Areas Served: Goodhue County
Goodhue County EDA administers a revolving loan fund (RLF) to assist small businesses with financing needs.
Eligible uses of revolving loan funds include: – Land and building acquisition – Land improvements – New Building construction – Machinery – Equipment and Fixtures – Other capital improvements or investments Only for-profit business can qualify to receive a loan and municipalities or townships can apply on behalf of a for-profit economic development project.
A small business can qualify for loans from $5,000 up to $15,000 for development projects.
RLFs are traditionally used to fill a “financing gap” in a business development project.
They are designed to alleviate the high cost and short supply of capital for businesses by providing flexible loan terms.
Typically, RLFs lower the rate, lengthen the term or reduce the risk of a loan.
By increasing accessibility to capital, RLFs are an effective tool of leveraging.
RLFs are typically combined with other public or private dollars and are used to initiate, facilitate, and promote the county’s legitimate economic development interests.
This program is intended to complement, not replace, existing local development incentives.
Contact InformationGoodhue County, Minnesota
Address: 509 W. 5th Street
City: Red Wing
State: Minnesota
Website:
http://www.co.goodhue.mn.us/countygovernment/committees/EDA/EDABusinessAssistance.aspx
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