03 - Chamber of Commerce Update - Laserfiche WebLink

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_ Businesses applying for financing must � �' be located in Cass, Crow Wing, Morri- son, Todd, or Wadena County. They t 1�n tl��,�ttrni should be for-profit corporations, art- Lr��nritt4it:1:)etclo �xt�� st�r�r�tt nerships, or proprietorships. Low-Interest Loans for Manufacturing, Service & All projects must be able to demonstrate Commercial Busi- repayment ability. The North Central Economic Development Association (NCEDA) Revolving Loan Fund Motley Tire&alignment provides financial assistance to businesses in ELIGIBLE COSTS: NCEDA Loan Terms the five-county region. Low interest loans for business expansions, new businesses and * Acquisition and/or improvement of land, transfers of ownership in Region Five. buildings, plant, and equipment Loans from $5,000 to $100,000 50% of financing must be provided by other NCEDA is a local non-profit corporation es- * New construction or renovation of existing lenders, bank participation,is preferred tablished with federal and local dollars facilities through Region Five Development Commis- 10%minimum owner equity sion. It is designed to offer fixed asset and Demolition and site preparation working capital financing for new and expand- Interest rates are negotiable between the ing businesses. * Machinery and equipment purchase NCEDA Loan Board, participating commercial lender and borrower. * Working Capital, which includes, inventory Terms are negotiable;generally 3 years for and accounts receivable " working capital and up to 15 years for fixed assets. An origination fee of no less than $350 will be charged to the borrower at the time INELIGIBLE COSTS: of the loan closing. NCEDA will generally not participate in loans Loan decisions made by the NCEDA Loan to large corporations (over$10 million in as- Board monthly. Each Region 5 county is sets). The financing is not to be used for pro represented on the board. fessional fees or acquisition of real property Central MN Ethanol Co-op located in Little Falls,MN for subsequent lease. Federal Davis-Bacon Wage Rates apply to construction projects.