ARDC Announces New Revolving Loan Program for Businesses and Non-Profits Affected by Pandemic
Oct 15, 2020 01:49PM
From The Arrowhead Regional Development Commission - October 15, 2020
The Arrowhead Regional Development Commission (ARDC) has been awarded $3.88 million in economic development aid from the federal Economic Development Administration (EDA).
Businesses located within the ARDC service area (Aitkin, Carlton, Cook, Itasca, Koochiching, Lake, and St. Louis Counties) are eligible to apply for a low interest loan using these funds. The new program can fund all types of businesses, including industrial, commercial, retail, restaurants, and non-profits. Collateral may not be required for businesses that can prove impact from the COVID-19 pandemic. Loans to impacted business may qualify for deferred principle payments for 12 months, have origination and service fees waived, and not require private entity participation. Qualifying loans may be given at an interest rate as low as 75% of the prime rate listed in the Wall Street Journal (2.44% today).
ARDC looks forward to assisting the Region’s businesses recover from the impacts of the 2020 Pandemic. Businesses can go to www.ardc.org/rlf to fill out the program’s pre-application form. Questions should be directed to Anthony Landgren at [email protected].