• Nov 18, 21
• spencergregory
• Revolving Loan Fund Directory
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The City Council of the City of Silver Bay in cooperation with Iron Range Resources Community Business Partnership Grant Program have developed a revolving loan fund for the purpose of providing financing for eligible businesses within the City of Silver Bay.

  Capitalization of this program came from 2:1 match basis, whereas the Iron Range Resources will provide $2 for every $1 of local match.

The principal objective of the program is to offer the businesses an incentive to improve the appearance, energy, and accessibility of their business, thereby attracting additional customers and hopefully creating additional demand for their products and the need for other compatible businesses.

  Secondary objectives are to stimulate private investment, expand the tax base, and provide job opportunities particularly for low income persons through the establishment of new businesses or the expansion of existing businesses.

LOAN AMOUNTS: The minimum loan amount is $1,000 and the maximum loan exposure from this loan fund shall be approved by the City of Silver Bay.

GEOGRAPHIC AREA OF PROGRAM: The Community Business Loan Program exists for businesses located in the City of Silver Bay or any business that the Silver Bay Economic Development Authority deems as having an economic impact on the City of Silver Bay.

ELIGIBLE BUSINESSES: Any project funded with Community Business Loan Program funds must be a €œFor€Profit€ business located in an existing building.

  Landlords of the buildings are ineligible, unless the landlord operates a €œFor€Profit€ business within the building.

  Eligible applicants include, but are not limited to, those businesses which are engaged in:  Retail Sales  Lodging Facility  Auto Repair  Information Industries  Restaurants  Service Sector Businesses  Financial Institutions  Tourism ALLOWABLE USE OF PROCEEDS Community Business Loan Program shall include renovation for exterior improvements, energy  improvements, rehabilitation of distressed properties, structural improvements, roof improvements, handicap accessibility, or other general improvements.

TERM OF LOANS The length of any loan made by the Community Business Loan Program will be based upon the amount of the loan.

  The term of any loan shall not exceed the following and will be repaid on a monthly basis:  Loans between $1,000 and $5,000 will be a three (3) year term;  Loans between $5,001 and $9,999 will be a five (5) year term;  Loans over $10,000 will be a seven (7) year term   INTEREST RATE OF LOANS Interest Rates on all loans will be at 3% interest and fixed throughout the term of the loan.





Contact Information
City of Silver Bay, Minnesota
Address: 7 Davis Drive
City: Silver Bay
State: Minnesota

Website: http://www.silverbay.com/

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