Areas Served: City of Lake City
The Lake City Revolving Loan Fund (RFL) is a public source of money from which low-interest, deferred payment loans are made for business development projects.
This program provides gap financing and may not be used as the primary source of financing for a project.
RFL loans range from $5,000 $25,000. Eligibility – Businesses must be located, or be willing to relocate, within the city limits of Lake City, Minnesota.
– Land and building acquisition, land improvements, new building construction, building renovation, machinery, furniture, fixtures, and equipment are all eligible uses of the RFL.
Requirements – The RLF loan cannot exceed 50% of the total project costs.
– All construction and renovation must comply with city codes and policies.
– The applicant must establish and maintain the business within the Lake City municipal limits.
Rates/Terms – The term is determined by the RLF Committee and is fixed at 5 years or fewer.
– The minimum loan fixed interest-rate is 5%.
– The applicant pays 1 point (1%) to cover legal, recording, and other fees.
– The City will typically subordinate to other financing sources when needed.
Contact Information
Lake City Economic Development Authority
Address: 205 West Center Street
City: Lake City
State: Minnesota
Website:
https://www.lakecityeda.com
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