Areas Served: Carlton County
The RBE Loan Program will assist small and emerging businesses within Carlton County, Minnesota.
Use of Funds Loan funds may be used for the following: – Working capital; – Land and building purchase; – Site improvements; – Building construction; – Building renovation and leasehold improvements; – Machinery and equipment acquisition.
Loan Terms and Conditions Loan requests will be reviewed for a minimum of $5,000. The County can participate to a maximum of 50% participation of the financed eligible costs and or a maximum amount of $100,000 (if the tax base and/or job creation is substantial the maximum amount could be open to discussion).
The loan amortization will be negotiated based on the amount borrowed and the life of the collateral provided.
The interest rate on the County’s loan will generally be set at an interest rate of the Wall Street Journal Prime less one percent (1%) rounded up to the nearest one-quarter percent with a minimum rate of 3%.
Contact Information
Carlton County, Minnesota Economic Development Office
Address: PO Box 607
City: Carlton
State: Minnesota
Website:
https://carltoncountyeda.com
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