Article by: Reva Mische
At their September meeting, the City of Cold Spring’s Economic Development Authority (CSEDA) approved updated guidelines and application documents for their Revolving Loan Fund! These documents and their corresponding research were completed by CEDA team member Reva Mische with an important review and editing process by City Administrator Brigid Murphy and the EDA.
After months of research and review, Mische and the CSEDA are happy to get the word out to area businesses. While the purpose of the Revolving Loan Fund remains unchanged, the revamped guidelines and application documents are intended to be more “user friendly” to encourage new and existing businesses to take advantage of the Fund. These updates come after years without applications for Revolving Loan Fund dollars.
Mische notes the importance of knowing about the source of the Revolving Loan Fund as these funds can have different sources. With this comes a set of reporting requirements unique to the funding source. For Cold Spring, their Revolving Loan Fund originated from a Federal Minnesota Investment Fund (MIF) grant. Once the EDA understood what requirements were tied to the Loan dollars, they were able to align the rest of their guidelines with their mission. The mission of the CSEDA is to ensure the sustainability and viability of the community and to maximize community assets. With revamped guidelines and a more “user friendly” process, the CSEDA looks forward to furthering this mission through reinvestment using the Revolving Loan Fund.
Since the adoption of the updated materials, the CSEDA has welcomed inquiries and applications—and they look forward to these translating into new and expanded business for the City.
“The City is now receiving applications requesting funds for new start-up businesses and requests for funds to make upgrades to current businesses in Cold Spring,” said CSEDA and City Council member Gary Theisen. “We look forward to working with our new applicants and expect more will now apply.”