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 BUSINESS
LOANS & FINANCING |
Kandiyohi
County Industrial Initiatives Loan Program
The
Industrial Initiatives Loan Program is intended to promote
economic development in Kandiyohi County by providing below
market rate financing to new and existing service, telecommunications,
intellectual property, manufacturing, industrial or wholesale/distribution-based
businesses [per standard industry classification] wishing
to expand in Kandiyohi County.
Loans
are underwritten and approved by the originating financial
institution, must meet the Industrial Initiatives Loan Program
criteria and be approved by the Finance Committee of the Kandiyohi
County and City of Willmar Economic Development Commission
(EDC).
Application
for the program can be arranged through the EDC office at
(320) 235-7370 or your local financial institution.
The
following are the eligibility guidelines for Industrial Initiatives
Loan Program:
- Real estate and/or equipment purchases
- Limited to service, telecommunications,
intellectual property, manufacturing, industrial or wholesale/distribution-based
business in Kandiyohi County (standard industry classification)
and shall meet one or more of the following:
- Generate 50% or more revenue from outside
Kandiyohi County
- Create/retain one job for each $20,000
loaned, over a five year period
- Create additional real estate tax base
- Maximum amount of outstanding loans:
- One borrower-$500,000
- Related borrowers-$1,000,000
Participating Kandiyohi County Banks
- Atwater State Bank, Atwater
- Bremer
Bank - Willmar
- Concorde
Bank - Blomkest, Willmar
- Citizens
State Bank of Clara City - 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
Request
an application
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