Areas Served: Cities of Bloomington, Brooklyn Center, Brooklyn Park, Burnsville, Coats, Columbia Heights, Coon Rapids, Fridley, Lauderdale, Lexington, Mendota, Miesville, Minneapolis, New Brighton, New Germany, New Hope, Newport, Richfield, St. Paul, Spring Lake Park, South St. Paul or West St. Paul.
The purpose of the CMDC Initiative Fund is to encourage private investment, create jobs and promote economic development in certain Twin City metropolitan communities.
The program works by providing incentive financing for new and expanding businesses.
Eligible Applicants Most businesses and industries are eligible if they are located or will locate in the cities of Bloomington, Brooklyn Center, Brooklyn Park, Burnsville, Coats, Columbia Heights, Coon Rapids, Fridley, Lauderdale, Lexington, Mendota, Miesville, Minneapolis, New Brighton, New Germany, New Hope, Newport, Richfield, St. Paul, Spring Lake Park, South St. Paul or West St. Paul.
Minimum Requirements All projects must have a private financing match.
Eligible Projects Financing is available for land and buildings, machinery, equipment and working capital.
Maximum Available CMDC currently has a $150,000 lending limit depending on funding availability.
Other Funds Required: In most cases at least 50% of total project costs must be privately financed through owner equity and other lending sources.
Most applications approved for funding have at least a 50% private financing match.
Interest Rate The interest rate will be a function of the risk associated with the loan and project.
Rates range from 2% and prime plus 4%.
Terms For projects involving real estate the maximum term is 20 years.
Loans for machinery and equipment have a maximum of 10 years.
Contact InformationCentral Minnesota Development Company
Address: 1885 Station Parkway NW
City: Andover
State: Minnesota
Website:
http://www.cmdcbusinessloans.com/CMDC_Initiative_Fund.cfm
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