The Hastings Economic Development and Redevelopment Authority recognizes the need to stimulate private sector investment in order to create and retain jobs, increase the overall tax base, and encourage investment, expansion, and rehabilitation of commercial and retail buildings. The purpose of the Economic Development Revolving Loan Fund is to provide financial assistance to companies in the City of Hastings that do not have the ability to receive adequate funding for business growth through traditional or private means. The ED RLF is meant to serve as a bridge between the amount the borrower can obtain on the private market or through equity and the amount needed to start or grow a business.
Eligible Activities for the ED RLF include:
- Working capital
- Acquisition of land and buildings
- New construction
- Facade and building renovation
- Purchase and installation of machinery and equipment
- Clearance, demolition, or removal of structures
- Infrastructure improvements necessary to support new or expanding businesses
For more information about the Economic Development Revolving Loan Fund, please review the Program Information, Guidelines and Application Instructions.