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Goals & Activities
Business Development for Fergus Falls (BDFF) aims to promote the growth and development of businesses, encourage new industry, and support existing businesses to boost the area's economic wellbeing through increased employment and business activity.

BDFF administers several revolving loan funds (RLFs), which recycle funds as loans are repaid. These programs offer low-interest loans and financing to bridge the gap between project costs and available traditional financing. 
Meeting Schedule
BDFF meets at 3:00 PM on the first Tuesday of each month in City Council Chambers. There will be no January 2025 meeting.
Loan Application Submission
  • Deadline: Loan applications should be submitted at least three weeks before the BDFF meeting where they will be reviewed.
    • Example: If you want your application considered at the November meeting, submit it by the second Tuesday of October.

Approval Process
  1. BDFF Review:
    • During a regular meeting, BDFF will review and discuss the loan application.
  2. City Council Approval:
    • If BDFF approves the loan, it will be forwarded to the City Council for final approval.
    • The City Council meets on the first and third Monday of each month.
  3. Public Hearing (for loans $75,000 or more):
    • Loans of $75,000 or more are classified as business subsidies and require a public hearing.
    • The public hearing will be scheduled during a City Council meeting and must be noticed 10 days in advance.
  4. Final Decision:
    • After the public hearing (if applicable), the City Council will make the final decision on the loan application.

Loan Programs
The City of Fergus Falls offers several loan pools to support business growth and development: the Minnesota Investment Fund (MIF), the Intermediary Relending Program (IRP), and the Community Development Block Grant/HUD (Fund 264), which includes Economic Development and Facade loan programs. These revolving funds are public and require final approval by the Fergus Falls City Council.

Note: Approval of loan requests can take up to 60 days.