Areas Served: Iron County
Iron County, Michigan created a fund of money, derived from community development block grants, that is to be used to further economic development within the county.
The proportion of jobs that will be targeted to low and moderate income persons will be at least 51% of the jobs created by the new business activity.
Loans made from the RLF may be for the acquisition of fixed assets or, in exceptional circumstances, working capital.
Fixed assets include land and building acquisition, new construction or renovation, machinery and equipment, land or leasehold improvements.
The interest rate carried by the loan will vary from loan to loan and will be established by the Iron County Board of Commissioners upon recommendation of the EDC Board of Directors.
Recognizing that the RLF loan is designed to fill a gap in conventional financing of a new business activity, interest rates and repayment terms may be adjusted to meet the needs of a particular new business activity.
Contact InformationIron County, Michigan
Address: 2 South Sixth Street
City: Crystal Falls
State: Michigan
Website:
http://www.iron.org/financing.php
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