The City of Chokio, Minnesota can provide financial assistance to businesses in the City of Chokio using its revolving loan fund.
The City currently has a loan program for “Gap” financing.
Loan terms of:
• 10 to15 year term – Real estate
• 5 to 10 year term – Machinery, equipment, furniture and fixtures
• 3 to 5 year term – Working capital, inventory, and other uses
• Other Term – as determined by the City, can be applied to any and/or all loans Eligible borrowers:
• Be a for-profit business doing its primary business within the legal boundaries of the City of Chokio
• A new business start-up
• An existing business seeking to expand
• Purchase an existing business
• Borrower’s eligibility will be determined by the City City loan can be no more than 25% of Total Project Costs Annual interest fixed rate of not more than 3 percent for the term of the loan
City of Chokio, Minnesota
Address: 507 Atlantic Avenue