• Oct 26, 21
• spencergregory
• Revolving Loan Fund Directory
• 0 comment

The purpose of the Wright County Dairy Modernization Loan is to encourage improvements in the Minnesota dairy industry.

Through this program, administered by the Economic Development Partnership of Wright County and participating lending institutions, loans are made to help businesses meet a portion of their financing needs.

Loan Amount €“ · $12,500 per each job created or retained · Loan amount minimum and maximum: $5000 and $25,000 respectively.

The Board of Directors may consider exceeding the maximum dollar amount in special circumstances, provided it does not exceed the minimum established by the MN Business subsidy law,which would trigger using the state’s subsidy requirements.

· Loan amount shall not exceed 50% of fund balance.

· Loan shall not exceed 33% of total debt financing.

Use of Proceeds – · Real property acquisition and development.

· Real property rehabilitation (expansion or improvements).

· Machinery and equipment.

· Working capital.

· Business buyouts, only in circumstances in which such assistance is deemed by the Board of Directors as essential to retain an existing Wright County company in the area.

Loan Term €“ The loan term should not exceed the term of the primary lender.

Personal property term should not exceed the life of equipment (generally 7-10 years).

Real estate property maximum of 5-year maturity amortized up to 15 years.

Balloon payment at 5 years, unless waived or deferred by Economic Development Partnership of Wright County Board of Directors by a majority vote.

Interest Rate €“ Prime minus 1 to Prime plus 3.



Contact Information
Wright County Enterprise
Address: 6800 Electric Drive
City: Rockford
State: Minnesota

Website: http://www.wrightpartnership.org/financial.htm

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