The Arrowhead Regional Development Commission has created a revolving loan fund to help both for-profit and non-profit businesses in the Northland survive the COVID-19 pandemic. To be eligible you must be in Cook, Lake, Aitkin, Carlton, Itasca, Koochiching, or Saint Louis County.
Eligible applicants are businesses that can demonstrate a “clear, negative impact from the pandemic.” Applicants will be subjected to a credit check. Loan repayment will be interest only for the first 12 months. Currently the interest rate is 2.44 percent and the loan repayment timeline is 10 years.
Loan amounts run from $10,000 to $75,000 and are structured with a low interest rate for the first year.
Other Types of Loans for Pandemic Impacted Businesses
Non-working capital loans may range in size from $10,000 up to $250,000. The ARDC CARES RLF can function as the sole lender for this loan fund or can be combined with an additional lender(s) to leverage funds. These other lenders may be traditional lenders (banks) or non-traditional lenders (foundations, non-profits). Loans can be used for equipment, real estate, expansion, and other business operations.
The policies for these loans are more stringent and the application requires significant details. The standard terms for these loans will be four percent interest over 10 years.
Applications for these loans are at www.ardc.org/rlf.
Application timeline
Applications are accepted on a rolling basis.
The Revolving Loan Fund Committee meets as needed to consider requests. Applications are available online at www.ardc.org/rlf.
Contact: Anthony Landgren, Associate Planner 218-529-7513 alandgren@ardc.org.
ARDC serves as a regional and community planning organization working to further develop northeast Minnesota as a great place to live, work, play, and learn.
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