Silver Bay Economic Development Authority Revolving Loan Program

Financing

Services: Incentive and Financial Resource Programs

Contact: David Drown, Economic Development Director

Address: 7 Davis Dr , Silver Bay, MN 55614

Phone: 218.226.4408

Email: david@daviddrown.com

Description:

The City of Silver Bay provides low interest loan gap financing to qualifying businesses.

Eligible Applicants
Must be a business whose business plan provides for:
1. Other significant capital investment
2. Full employment and/or equivalent
3. Increase the local tax base

Other Funding Required
The minimum amount of other financing to be considered must at least be a 1:1 ratio.

Allowable Use of Proceeds
Those activities that stimulate private investment, expand the tax base and provide job opportunities.

Term of Loan
Maximum term allowable:
1. Fixed assets (i.e. land & building – 20 years)
2. Acquisition of equipment – 10 years
3. Working capital – 5 years

Interest Rate
1. Rates will be established by the Authority upon form application approval.
2. Interest rate will be fixed throughout the term of the loan.

The Silver Bay Economic Development Authority serves the City of Silver Bay.