Northwest Minnesota Foundation offers a gap lending program to help Minnesota businesses fund projects.
•Loans up to $150,000 for new start-ups and $300,000 for expansions.
•Interest rates, frequently below market, are based upon the merit of the project.
•Collateral and personal guarantees required.
Eligible Activities and Use of Funds
•Value-added manufacturing and processing.
•Technologically innovative industries.
•Agri-processing, marketing and specialty crops production.
•Tourism and information industries.
•Goods and services that enhance Quality of Place.
•Funds may be used for working capital, inventory, equipment, land and buildings.
•Ineligible activities include general retail businesses and conventional agricultural production.
•Funding gaps must exiSt.
•50% financing from private sources required.
•Minimum down payment of 10% required.
•Jobs must be created or retained with acceptable wage levels.
•Minority applicants are encouraged to apply.
Northwest Minnesota Foundation
Address: 4225 Technology Drive, NW