The City of Morris, Minnesota can provide financial assistance to businesses in the City of Morris using its revolving loan fund.
The City currently has two loan programs for “Gap” Financing and Storefront Renovations.
Annual interest fixed rate of not more than 3 percent for the term of the loan (No interest adjustments, balloon payments, etc.
) 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 Morris
• 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
City of Morris, Minnesota
Address: 507 Atlantic Avenue