Areas Served: City of Elk River
The purpose of the City of Elk River, Minnesota Micro Loan Fund is to provide low interest, long-term (i.e. greater than one year) loans as incentives to encourage the following: – Industrial development that supports the tax base and brings quality jobs to the city – Rehabilitation of existing buildings in the Central Business District The City of Elk River offers the following Micro Loans: The Industrial Incentive Program loans up to $100,000 at 2 points below prime or 3%, whichever is greater, to industrial businesses for real estate, equipment, & infrastructure costs associated with locating or expanding in Elk River.
Gradient Technology received an Industrial Incentive Program Micro Loan along with Tax Rebate Financing.
The Redevelopment Financing Program loans up to $75,000 at a fized rate of 2% for business development, building renovation and initial build-out (up to $25,000) in the Downtown District.
The Energy Efficiency Improvements Program loans up to $75,000 at a fixed rate of 2% to provide capital to businesses to invest in energy efficiency and improve their profitability through reduced energy costs and enhance their ability to retain and create jobs.
Contact InformationCity of Elk River, Minnesota
Address: 13065 Orono Parkway
City: Elk River
State: Minnesota
Website:
http://www.co.sherburne.mn.us/econdev/business/
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