Economic Development in Murray County
Do you have a cool idea? Are you an innovator? Starting your own business?
We welcome entrepreneurs with open arms! In Murray County, you have the opportunity to be supported by a network of organizations that want you to succeed!
Opportunities for economic development are easy to find in Murray County. Several of the cities have an Economic Development Authority, as does the county itself. Gap financing is available for those looking to start or expand a business. The Southwest Initiative Foundation, Southwest Minnesota Small Business Development Center, Southwest Regional Development Commission and Prairieland Economic Development Corporation are here to help! The Murray County Economic Development Authority can assist in many ways, from resources to connections and everything in between.
Murray County Economic Development Authority
The Murray County EDA works with prospective and current business owners to finance buying, opening or expanding. Using a revolving loan fund for gap financing, the EDA is here to help by bridging the gap between owner and private lender financing. We can also help navigate state or federal loan programs, or put you in touch with other entities that assist small business owners. Need help with a business plan, cash flow projections or budget templates? We can help with that too. We also have a forgivable loan for new daycares or current providers that want to expand their capacity.
Southwest Regional Development Commission
The Southwest Regional Development Commission serves a nine-county area of Southwest Minnesota, including Murray County. They provide gap financing with a revolving loan fund, develop comprehensive economic development strategies to bring together the public and private sectors and provide planning services in a variety of areas.
Minnesota Business Finance Corporation
MBFC is a private not-for-profit 501 (c)(3) organization licensed by the U.S. Small Business Administration as a certified development company (CDC).
The CDC was created in 1983 as Opportunities Minnesota Inc. (OMNI), which was then a division of the Minnesota Department of Trade and Economic Development.
Through the enactment of state legislation in 1993, the organization became a quasi-public agency. In 1996, it was privatized and renamed the Minnesota Business Finance Corporation (MBFC). In 2022 Prairieland EDC in Slayton, MN merged with MBFC, making Slayton the fifth MBFC office in the region.
With offices in St. Cloud, Excelsior, Detroit Lakes, Slayton, and West Fargo, ND, they serve the entire state of Minnesota, North Dakota, western Wisconsin, southeast South Dakota, and 3 counties in northwest Iowa.
Southwest Initiative Foundation
The Southwest Initiative Foundation is an independent community foundation that covers 18 counties in southwest Minnesota, engaging in business lending, working with entrepreneurs and other lenders to get local businesses going and growing. They also manage 30 local community foundations and more than 120 donor-advised schools and other funds. SWIF is involved in business development, donor services, rural childcare and more.
The Southwest Minnesota Small Business Development Center provides consulting, training and research to assist small business to start, grow and transition. They provide entrepreneurs and business owners access to one-on-one consulting, with the philosophy that helping small businesses is critical to our economy and the quality of the communities. They offer customized technical assistance and support to businesses at any point in their life cycle, from start up to growth to exit strategies.