Areas Served: City of Chokio
The City of Chokio, Minnesota can provide financial assistance to businesses in the City of Chokio using its revolving loan fund.
The City currently has a loan program for Gap financing.
Loan terms of:
¢ 10 to15 year term – Real estate
¢ 5 to 10 year term – Machinery, equipment, furniture and fixtures
¢ 3 to 5 year term – Working capital, inventory, and other uses
¢ Other Term – as determined by the City, can be applied to any and/or all loans Eligible borrowers:
¢ Be a for-profit business doing its primary business within the legal boundaries of the City of Chokio
¢ A new business start-up
¢ An existing business seeking to expand
¢ Purchase an existing business
¢ Borrower’s eligibility will be determined by the City City loan can be no more than 25% of Total Project Costs Annual interest fixed rate of not more than 3 percent for the term of the loan
Contact InformationCity of Chokio, Minnesota
Address: 507 Atlantic Avenue
City: Morris
State: Minnesota
Website:
http://www.sceic.org/programs/
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