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 BUSINESS
LOANS & FINANCING |
Entrepreneurs'
Loan Guarantee Program
Are
you a candidate for financing from the Entrepreneurs' Loan
Guarantee Program?
- Do you need $1,000-$25,000 to get your new
or existing business off the ground?
- Have you owned your business for less than
18 months?
- With help, could you write a simple business
plan for your new or existing business?
- Is your business located in Kandiyohi County?
If
you answered yes, you may be a candidate for the Entrepreneurs'
Loan Guarantee Program.
LOANS
The
loan may be used for:
- real estate purchases
- building construction, expansion or leasehold
improvements
- equipment purchases
- working capital
The
minimum loan amount is $1,000 and the maximum amount is $25,000.
The
maximum term is 5 years. However, the loan can be amortized
up to 10 years based upon use of the funds and collateral.
A 1%
fee of the amount borrowed is charged.
ELIGIBILITY
Applicants
must:
- be an individual over 18 years of age;
- be a resident of Kandiyohi County;
- be actively involved in the business;
- have at least 50% ownership in the business.
The
business must:
- be owned and operated by the borrower less
than 18 months,
- be a business eligible under Small Business
Administration (SBA) guidelines
- be located within Kandiyohi County;
- provide economic benefit to Kandiyohi County.
OTHER
REQUIREMENTS
Applicants
must submit:
- a completed application form
- a completed business plan
- documentation as to business status
TECHNICAL
ASSISTANCE
Participants
are encouraged to receive technical assistance from:
For
more information, please contact:
Kandiyohi County and City of Willmar Economic Development
Commission
312 Fourth Street SW, Suite 2
P.O. Box 1783
Willmar, MN 56201
Phone (320)235-7370 or (888) 815-7370
Fax (320) 231-2320
edp@kandiyohi.com
The
Entrepreneurs' Loan Guarantee Program was established in 2005
to provide general business financing to qualified individuals
starting a new business in Kandiyohi County.
The
fund is administered by the Kandiyohi County and City of Willmar
Economic Development Commission's (EDC) Finance Committee.
The EDC actively encourages economic development in the Kandiyohi
County area.
Participating
Kandiyohi County Banks
- Atwater State Bank, Atwater
- Bremer Bank
- Willmar
- Concorde
Bank - Blomkest, Willmar
- First State Bank of Lake Lillian
- Heritage
Bank, N.A. - Pennock, Raymond, Spicer, Willmar
- Home
State Bank - Kandiyohi, Willmar
- Lake
Region Bank - New London, Sunburg, Willmar
- North
American State Bank - Belgrade, Willmar
- Prinsburg
State Bank
- United
Minnesota Bank - New London
- United
Prarie Bank - Spicer
- U.S.
Bank - Willmar
- Wells
Fargo Bank of Minnesota, N.A. -
Willmar
Application
Form
Business
Plan Form
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