KIMT News Three’s Saral Khare reports on the development funds that are now available.
ROCHESTER, Minn. – In 2012 Rochester residents passed a half cent sales tax, which would help develop projects in Rochester. $5 million went to RAEDI and today they have $600,000 left.
The funding goes toward base business which are organizations located in Rochester that trade goods and services outside the area. Some way businesses can use this loan is investing in machinery and equipment or to construct new facilities. RAEDI Director of Operations Tawonda Burks says this can help vitalize the economy.
“You know people need to support their families organizations need to stay in business so it’s very important,” said Burks. “And again some people use it to purchase buildings to buy equipment, expand not just employment but of course the employment part is a huge impact as well to.”
Seeing Med City businesses get funded has piqued the interest or organizations outside the area.
“I’m always getting a phone call or email from someone outside of our region that’s looking to start a business here in Rochester,” said Burks. “So I do think the fund is highly utilized and I think other organizations outside Rochester is seeing that and they’re trying to tap into the market here.”
The funds are available in $50,000 increments. If you’re a base business looking to apply you can email tburks@raedi.com. For more information on how to use the loan click here.
