The MMDC works with small and mid-size business owners to start or expand their operations located in Region 6E (Kandiyohi, McLeod, Meeker, and Renville counties). We offer non-traditional and gap financing through various Revolving Loan Fund programs and work with traditional lenders or directly with borrowers who may not qualify for traditional financing. We also work with partner agencies such as county and city EDA programs, Southwest Initiative Foundation, and the Small Business Development Center. Contact the MMDC Economic Development team (below) for more information about terms and options.
Women, Veterans, People of Color, and People with Disabilities are encouraged to apply.
MMDC Revolving Loan Fund Terms
- Interest Rate:Interest Rate is based on the Wall Street Journal rate and is fixed for the term of the loan.
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- Loan Application Fee: $50 (due at the time of application submission)
- Legal/Closing Fees: Borrower is responsible for all legal/closing fees (contact MMDC for a general estimate of these costs)
- No Penalty for Early Repayment
- Eligible Borrowers: New or existing businesses in Economic Development Region 6E (Kandiyohi, McLeod, Meeker, and Renville Counties)
- Lending Priority: Businesses or aspiring business owners are eligible to apply for funds.
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- Loan amounts, term limits, and origination fees: (see table)
|
Loan Amount |
Loan Term Limits |
Low Origination Fees |
|
$7,000 - $12,000 |
3 yrs. (term beginning with 1st payment due date) |
$200 |
|
$12,001 - $25,000 |
5 yrs. (term beginning with 1st payment due date) |
$300 |
|
$25,001 - $60,000 |
7 yrs. (term beginning with 1st payment due date) |
$20 per $1,000 borrowed |
|
$60,001 - $150,000 |
15 yrs. (term beginning with 1st payment due date) |
$20 per $1,000 borrowed |
Contact the MMDC Economic Develop Team for more information on loan terms, conditions, and required documents.
Nate Reuss can be reached via email at [email protected] or by phone at (320) 979-6522
Mike Nicholas can be reached via email at [email protected] or by phone at (612) 251-4502
Note: While terms will be very favorable, these loans must be repaid.
MMDC is an Equal Opportunity Employer and Lender