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Region Nine Development Commissoin has funds available for loans to eligible businesses located in the counties of:

• Faribault
• Le Sueur
• Martin
• Sibley
• Waseca
• Watonwan

Program Requirements:

FEES:  $600 processing fee and 1.5% origination fee required (due at closing)

Federal civil rights, historic preservation, Davis-Bacon and environmental review.

Businesses must be a “small business” as defined by the Small Business Administration Standards (i.e. Manufacturing generally <250 employees)

Eligible Businesses:

For profit businesses located in participating counties and engaged in the following activities:

• Manufacturing
• Distribution
• Value Added Agriculture

Minority, women and Vietnam era veteran owned businesses as urged to apply.

Use of Funds:

Loans from the Six County RLF can be used for these purposes:

• working capital
• land
• buildings
• equipment

Loan Terms:

$10,000 minimum/$60,000 maximum
4% below prime rate (6% minimum)
working capital = 5 years
machinery and equipment = 15 years or useful life
real estate = 20 year maximum
structure = 1/3 of project costs may be financed through the RLF.  2/3 of the project must be financed by other sources (i.e. equity, bank, etc..).  One job must be created for each $10,000 of revolving loan funds.