The City of Montgomery promotes local economic development via the Montgomery Economic Development Authority. Both are committed to helping current and prospective businesses obtain the resources necessary for success. Montgomery has a wide range of private and public financial resources available for these businesses right here in the community. The City is eager to assist businesses with financing options, site selection, and other key components of business growth.
The City of Montgomery has two (2) very active commercial lenders located right in town. CornerStone State Bank and Frandsen Bank and Trust can provide financing on a wide range of economic development projects.
Revolving Loan Fund
The Montgomery EDA's main objectives are to encourage, attract, retain, promote, and develop economically sound commercial and industry within the city. The City of Montgomery currently offers a Revolving Loan Fund (RLF) that is designed to provide financing for promotion of business start-up and growth, retention of current businesses and industries, promotion of economic diversity, revitalization of businesses, and employee recruitment and retention. The RLF can be a small loan fund that provides assistance for service and retail businesses or a commercial/industrial loan fund where the loan takes on a providing a form of gap financing where a primary lender other than the EDA is required.
If you are interested in learning in receiving more information about the Revolving Loan Fund, please consider downloading the Revolving Loan Fund Policy and the Revolving Loan Fund Application or contact City Hall at 507.364.8888
Tax Abatement & Tax Increment Financing (TIF)
The City of Montgomery will also consider tax abatement and tax increment financing requests as possible financial tools for helping your business. Please contact City Hall at 507.364.8888.