The city of Inver Grove Heights and Progress Plus will work with businesses to analyze project requirements including: planning, zoning, finance, and marketing related issues. Depending on the nature of the project, the following business incentives may be available:

Industrial Development Revenue Bonds (IRBs) – Fixed rate, long term, equal or below market rate financing to help industrial businesses with:

  • new project land acquisition and construction
  • additions to existing facilities
  • purchase and renovation of an existing structure
  • purchase of production equipment

504 Loan Program – Long term, fixed rate financing (generally 1 to 2 points below market rates) for up to 90% of the necessary capital to help industrial business with:

  • purchase of land and buildings
  • rehabilitation and construction
  • leasehold improvements
  • purchase of machinery and equipment

SBA 7 (a) Loan Program – Assist manufacturing firms with fewer than 250 employees and wholesale firms with annual sales of less than $9.5 million in obtaining loans from banks and other lending institutions by guaranteeing 90% of the principal and interest; funds can be used for:

  • working capital and inventory
  • machinery and equipment
  • purchase of land and buildings
  • land acquisition
  • renovation and construction of facilities

Tax Increment Financing – Various districts exist throughout the city.