Financing
Services: Incentive and Financial Resource Programs
Contact: Mike Birkeland, Director of Member Services
Address: 2810 Elida Dr , Grand Rapids, MN 55744
Phone: 218.485.2244
Email: mbirkeland@lakecountrypower.com
Description:The Lake Country Power Revolving Loan Fund is available in communities served by Lake Country Power, whose range includes portions of Aitkin, Carlton, Cass, Itasca, Koochiching, Lake, Pine, and St. Louis Counties.
Eligible applicants: All for-profit businesses (excluding conventional agriculture), public agencies and not-for-profit entities.
Eligible use of proceeds:
- Land and real estate acquisition
- New construction and redevelopment
- Equipment purchase
- Inventory
- Working capital (only as part of the entire project)
Ineligible uses include debt refinancing, speculative development, housing development, or equity investments.
Terms:
Up to $100,000
Minimum 3% interest
10-year term
Max. 80% of project cost
Max 30% for nonprofit
