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UMVRDC

Revolving Loan Fund

Providing access to affordable capital through gap financing for business start-up or expansion

The UMVRDC Revolving Loan Fund is designed to provide gap financing for business and industry starting up or expanding in the five-county region of Big Stone, Chippewa, Lac qui Parle, Swift and Yellow Medicine. The primary focus of the program is manufacturing and industrial-related businesses that will create or retain jobs.

Eligibility: Must be located in Big Stone, Chippewa, Lac qui Parle, Swift or Yellow Medicine Counties.

Program ApplicationRLF Brochure

Laura Ostile | Economic Development Specialist

320-289-1981 ext. 102

2017 Revolving Loan Fund

Project Highlights

$245,250

The amount of RLF funds loaded out in FY17

$112,000

Leveraged from the RLF program to the private sector investment for businesses in 2017

44 Jobs

Are expected to be created and retained as a result from the four 2017 loans

$4,739,837

Was leveraged in public and private funding in addition to the RLF funds

Types of Activities Financed

  • Business start-ups or expansions with priority given to manufacturing, technology and/or diversification of the local economy.
  • Non-profits are eligible for financing but must meet all other lending requirements.
  • Commercial/retail activities must fulfill a local need for essential goods and services and not be in direct competition with a similar business

Key Lending Objectives

  • Job Creation – 1st priority
  • Job Retention – 2nd priority
  • Create or retain full-time livable wage jobs
  • Encourage private sector investment
  • Support diversification of the regional economy

REGIONAL EXAMPLES

SEWearables

Appleton

Almich’s Market

Clara City

Ortonville Independent

Ortonville

Domats

Benson

Al’s Mercantile

Dawson