Red Lake County Economic Development CorporationIf you have New Business Ideas We Have the Money!! The Red Lake County Economic Development Corporation created the Revolving Loan Fund to assist the potential small business owner or present small business owner of Red Lake County. It is our belief that economic growth will be served through small business job creation. This program is specifically designed to aid in the startup or expansion of local business. This results in local jobs and local spending, which in turn creates more jobs. Interest on loans under this program will be 2% and will be reviewed annually. The loan cannot exceed $30,000 with a maximum term of 10 years. The business must be located in Red Lake County. LOAN CRITERIA It is the goal of this program that any loan made will assist in the diversification of the local economy and will enhance the local tax base. The basic criteria that must be met in order to qualify for this program are listed below. Meeting these criteria does not guarantee the loan will be approved. Loans will only be made based on a sound business standards and practices.
LOAN PROCEDURE
PROGRAM PURPOSE
DEFINITIONS: LENDER - refers to any private lending institution(s) involved in this business development project. BORROWER - refers to the proprietor, partnership, corporation, or other entity requesting funding from the county. EDC - refers to the Red Lake County Economic Development Corporation. REVOLVING LOAN - refers to the Red Lake County Revolving Loan Fund and its monies. PRIVATE INVESTMENT - refers to the amount of non-county funds raised for the project. GAP - refers to the difference between the total project cost and the amount of private investment. BASIC LOAN CRITERIA:
APPROVAL CONSIDERATIONS Because of the limited amount of funds available, the loan committee of the EDC will take many things into consideration when asked to approve a loan. While the following points are not restrictions, they are examples of parameters that are measured when deciding whether a project meets the goals of the Revolving Loan Fund.
Be Your Own Boss We will help you start your own business
For more information about Red Lake County Economic Development Corporation please refer to the RLCEDC By Laws. |
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