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Loans
up to $35,000
We offer flexible loans of up to
$35,000 to start-up entrepreneurs or to
business owners who have been in business less than two
years who do not have reasonable access to
other sources of money to grow their
businesses. Some uses of the loans
include:
- Start-up
costs
- Equipment
- Inventory
- Operating
capital for rent, utilities, insurance
- Advertising
Loans may
vary case-by-case. In general:
- Loan
amounts from $1000 to $35,000
- Loan
duration from 60 days to ten years
- Fixed
interest rate
How to
Apply
You may apply for a START-UP loan if you:
- Locate your business in Aitkin, Carlton,
Cass, Cook, Crow Wing, Itasca,
Koochiching, Lake, Pine, or
St. Louis County in Minnesota or Douglas County,
Wisconsin.
- Live in
one of the above counties or in an
adjacent county.
- Have a
realistic business plan that shows
feasibility and viability of the
business.
- Can show a
need for financing.
- Can show
repayment of the loan through cash-flow
projections of the business.
- Submit
financial reports and continue to meet
with our staff prior to and following
loan disbursement.
Loan
Application Process
Contact one of our consulting or lending
staff to discuss your business needs.
If you meet the preliminary borrowing
qualifications we will send you a
pre-application for us to evaluate. If
you meet our pre-application criteria, we
will work with you to acquire the
information we need to present your request
to our loan committee. If you need
help preparing a business plan, we can
provide training, technical assistance and
referrals. Obtaining financing for your
business can take time. Contact
our office early to ensure you have enough
time to put together a quality business
plan.
Click here to
complete the NEF Customer
Information Sheet online.
Click
here to print the Loan Application.
Click
here for more information on
eligibility.
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