Areas Served: Alger, Delta, Dickinson, Marquette, Menominee and Schoolcraft Counties
Revolving loan programs are designed to provide low interest loans on a portion of the gap between conventional financing and the total cost of the project in the Michigan counties of Alger, Delta, Dickinson, Marquette, Menominee and Schoolcraft.
They are not intended to replace the equity requirement of the borrower, nor to provide competition with lending agencies.
By combining the conventional loan with the low interest loan on a portion of the gap, the borrower is able to write down his interest on the project and thus increase his chances of a successful project.
Revolving Loan Fund Applications vary with the type of loan and the agency providing the loan.
A typical loan application involves collecting and assembling data on the community, including but not limited to the number of jobs to be created, the demographics of the community, and in some cases industry specific data.
Contact InformationCentral Upper Peninsula Planning and Development Regional Commission
Address: 2415 14th Avenue South
City: Escanaba
State: Michigan
Website:
http://www.cuppad.org/
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