Areas Served: Benton County
Benton County, offers a loan program for businesses in Benton County, Minnesota.
Financial Structure: – Benton County may provide up to 35% of project cost or a maximum of $150,000 to any company.
– A financial institution must be involved in the development project.
– Loan terms are structured based on the size of the loan and the assets being financed.
– Interest rates are fixed and will be below the participating banks interest rate.
Each project is evaluated separately on collateral, nature of the risk and length of loan.
Periodic reviews of the rates are conducted to ensure the County’s economic development fund and program objectives are being met Eligibility: – Eligible loan applicants are manufacturing and service business located anywhere in Benton County.
Funding is limited in St. Cloud due to the county’s loan funding source’s lending criteria.
– Borrowers can use the County funds for fixed assets purchases like land, buildings, machinery/equipment, including building modifications or equipment that provide energy efficiency – Job creation is a requirement for loan consideration and under certain circumstances job retention will be considered.
One (1) FTE job per $20,000 of borrowed funds is required.
In circumstances where the funds are used for energy efficiency or productivity job retention may be considered.
Contact InformationBenton County, Minnesota
Address: 531 Dewey Street
City: Foley
State: Minnesota
Website:
http://www.co.benton.mn.us
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