A program started by Sherburne County just over two years ago continues to pay back big dividends to businesses and taxpayers.

 

The revolving loan fund was established in 2015 to promote economic development by offering low interest loans to fund land and building acquisition and improvements, new building construction, building renovation and modernization and to purchase machinery equipment and fixtures.

 

In 2016, the county made loan commitments in the amount of $198,000 to three businesses: C & C Magnet in Becker, Sand Dunes Auto Service in Orrock Twp. and Manufacturing Partners, Inc. (MPI) in Big Lake Twp.

 

Those loans helped facilitate $5,026,800 in projects that retained 44 jobs, added a potential 28 new fulltime jobs, filled two buildings that had been sitting vacant and added $412,300 in total taxable property value to the county’s tax rolls.

 

Last week, Assistant Administrator Dan Weber said 2017 was another successful year, with three more businesses able to thrive because of the county’s loan program.

 

Hubbard Electric received a $64,925, 20-year loan to purchase a 7,205 sq. ft. building in Becker for $371,500. The company doubled its existing square footage. The project added $65,000 in taxable value, retained 16 jobs and will create an additional 11 new jobs over the next two years.

 

“And those are well-paying jobs,” said Weber.

 

New Creations Child Care received a $41,500, 10-year loan and purchased a 6,666 sq. ft. existing facility in Big Lake. The total project cost was $834,000.

 

The project will retain 12 fulltime jobs and eight part-time jobs. It will add six fulltime and four part-time employees over the next two years.

 

“Child care is a big issue, so the more options we have for people, the better,” said Weber.

 

The third project was a $48,175, 20-year loan in December to Lupulin Brewing to help with the purchase of an existing 22,500 sq. ft. facility in Big Lake.

 

The expansion project will more than triple their existing space. The two-phase project will add $815,000 in taxable value to the property, retain nine full time and 20 part-time jobs, and will add 18 more fulltime and five part-time jobs over the next two years.

 

Last week, the county also approved a $91,000 tax abatement for Lupulin to help with the expansion.

 

Over the first two years of the program, the county has committed $352,600 in loans, all of which are current and have been processed on time.

 

The loans have helped six business take on projects valued at $7,540,475 and increased taxable value by $1,292,300.

 

The projects are expected to create 63 new full time and 24 part-time jobs over the next two years.

 

“So some of the things we promised this program would do two years ago when it was approved, we’re starting to see those benefits now,” said Weber. “And we’re expecting another loan to be coming in April for a construction company.”

 

The program has a current balance of $115,000, with an additional $50,000 budgeted to be transferred this year.