About New Ulm EDC
Mission Statement
New Ulm Economic Development Corporation will act as a catalyst for promotion of the economic well being of New Ulm by stimulating local business retention and expansion; by attracting new businesses; and by assuring a favorable economic climate for new ideas and economic growth.
Operations
New Ulm Economic Development Corporation (NUEDC) is a private non-profit corporation. NUEDC partners with the City of New Ulm, Minnesota and the New Ulm Area Chamber of Commerce to provide economic development services to the benefit of New Ulm residents and businesses. A volunteer Board of eleven Directors has oversight of the operations. A portion of the operating budget comes from an annual appropriation from the City of New Ulm. The Chamber of Commerce provides office space and secretarial support.
History
In 1951, the Eagle Roller Mill, then New Ulm’s largest employer, went out of business. The loss of those 350 jobs shocked the community. In response, a group of local businessmen formed the forerunner of NUEDC, New Ulm Industries. Articles of Incorporation were adopted on April 21, 1952. Shares were sold to local business owners and community leaders. The original capitalization of $40,000 was used to construct a factory spec building. Today, that building is part of 3M in New Ulm. In 1954 New Ulm Industries was successful in attracting a Kraft Foods plant. Kraft and 3M continue as the two largest employers in New Ulm. On May 9, 1991, New Ulm Industries was converted to New Ulm Economic Development Corporation.
Services and Incentives Available
Facilitate Business Expansion
NUEDC will assist expanding, relocating or new businesses in accessing the appropriate economic development incentives, financing, information, services or programs. Our focus is to serve as YOUR advocate during your development process.
- JOBZ Tax Free Zones
- Build to suit for manufacturing companies with job growth potential
- Tax abatement or Tax Increment Financing
- Local Revolving Loan Programs offering junior loans
- Business advocacy to governmental units
- Business start up assistance
Site Selection Support
NUEDC will perform a custom site search, or use our on line inventory of available land and buildings (it is updated regularly). (Available Sites)
NUEDC owned Airport Industrial Park. Located in a JOBZ Tax Free Zone. Industrial and commercial land available. Flexible lots sizes, 3 to 20 acres
Other Available Commercial or Industrial Land
Available Industrial Buildings
- Available Commercial Buildings
Financial Packaging
NUEDC will assist in developing financial packages, working in conjunction with local banks. NUEDC also offers:
- Assistance in accessing local, regional or State revolving loan funds,
- Assistance in preparing SBA loan applications
- Assistance in preparing business plans and financial projections
- Access To Information
NUEDC can provide your business with the information you need to make an informed decision. For example:
- Labor market data of all kinds
- Market research
- Community Profile
- Manufacturer’s Directory
- Suppliers and vendors lists
- Technology transfers
For more information call the New Ulm Economic Development Corporation at (507) 233-4305, or (507) 276-9729 or e-mail: nuedc@newulmtel.net
