Bois Forte Development Corporation Small Business Development Program

Financing

Services: Incentive and Financial Resource Programs

Contact: Sidra Starkovich-Grants Manager

Address: 1430 Bois Forte Rd , Tower, MN 55790

Phone: 218.753.7805

Email: sstarkovich@boisforte-nsn.gov

Description:

Bois Forte Development Corporation (BFDC), in cooperation with the Bois Forte Reservation Tribal Council has developed a Small Business Development Program (SBDP) to administer the business loan program, which provides below market rate financing for eligible businesses.

The primary objective of the program is to create employment through the establishment of new businesses or the expansion of existing businesses. Loans may be subordinated to the interests of private sector lenders with respect to collateral in order to encourage their involvement.

Loan Amounts
The loan maximum is $20,000.

Eligible Applicants
For-profit owner operated Band member businesses residing in Minnesota.

Special Requirements
Applicants must demonstrate that they will create or retain a minimum of one job.

Allowable Use of Proceeds
Land and building acquisition, land improvements, building construction and renovation, purchase of machinery and equipment, working capital and inventory purchase. Financing may not generally be used for refinancing of existing debt.

Term of Loan
Maturity may not exceed six years for working capital and equipment.

Interest Rate
Minimum interest rate of six and one half (6.5) percent.

Bois Forte Development Corporation Small Business Development Program serves the Northland, Arrowhead, Duluth MN Superior WI MSA, and St. Louis county areas.