Areas Served: Beltrami, Clearwater, Hubbard, Kittson, Lake of the Woods, Mahnomen, Marshall, Norman, Pennington, Polk, Red Lake, Roseau counties
Northwest Minnesota Foundation offers a gap lending program to help Minnesota businesses fund projects. The loan program features:
- Loans up to $150,000 for new start-ups and $300,000 for expansions
- Interest rates, frequently below market, are based upon the merit of the project
- Collateral and personal guarantees required
Eligible Industries
- Value-added manufacturing and processing
- Technologically innovative industries
- Agri-processing, marketing and specialty crops production
- Tourism and information industries
- Goods and services that enhance Quality of Place
Eligible Activities and Use of Funds
- Funds may be used for working capital, inventory, equipment, land and buildings
- Ineligible activities include general retail businesses and conventional agricultural production.
General Policies
- Funding gaps must exist
- 50% financing from private sources required
- Minimum down payment of 10% required
- Jobs must be created or retained with acceptable wage levels
- Minority applicants are encouraged to apply
Contact Information
Northwest Minnesota Foundation
Address: 4225 Technology Drive, NW
City: Bemidji
State: Minnesota
Website:
https://www.nwmf.org/
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