Economic Development

The Lamberton Economic Development Authority was formed to promote and develop existing business and to provide business that are interested in locating in Lamberton with information and assistance.  The Lamberton EDA will work with these businesses to make locating in Lamberton an easy and profitable experience.  The Lamberton EDA has a large revolving loan fund available for new business or existing business that need to expand.  The City of Lamberton is also a member of the Redwood Area Development Corporation.

To contact the EDA for information on starting, expanding or relocating a business in Lamberton please complete the contact form or visit the www.econdev.radc.org website.

REVOLVING LOAN FUND GUIDELINES

Revolving Loan Funds (RFL’s) have become increasingly popular business financing tools because of their ability to leverage public and private dollars. The Revolving Loan Funds generally have a flexible design and simple operation. As the Revolving Loan Fund receives repayment of principal and interest from existing loans, this money is then made available to other borrowers. This recycling of funds makes the RLF particularly valuable because of the limited access of development funds.

REVOLVING LOAN FUND CRITERIA ELIGIBLE ACTIVITIES:

  1. Loans to purchase land and/or buildings.
  2. Loans for new construction.
  3. Loans for existing building modernization.
  4. Loans to purchase equipment.
  5. Loans to provide working capital.

MAXIMUM LOANS:

The maximum loan will not exceed 50% of the total dollars available in the fund or at the discretion of the EDA Board.

MAXIMUM TERMS OF LOANS:

  1. Land/Building Loans-  10 years.
  2. Machinery/Equipment Loans-          7 years.
  3. Working Capital Loans-   3 years.

LENDING RATE:

Interest rate on each loan will accrue on a variable basis at 2.25% below the New York Prime, as stated in the Wall Street Journal, and will be adjusted annually, as of January 1 of each year. A minimum lending rate will be set by the EDA Board.

OWNER EQUITY:

Applicants must supply at least 50% of the equity of the total project.

Why Choose Lamberton?

History of Lamberton, MNHistory
Lamberton was formed in 1872 primarily as a railway rest stop where the railroad crossed the Cottonwood River. Now a flourishing rural community located in Minnesota’s richest agricultural area, Lamberton is less than 140 miles from the Twin Cities and offers a wide variety of economic and social opportunities.

A Real Business Community
When you locate your business in Cottonwood River Energy Park you’ll become an integral member of the Lamberton business community.   Major employers include the Meadowlands Farmers Co-Op, Red Rock Central Schools, Valley View Manor Nursing Facility and French Ag Research Inc.  The DM&E Railroad runs through Lamberton Daily.

Lamberton is also home to the University of Minnesota’s Southwest Research Outreach Center.  Founded in 1959, the center is now an 840 acre research facility.  The primary faculty and the Advisory Committee collaborate with technicians, scientists and the community on multiple research endeavors.  On-going research at the center includes soils, crops, entomology, pathology, horticulture, water quality and forestry.  The Southwest Research Outreach Center is one of six research stations in the State and is the foremost center for agriculture research in southwest Minnesota.

In addition to the businesses that drive the daily cogs of the community (banks, hardware, American Legion, etc), Lamberton has several clinics (including one in the Mayo Health System), a dental office and a nursing home.  A conference center and hotel provide comfortable amenities to businesses and visitors.

Strong CommunityTechnology and Infrastructure Capacity
Lamberton and Cottonwood River Energy Park have the technology and infrastructure capacity to add businesses, jobs and people to the economy of this stable Redwood County town.  Lamberton’s infrastructure ensures that current business and community needs are well met while providing capacity to grow the local economy.

Strong Community
In addition to Lamberton businesses, the community often celebrates a strong connection to one another and to their hometown.  Four churches provide resident s with firm spiritual identity.  Lamberton’s municipal park boasts picnic shelters, a playground, basketball, volleyball and tennis courts, horseshoe pits and an outdoor swimming pool with a slide.  Nearby, Kuhar Park offers camping, fishing and nature walks.
New ideas, sounds and taste are celebrated annually through Friendship Days, the Lamberton Jazz Festival (in its 31st year) and Lamberton’s Taste of the Season.

Available Properties in Lamberton, Click Here