Regional Centers Loan Program
The Regional Centers Loan Program recognizes the importance of supporting business growth in regional center communities to the overall economic vitality of the southwest Minnesota region. The program focuses on business ventures in the communities of Hutchinson, Marshall, Willmar and Worthington that contribute to regional economic growth.
Businesses eligible for these loan funds must be for-profit, located in one of the four regional center communities, and engaged in manufacturing, professional or technology sectors. The program is administered by Prairieland Economic Development Corporation.
- Business loans must not exceed $500,000.
- Loans may be used for machinery and equipment, inventory, and working capital.
- Interest rates are fixed at one percent under the Prime Rate at the time of loan approval, with a six percent floor.
- The loan term is based on the life of the asset and will match the term of other lenders on the project.
- Loans must have adequate collateral and may be subordinate only to the interest of the primary lender bank.
- Loan recipients will be charged a one percent loan origination fee plus all legal costs associated with the closing of the loan.
Applicants are encouraged to contact Prairieland EDC at an early stage in project development to discuss the feasibility of support for their projects. A loan officer will endeavor to provide an indication of the project’s eligibility and to suggest factors which should be considered to maximize the potential for developing a viable proposal.
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