The Common Bond Fund (CBF) Program is a revenue bond financing program for growing manufacturing companies in suburban Hennepin County. The CBF is designed for profitable owner-occupied manufacturing facilities whose owners provide personal guarantees. Any owner-occupied manufacturing business expanding in or relocating to Hennepin County can submit a request.
Potential projects can include the following:
CBF provides long-term fixed-rate financing to businesses at reasonable interests rates. Rates on tax-exempt bonds are approximately equal to the 20-year T-Bill. Terms may be for 15 to 30 years, depending upon the assets acquired. These bonds are rated "A+" by Standard & Poors, and therefore offer lower interest rates.
Hennepin County and the City of Minneapolis approve CBF projects based upon the financial strength, credit worthiness and public purpose served. A representative from the county or city staff will handle requests for a CBF from initial inquiry through post-closing monitoring. The city in which the project is located must approve the project.
The public approval process takes approximately 90 to 120 days, and no special requirements from Minneapolis are placed upon projects located outside of the city.
Questions or requests for more information about the CBG Program can be referred to:
Did you find what you were looking for? Yes No