East Range Joint Powers Board Development Loan Program
Services: Incentive and Financial Resource Programs
Contact: Bob Palmquist
Address: PO Box 127 , Aurora, MN 55705
Phone: 218.481-7737, ext. 11
The purpose of the East Range Joint Powers Board (ERJPB) Development Loan Program is to promote local economic development by providing loans to businesses located or to be located within the East Range area.
Loans made or provided by the ERJPB are intended to create and maintain permanent private sector jobs, expand the tax base, increase economic productivity and to create the inducement necessary to allow a project to proceed.
The loan maximum is $25,000.
Resorts/tourism projects which attract tourism expenditures from outside the region, energy related businesses which utilize indigenous fuels, technologically innovative industries, manufacturing/industrial operations, industrial service/supply, forestry/wood projects, industries based on utilization of the area’s indigenous mineral resources; agriculture and other businesses to the extent they are in compliance with the goals of the program.
Other Funding Required
The ERJPB Development Loan Program is limited to financing no more than 50% of the total project cost. The remaining 50% or more must be financed through other resources.
Other Special Requirements
Businesses shall be located within Aurora, Hoyt Lakes or the Town of White. These communities will benefit from the additional jobs and tax base created.
Allowable Use of Proceeds
Land and building acquisition, land improvements, building construction and renovation, purchase of machinery and equipment, working capital and inventory purchase.
Term of Loan
Maturity may not exceed five years for working capital, ten years for machinery and equipment and 20 years for real estate.
Fixed at 6.5%.
East Range Joint Powers Board Development Loan Program serves the Northland, Arrowhead, Duluth MN Superior WI MSA, and St. Louis county areas.