Arrowhead Electric Cooperative Revolving Loan Fund
Financing
Services: Incentive and Financial Resource Programs
Contact: Jenny Kartes, Member Services Manager
Address: 5301 Hwy 61 PO Box 39, Lutsen, MN 55612
Phone: 218.663.7239
Email: jkartes@arrowhead.coop
Description:The Arrowhead Electric Cooperative Revolving Loan Fund services businesses in AEC’s service area.
Eligible Applicants: Non-profit entities, public bodies, and all business types excluding conventional agriculture.
Eligible use of proceeds include:
- Land and building acquisition
- Land improvements
- New building construction
- Building renovation
- Machinery and equipment
- Community infrastructure
- Facilities and equipment to provide medical care
- Facilities and equipment to provide education and job training
- Computers and other technology related equipment.
Loan Terms:
$5,000-$200,000
0.5% below prime
Ten year term
Max. 50% of project cost
