Areas Served: Sibley County
The purpose of this fund is to provide gap financing capital for new or existing small business expansions, which would provide jobs to further diversify the economic base of Sibley County, Minnesota.
This form of economic development provides Sibley County businesses with an alternative form of business financing.
The following types of for-profit businesses are considered eligible: – Manufacturing/assembly – Tourism – Technology innovations – Professional offices – Retail expansion The following activities are considered ineligible: – Advertising/marketing – Agricultural production – Speculative real estate – Construction or maintenance of utilities The maximum amount of a loan for any one business loan will be at the discretion of the loan committee, but shall typically be $10,000. However, with significant job creation, $20,000 is possible.
The interest rate is also determined by the loan committee but should not fall 3 % points below the prime national rate.
The loan amount shall not exceed the personal contribution of the business owner/applicant.
Contact InformationSibley County, Minnesota
Address: 111 8th St
City: Gaylord
State: Minnesota
Website:
http://www.co.sibley.mn.us/economic_development/revolving_loan_fund.php
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