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UMVRDC Revolving Loan Fund Embodies Regional Collaboration

by Dawn Hegland on May 28th, 2013

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The UMVRDC’s Revolving Loan Fund (RLF) has recently seen a boost in available funds thanks to our five county boards. The counties of Big Stone, Chippewa, Lac qui Parle, Swift and Yellow Medicine, along with the federal Economic Development Administration (EDA), pooled resources to increase funds available for lending.

  • For approximately the last year the RLF has had less than 10% of the total available for lending.
  • The boost in funding totals $500,000 and already has one loan approved, bringing the current amount available for lending to $400,000.
  • New funds bring the RLF’s total portfolio to $1.7 million.
  • Today there are nearly 40 loans throughout the region.

UMVRDC staff look forward to assisting businesses in our region with their start-up and expansion needs!

Visit our RLF page here on our website for more information about the RLF, including an application and loan guidelines. You can also contact us at 320-289-1981 and ask for Jacki Anderson (ext. 2) or Dawn Hegland (ext. 1).

 

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