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After receiving 100 applications in the recently ended Minnesota Business Relief Grant Program and only being able to fund 42, the Cook County Grand Marais EDA has modified the Taconite Area Business Relief Loan program to include a process that can result in 50 percent loan forgiveness.
Starting Friday, February 26, 2021, the EDA will offer two loan products at zero interest, a $7500 loan to be used toward working capital and a $15,000 loan that can be used for capital improvements. Quarterly debt service payments on both loans will begin in October 2021. To apply, businesses must fill out an on-line application and provide a personal financial statement. If approved, a personal guaranty will also be required.
Forgiveness eligibility will be determined in the summer of 2023. To qualify the business must have submitted quarterly financial statements to the EDA and made quarterly loan payments.
“Rather than add more debt, the EDA wants to provide businesses with an opportunity to use this funding to remain current with existing obligations or to prepare for the future as COVID-19 wanes and our busy summer season approaches” said Scott Harrison, EDA treasurer.
The EDA currently has $215,000 available on a first come first served basis. Applications must be received no later than March 15, 2021.
To apply:
Loan guidelines and applications are available on the EDA website: https:// www.prosperitynorth.com/taconite_ area_ business_ re
Questions can be directed to Pat Campanaro, Small Business Development Center consultant at pcampanaro@gmail.com or 651-336-2964.
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