Economic Vitality

Forgivable Loan Program

Main Street works with the EDA (Economic Development Authority) and the OABDC (Owatonna Area Business Development Center) to assist entrepreneurs with loan programs, business plan development, and much more.

Since 2019, the EDA has offered forgivable loans up to $10,000 to facilitate the renovation and improvement of commercial buildings within a specified area of downtown Owatonna.

In addition to the financial aspects of this proposed loan, the application is reviewed to make sure the proposed renovation / remodeling plans are in keeping with the original architectural lines/styles of the building – which is the ultimate goal of the Main Street Program as we work to preserve our communities. This loan is available until the funds are depleted or is renewed by the EDA.

For more information and the application, visit owatonna.biz/funding.

Below are before and after photos of the Chamber of Commerce & Tourism building! The Chamber used funding available through the Owatonna Economic Development Authority (EDA) Forgivable Loan Program.