The Murray County Economic Development Authority (EDA) has some great programs for 2023 to assist with both housing and business.
The Murray County Home Initiative is a good opportunity for anyone planning to build a home in Murray County. The Initiative can provide tax abatement on the improved value of a lot for up to 5 years. Only the county portion is abated, and that is after construction is complete. This program is only for new home construction.
The application period for the new Rental/Redevelopment Program is now open. This is a first-come first-served fund to assist rental or redevelopment owners with financing a project. It is a low interest 2 percent loan, to be used for updating rental properties or redeveloping a home for resale. There is a 1:1 match involved, and no loan or interest payments for the first 6 months after the loan closes. Anyone interested in this program needs to jump on it quickly, as only a certain amount of money has been set aside.
Hopefully these two programs will help with the housing crunch in the area.
For businesses looking to expand, or someone planning to purchase or start a new business, the Murray County Revolving Loan fund is a great option for low interest gap financing. Because the EDA board is aware of how high interest rates have jumped, we have set the rate for our loan fund at 4 percent for 2023. Normally the rate is half a percent above prime (which is currently 7.5), so this is a significant savings.
The Revolving Loan Fund is for gap financing, so the business owner will still need to work with a financial institution.
Information about all of these programs can be found on the county website at murraycountymn.com under the Economic Development tab. You can also find out more by contacting Murray County EDA Coordinator Justine Wettschreck at jwettschreck@co.murray.mn.us or call 507-836-6023.
