South St. Paul EDA approves $15,000 microloan to Al’s Corral Bar

The South St. Paul Economic Development Authority voted 7-0 to approve Resolution 2025-16, authorizing a $15,000 microloan to Al’s Corral Bar, owner Alan Fisher said, to fund replacement beverage coolers and HVAC work at the business located at 440 Concord Exchange South in South St. Paul.

The loan would cover roughly half of a project the presenter said totals about $30,000. Mr. Garcia, economic development staff, said the microloan would be amortized over 72 months at a fixed 10% interest rate, producing a monthly payment of just over $275. He told commissioners staff had reviewed the business’s and owner’s personal financial information and that the credit review showed no troubling history; staff recommended approval.

The microloan is part of a smaller-dollar program the authority created about two to three years ago to help locally owned small businesses with shorter-term, lower-underwriting loans than the EDA’s larger redevelopment or real estate loans. Mr. Garcia said Al’s is also considering private lending from South Saint Paul Futures to cover remaining costs.

Commissioners spoke in support. Commissioner Hansen said the program is “a great way to help our small businesses continue to grow and expand and and still exist,” and added, “I also believe it’s very important to have a cold beer and Diet Coke.” Commissioner Podgorski noted state-level cuts to business programs, saying it was “nice to see us at the local level helping a small business with the loan so they can stay in business.” Podgorski also discussed the EDA’s interest-rate policy, stating the policy sets the EDA rate at 2.5 percentage points above the Wall Street Journal prime rate and observing that interest rates are higher now than in the recent past.

The motion to approve the resolution was made by Commissioner Hansen and seconded by Commissioner Thompson. City staff called the roll and recorded a 7-0 vote in favor; the chair declared the motion passed and thanked the business owner and family for investing in South St. Paul.

No amendments to the motion were offered and no follow-up assignments were recorded on the public record. Staff noted additional loan resources are available and encouraged other businesses to contact the city’s economic development office.

Votes at a glance

- Resolution 2025-16 — Approve $15,000 microloan to Al’s Corral Bar (applicant: Alan Fisher) for equipment replacement. Motion by Commissioner Hansen; second by Commissioner Thompson. Vote: 7 yes, 0 no. Outcome: approved.