Financial Assistance

Some business projects require more money than you can get from the private market. The Commercial Revolving Loan Fund serves as a bridge to fill that financial gap. 

All loan funding is contingent on availability. Please reach out to the Economic Development Coordinator at comdev@hastingsmn.gov or 651-480-2379 for funding availability. 

To learn more and apply, please look at the Commercial Revolving Loan Fund page. 

The Minnesota Property Assessed Clean Energy Program (MinnPACE) is available to your business if you're making energy efficient improvements to your property. 

Administered by the St. Paul Port Authority, property owners can finance these projects through special property tax assessments that are payable over time, up to 20 years. 

Learn more on the MinnPACE page. 

Your storefront is the first impression that customers get from your business. To ensure that buildings are staying maintained, the City implemented the Façade Improvement Program. 

To learn more about the program specifics and to apply, please look at the Façade Improvement Program page.

Providing access to quality sewer and water utilities comes at a significant cost. To pay for these services, the City and Metropolitan Council have Sewer Availability Charge (SAC) and Water Access Charge (WAC) fees. 

While these funds are needed to build and maintain piping infrastructure, we understand that these fees can be hard to manage, especially on smaller businesses.

The Metropolitan Council offers a SAC Deferral Program for any business that has a SAC determination of 25 credits or fewer. You can convert your one-time, up-front SAC payment into a 10-year; low-rate monthly payment if you put down 20% plus the first monthly payment. 

The City mirrors the Met Council program by offering the same term and rate for City SAC & WAC fees for qualifying businesses. 

Reach out to the Economic Development Coordinator at comdev@hastingsmn.gov or 651-480-2379 for more information.

If your project is going to increase the taxable value of your property, but has a financing gap and meets the City's Business Subsidy Policy, you may be eligible for Tax Abatement.

This program allows for a portion of your property taxes to be refunded to you. You must meet agreed upon hiring and wage goals and gain approval from all taxing authorities (City, County, School District, etc.) 

To learn more and see if your project qualifies, please reach out to the Economic Development Coordinator at comdev@hastingsmn.gov or 651-480-2379

Tax Increment Financing (TIF) is a financial assistance tool that uses the improved taxable value of a development to pay back a developer over time. 

State law defines how TIF can be used and the City requires an escrow payment to be made if you are seriously considering a TIF request.

Please contact the Economic Development Coordinator at comdev@hastingsmn.gov or 651-480-2379 to learn more. 

Focused on the manufacturing, technology and distribution industry sectors, these programs are administered by the State and have requirements about job creation, retention and wages paid. 

For more information please see the MN DEED page.

Xcel Energy has opportunities for businesses to save money through rebates, cost saving programs and new construction programs. 

For more information, see the Ways to Save page.