The City of Maple Plain offers the Business Assistance Program as one way of showing the City's commitment to helping its strong business community. This revolving loan program supports facade improvements in Maple Plain. This program is intended to add value to the community and maintain the
City Design Guidelines Standards.
The City of Maple Plain through the Economic Development Authority (EDA) makes funds available to provide a low-interest rate loans and a grant to businesses that are making improvements to building facade.
The assistance is a 2:1 loan to grant ratio that covers 50% of the project costs up to a maximum of a $5,000 loan and a $2,500 grant. The loan is a 5 year loan at a 3% interest rate.
Example Disbursement 1:
$15,000 property owner investment results in a $5,000 EDA loan and a $2,500 EDA grant.
Example Disbursement 2:
$4,500 property owner investment results in a $1,500 EDA loan and a $750 EDA grant.
Businesses must be located within the City of Maple Plain
Owners of the property being improved are eligible to apply for funding. Businesses that lease space must have written permission from the building owner for the proposed tenant improvements.
Personal and/or Corporate Guaranty(s) are required. In order to assist local business with meeting equity requirements and securing private financing, the City will not file a lien and/or mortgage.
Total Project Cost
It is the borrower's responsibility to obtain the amount of funds necessary to finance the entire cost of the project. In the event the final bill exceeds the original loan amount, the recipient must obtain the additional funds.
A completed application
A detailed project plan
Detailed project costs including bids from contractors
Information about current building use, including lease term if applicable
$50 application fee
Applications will be considered on a first come, first served basis. Applications will then be reviewed and ranked by City staff and the EDA according to the following criteria:
Projects must generate new sustainable employment opportunities
Projects that provide for job retention, where job loss is demonstrable
Projects which are a part of an overall expansion project
Projects which allow for diversification and introduction of a new product or service
Projects that encourage private (re)investment in the community
Projects that accomplish other public purposes as determined by the EDA and City Council.