FAIRMONT– The Fairmont Economic Development Authority (FEDA) has wrapped up a successful year of working toward bringing new businesses, development and residents to the community. Fairmont’s Economic Development Coordinator, Ned Koppen, highlighted some of work that was done over the last year.

First, Koppen said FEDA was able to award $444,000 worth of revolving loan funds that was dispersed to seven local businesses.

“Those were seven businesses that we were either able to help them buy the business or improve the property,” Koppen explained.

He said the revolving loan funds keep dollars here and that FEDA has just under $1 million in play in the community from its revolving loan funds.

FEDA also gave out about $22,500 worth of loans to five different businesses through its facade program. The program is new in the last two years and has aided several businesses, both downtown and in the broader community, with updating the exterior of their buildings.

He said there are another five business that have applied for loans and are finishing their projects so once completed, FEDA will fund the expense.

“The downtown has had a lot of revitalization but this is a community-wide program,” Koppen said.

Another thing FEDA worked to do over the last year is promote its demolition program and let people know that there is money for both private properties and commercial properties.

“If we have blighted properties and assistance is needed and it’s in the best interest of Fairmont to supply some money to help, that’s what the program is for. It’s more money that we’re putting back into the community to make sure that good things happen,” Koppen said.

FEDA also received some assistance from companies over the last year to help it reach more individuals and businesses.

Fairmont EDA and Martin County EDA have both partnered with The Retail Coach, which helps market Fairmont and Martin County to new retailers at a national level.

“We feel like we’ve made good progress with them and have developed some new prospects and want to continue to pursue those and land them in Fairmont,” Koppen said.

Both FEDA and Martin County EDA have renewed contracts with The Retail Coach for 2025.

FEDA also works with Camoin and Associates which tracks its website visitor traffic and identifies visitors. Koppen said that both he and staff of Camoin and Associates then follows up with certain visitors, like a food manufacturer, educational institution or tech company.

“It also helps me gauge to see if I have the right people visiting our website,” Koppen explained.

Golden Shovel is the company that creates and posts content for FEDA’s website and social media pages. New recently is a Fairmont Economic Development Facebook page, which includes information pertinent to economic development in the city.

Finally, Koppen is part of Community Venture Network and as part of that he goes to meetings three times a year in the metro.

“They bring together economic development people like myself from smaller communities in outstate Minnesota with businesses interested in expanding to small communities in the rural upper Midwest. I find it valuable,” Koppen said.

Through Community Venture Network, Koppen met an individual who does a video series called My Town. In 2025 FEDA will be working with Visit Fairmont and the Fairmont Area School District to create a 20 minute video that will promote Fairmont.

Along with everything mentioned Koppen said he is constantly working on some areas including childcare, housing and promoting the community.

Some of FEDA’s continued partnerships include Region 9, Fairmont Community Education and Recreation (CER), Fairmont Area Chamber of Commerce, GreenSeam, Minnesota Valley Action Council and more.

“I work with them and they work with me. We share back and forth,” Koppen said.

Looking at 2025, Koppen said he plans to pursue growth and new business and continue to support existing businesses. He also plans to remain active with the revolving loan fund and continue to promote awareness of all of FEDA’s programs.

“I also want to improve our storytelling and make sure we’re doing the best job possible talking about Fairmont and our opportunities and our quality of life,” Koppen said. “I want to tell that story so that when people take a look at Fairmont they’re aware of all of that.”