Areas Served: Meeker County
Loan Interest and Terms: – Loans from the EDA will not exceed 50% of the total project costs – The maximum loan amount from The EDA will not exceed $75,000 – The interest rate will be fixed through the term of the loan, to be determined at the time of application.
– The loan amortization will match the tax depreciable life of the asset being financed with EDA loan proceeds.
Generally, loan maturities will be five years.
– EDA Loan Programs will be collateralized.
Project Structure: – 10%-25% Equity (Expansion) – 25% Equity minimally for new/start up – 25%-50% Financial Institution – 25%-50% MCED Loan Funds Eligible Businesses: May be either start-ups, relocation or expansion projects.
The types of businesses include, but are not limited to, those engaged in: – Most for profit businesses that provide employment opportunities, including tourist and recreational facilities – Technologically innovative industries – Value added manufacturing – Businesses within economic asset sectors for the region such as; renewable energy projects and food production sectors – Business growth that leads to greater individual and community prosperity – Businesses whose markets extend beyond the region – Dairy modernization (RLF only) Eligible Uses of Loan Funds: – All costs demonstrated as essential for the project, including working capital and/or assets (land, building, machinery and equipment).
Contact InformationMeeker County EDA
Address: 325 North Sibley Avenue
City: Litchfield
State: Minnesota
Website:
http://www.meekercodevcorp.com/resources.php
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