Cambridge Establishes Industrial Revolving Loan Fund
Building on a long history of fostering business expansion, the City of Cambridge has established a new Industrial Revolving Loan Fund. The $114,000 revolving fund is designed to help new or existing businesses finance the cost of land, buildings, machinery, equipment, or working capital. Rates are very affordable -- two points below prime. Fixed-rate loans start at $10,000 and go up to $25,000. The City seeded the fund with 20% of a Minnesota Investment Fund loan used to help finance the Cambridge Metal & Plastics buyout.

Allied Health Center Addresses Workforce Shortages
The Cambridge campus of Anoka Ramsey Community College dedicated
a 34,000 sq. ft. allied health addition and nursing lab in late August. The high-tech expansion addresses Minnesota’s growing need for skilled allied healthcare professionals.

Manufacturing Roundtables Connect Businesses with Resources
The City of Cambridge and Chamber of Commerce are building on the community’s penchant for collaboration by convening Manufacturers Roundtables. Each quarter, business leaders meet to welcome new manufacturers, discuss ways to help each other prosper, and identify market issues that can best be addressed collaboratively. The entire manufacturing sector benefits. The October 25 Roundtable will feature a tour of Mape USA’s new crankshaft production facility, which begins operation in the first quarter of 2008.

Cambridge Breaks Ground for Armed Forces Reserve Center
Two years after planning began, the Army National Guard and Army Reserve broke ground on a 54,000 sq. ft. “community center” this August. The $9.8 million facility will serve a dual purpose: train the military and provide much-needed community gathering space. It features a large, multi-use gymnasium and three classrooms.
The City, which contributed $750,000 in enhancements, expects the facility to open in fall 2008.

Retail Development Begins Next Wave
Following a wave of commercial development in the first half of the year, Cambridge is celebrating another wave of redevelopment this fall.

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The former Econo Foods building on south end of the Cambridge Mall was remodeled to accommodate five new businesses. The space now includes a natural food co-op, bookstore, coffee shop, discount store and resale shop -- bringing occupancy to a record 90%.

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Ace Hardware is building a 12,000 sq. ft. store in Cambridge. It chose Cambridge because of its “attractive location and successful growth.” The store will open in December.