EDA Grants & Loans
Programs to help you meet your needs
Whether you are an emerging business looking for help getting started or a larger entity looking for gap financing, the City of Northfield's programs can help meet your needs.
If you have any questions about the grant and loan program, please contact our staff, and we will be happy to walk you through the options and connect you with many other financing opportunities.
Riverfront Enhancement Program
The EDA approved a new Riverfront Enhancement Program for 2022, 2023 and 2024. The program aims to strengthen, revitalize and sustain the riverfront corridor by encouraging and assisting property owners to make improvements to buildings and property within the district. By providing a financial incentive, the program will stimulate private investment and support stabilized and increased property values.
The program district comprises the entire length of the Cannon River within the Northfield city limits. The program is open to all buildings and properties directly abutting the Cannon River or public property along the riverfront. Building owners and commercial tenants with property owner’s approval can apply for a grant. For-profit and not-for-profit organizations are eligible to apply, as long as the grant is used for a commercial building.
This will be a reimbursement-grant program. The EDA will match private investment one-to-one up to $10,000.
Applications are accepted between April 1 and May 15 each year.
Recipients of 2023 Riverfront Enhancement grants
- 1310 Bollenbacher Drive - Pamela Moening. Full Potential Therapy recently relocated to this address from Dundas. Business will be installing an outdoor playground for their clients.
- 306 Division Street - Nathan Watters and Tracy Jonkman. The building owners will be replacing the windows; this is where Coco’s Place is located.
Clement F. Shearer Micro-Grant Program
The micro-grant program is part of the EDA’s progressive business support program. It is designed to strengthen emerging businesses and position them for future growth by helping them take a significant step in developing their technical, management, or marketing capabilities. The maximum micro-grant award is $5,000.
Micro-grant funds can be used for a wide variety of purposes including, but not limited to:
- Leasehold improvements
- Gap financing
- Working capital
Northfield Revolving Loan Fund Program
The Northfield Revolving Loan Fund Program (RLF) provides low interest loans for businesses either located in, or relocating to, the City of Northfield. The purpose of this fund is to:
- Provide gap financing to supplement conventional bank loans for new and existing business expansion
- Retain and/or create jobs
- Expand the local tax base
- Encourage new business investment in the community