition of “small and emerging private business enterprises” defined as “any private business that will employ 50 or fewer new employees and has less than $1M in projected gross revenues”. (Gross receipts less cost of goods sold)
Businesses must be located in a Redwood County community for loan consideration.
RLF funds will not be used to produce agriculture products through growing, cultivation, and harvesting either directly or through horizontally integrated livestock operations except for commercial nurseries, timber operations, or limited agricultural production related to technical assistance projects.
RLF funds will not be used to finance comprehensive area-wide type planning. This does not preclude the use of grant funds for planning for a given project.
RLF funds will not be used to fund a part of a project which is dependent on other funding unless there is a firm commitment of other funding to ensure completion of the project.
EDA Strategic Plan