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.
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