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Come learn why this small city is one of southeastern Minnesota's best kept secrets! Now offering City of Plainview Economic Development loans for commercial, residential and development projects. Call (507) 421-6564 for more information.

City of Plainview Lending Programs

The City of Plainview established three new lending programs in 2016 that are available to:

  • business owners for commercial district improvements;
  • developers for residential and commercial lot development; and
  • home owners for residential building in Plainview.

These programs have been made possible through the allocation of Rochester Sales Tax funds received from the city of Rochester through that city’s Destination Medical Center growth initiative.

The loan programs are administered jointly by staff from the City of Plainview and Plainview EDA.

Application Process

To apply for for a City of Plainview loans, submit your application to the Plainview Economic Development Authority.

  • Applications will be reviewed on a quarterly basis with application periods closing March 31, June 30, September 30, and December 31.
  • After the close of the application period, the EDA Board of Commissioners will review applications at their next Board meeting. Priority for consideration will be given on a “first come/first served” basis if all variables are equal.  (Application must be complete and include all required documentation.)
  • Applications that are approved by the EDA Board will be submitted to the Plainview City Council for final approval.
  • Applicants will then be notified regarding the status of their application.  City staff will then complete the loan process with a borrower by executing the final loan documents, disbursing funds, and securing a lien on the property, which will be recorded with Wabasha County.

Commercial District Improvement Loan Application

The goal of the Commercial District Improvement Program is to encourage property owners to make necessary exterior and interior improvements to their buildings that are located in the C1 or C2 zones in Plainview.

The CDIP can be used for the following purposes:

  • Exterior or interior repairs and improvements to include signage, awnings, siding, exterior painting, parking, etc.
  • Code violation corrections [must provide documentation of violation]
  • Handicapped accessibility upgrades
  • Energy efficiency improvements to include heating & cooling systems, windows, doors, insulation, and siding

The CDIP will provide loans of up to $10,000 to qualifying applicants.

The minimum amount of assistance per building is $1,000. The maximum amount of assistance per building is $10,000. The maximum amount of assistance per building is no more than 50% of the total project cost.

Length of the CDIP loan will be seven years at 3% interest. Security will be in the form of a lien on the property, which will be recorded with Wabasha County. Applicants will receive their funds upon submission of invoices for completed project expenses.

Residential Building Program Application

The goal of the Residential Building Program is to encourage new home construction and renovation/rehabilitation of existing housing stock. Residential construction projects which maximize owner investment, remedy unmet housing needs like the lack of affordable rental properties, and rehabilitate blighted or obsolete residential properties will be given priority.

The RBP can be used for construction costs for new homes or renovation/rehabilitation costs for existing homes.

The RBP will provide a loan of up to $5,000 per housing unit to be repaid over a seven years.

The minimum amount of assistance per building is $1,000. The maximum amount of assistance per building is $5,000. The maximum amount of assistance per building is no more than 50% of the total project cost.

Length of the RBP loan will be seven years at 3% interest.

Security will be in the form of a lien on the property, which will be recorded with Wabasha County. Applicants will receive their funds upon submission of invoices for completed project expenses.

Lot Development Loan Program Application

Lot Development Program Loan Application The goal of the Lot Development Program (LDP) is to increase the number of lots available for residential, commercial and industrial uses, and to mitigate bllight so that existing lots may be redeveloped.

The LDP can be used for the following purposes:

  • Demolition of obsolete or blighted man-made structures;
  • Installation of infrastructure; and
  • Site preparation.

The LDP will provide loans of up to $10,000 to qualifying applicants: The minimum amount of assistance per building is $1,000.

The maximum amount of assistance per building is $10,000. The maximum amount of assistance per building is no more than 50% of the total project cost.

Length of the LDP loan will be five years at 3% interest.

Repayment of the loan will be made on a per lot basis immediately after the sale of each lot.  Security will be in the form of a lien on the whole project.  Applicants will receive their funds at the beginning of the project.