Region Nine administers a Revolving Loan Fund (RLF) to assist existing businesses, as well as new entrepreneurs, in securing financing they are otherwise unable to secure through traditional channels. The primary goal of the program is to create new jobs, or retain existing jobs, in the region. Preference is given to businesses that will add full-time skilled or semi-skilled positions. The source of funding is the Federal Economic Development Administration (EDA). Some specific guidelines may apply. Region Nine welcomes partnering with other lenders to assist local businesses to succeed and thrive.
Region Nine encompasses the counties of Blue Earth, Brown, Faribault, Le Sueur, Martin, Nicollet, Sibley, Waseca & Watonwan. The for-profit business must be located within the boundaries of Region Nine.
Who is eligible?
- Value added agriculture
- Alternative & renewable energy
- Distribution businesses
- Must have sought financing from private lender
What can funds be used for?
- Real estate
- Machinery and equipment costs
- Working capital
- Building and/or leasehold improvements
- Retail, service, and manufacturing costs
What are the terms of the loan?
- Max loan amount of $200,000
- Interest rate is 3.5% to 6%
What you need to apply:
- Completed RLF Application Form
- Business Plan
- Documentation providing expressed need for gap financing
- A Balance Sheet
- A projected, annualized Income Statement
- Personal Financial Statement
- Corporate and Individual Income Tax Returns
- A Schedule of Debts
- A copy of current or proposed lease on buildings and/or equipment
- Key cost documents
All Applicants are encouraged to contact our partners at the Small Business Development Center (SBDC) to assist in the application process.
- Phone: 507.389.8875
- Email: firstname.lastname@example.org