The Faribault County Economic Development Authority met on Tuesday, Jan. 20, in Blue Earth.

Among the few topics the group had to discuss were two different types of loans which are available through the EDA.

One loan offered through the EDA is the Child Care Forgivable Loan. Following action taken by the board at their last meeting, Faribault County EDA specialist Kendra Reineking revised and updated some of the terms and requirements associated with the loan.

“The board approved an increase in the maximum loan amount from $4,000 to $5,000 at the last meeting and that change has been made,” Reineking said. “This will enable us to better support licensed child care providers with their rising operational, training and facility improvement costs.”

The changes also included some policy and guideline updates.

To be eligible for the loan, the applicant must be a licensed childcare provider in Faribault County who provides full-time child care services.

“Primary consideration will be given to projects which will create new child care slots,” Reineking added. “Applications by members of the loan committee and their immediate family members are ineligible for funding and funds cannot be used to pay off any previous debt.”

Because the list of licensed daycare providers operating in Faribault County is not long, the board suggested Reineking reach out to each provider personally to make them aware there is still money available in the program and that businesses who were previously awarded money through the program are eligible to apply again.

The other program the EDA Board discussed was the Faribault County Affordable Housing Aid Program which is part of the Local Housing Trust Fund which is a statewide program.

“Each applicant may apply for up to $15,000 in assistance in performing home repairs,” Reineking explained. “Homeowners are required to sign paperwork ensuring the loan will be used for home repairs. They also sign a promissory note, provide an estimate for the work and secure a building permit if one is necessary.”

Loans may be provided to the extent funding is available in the Affordable Housing Aid Program, according to Reineking.

“The funding will be disbursed on a first-come, first-served basis,” she commented. “Funds shall be forgiven at a rate of 10 percent annually over a 10-year period. If the property is sold prior to the completion of the 10-year period, the remaining balance shall be due at the time of sale.”

Reineking also pointed out that properties held under a contract for deed are not eligible for this program.

Loans are available to owners of single-family homes, including manufactured (mobile) homes built on or after June 15, 1976. They must be located in Faribault County.

Additionally, owners of single-family homes must verify that their household income (combined income of all persons living in the home over the age of 18), is not more than the Household Income Limits (115 percent of the area median income) established for Faribault County, reported annually by the U.S. Department of Housing and Urban Development (HUD).

“This program can provide assistance with projects such as roof, siding and window repairs, minor masonry and foundation repairs, plumbing, electrical and mechanical repairs, and accessibility improvements.

People who are interested in this program are encouraged to reach out to the Faribault County EDA office, (located in the former Blue Earth City Hall building) for more information.

Since it was the first meeting of the year for the board, they elected new officers. Lars Bierly was elected to serve as the chairperson, David Roper as the vice chairperson and Joel Sonnek as the secretary.

The board also reviewed goals for the upcoming year. In addition to promoting the previously mentioned loans, the board also wants to increase the business community’s awareness of the EDA’s revolving loan program and to continue to work with county department heads in looking at economic development from different perspectives.