Areas Served: Kittson, Marshall, Norman, Pennington, Polk, Red Lake and Roseau Counties
The Northwest Regional Enterprise Fund, Inc. was established to strengthen and diversify the economy of Northwest Minnesota which includes Kittson, Marshall, Norman, Pennington, Polk, Red Lake and Roseau Counties.
This is accomplished by providing a source of low interest financing to create, expand, and retain businesses in the area.
The purpose of the Enterprise Fund is to support business activities for which credit is not otherwise available on terms and conditions which would permit completion and/or successful operation or accomplishment of the project.
FUNDING SOURCES The Northwest Regional Enterprise Fund, Inc. originated through federal funding from the Economic Development Administration in the amount of $1,825,000. It is also supported by state funding through the Minnesota Department of Trade and Economic Development in the amount of $58,000. Additional local matching funds of $392,000 were provided by the seven counties of Region 1, City of Crookston, City of East Grand Forks, City of Red Lake Falls, City of Thief River Falls, Northwest Minnesota Initiative Fund, and the Northwest Regional Development Commission.
GUIDELINES Loans are made to businesses when credit is not otherwise available from owner investment, bank financing, and other sources to ensure the successful completion of activities to be financed.
Private, for profit businesses are eligible for financing.
Jobs must be created or retained.
Financing may not be used for any activity that serves to relocate jobs from one labor market area to another.
The maximum loan amount is $150,000 and the minimum is $5,000. The maximum loan term is fifteen years.
Interest rates are set each month.
The Enterprise Fund loan will generally not exceed one third of the total project coSt. The project must be located within Kittson, Norman, Marshall, Pennington, Polk, Red Lake, or Roseau County.
New businesses must have an equity contribution while existing businesses may contribute additional cash equity, and/or request consideration of the net worth of the business.
Retail, commercial, or service businesses should fulfill a local need for essential goods and services or demonstrate that the project is substantially tourism related.
Contact InformationNorthwest Regional Enterprise Fund
Address: 115 South Main, Suite 1
City: Warrren
State: Minnesota
Website:
http://www.nwrdc.org/enterprise.htm
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