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