Areas Served: Houghton, Keweenaw and Baraga Counties
The KRLF is owned and administered by the Keweenaw Economic Development Alliance (KEDA), and is capitalized with $135,000 of funds from the U.S. Rural Development Administration, Wal-Mart and matching funds from KEDA.
The KRLF is designed as a “gap” financing instrument where other funding sources for a job-creating project are insufficient to cover all project costs.
The KRLF provides loans to Michigan manufacturing, service and high tech companies in Keweenaw, Houghton and Baraga Counties that produce a product sold outside the area (thereby bringing in new dollars) or that produce a product currently being purchased outside the area (keeping dollars from leaving the area).
Loans are normally from $15,000 to $75,000 depending on the financing “gap” and the number of jobs being created.
The KRLF will consider taking a subordinate collateral position to other lenders as appropriate Loans can be for building, machinery and equipment and for working capital.
Interest rates are according to the project risk, and loans are usually ballooned within 3-5 years.
The KEDA Loan Committee meets as needed.
Processing time from application to loan disbursement is usually a few weeks to 1 month.
Contact InformationKeweenaw Economic Development Alliance
Address: 600 E. Lakeshore Drive
City: Houghton
State: Michigan
Website:
http://kedabiz.com/resources/#business-financing
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