City of Crosslake Revolving Loan Fund

Loan Amount	Varies, generally under $100,000
Use of Funds	Business start ups
Term of Loan	Variable
Rate of Interest	5%
% of Financing Available	50% of project
Down Payment (Equity)	Variable
How Long Does it Take	2 to 4 weeks
Collateral	Variable
Personal Guarantees	Yes
Eligible Projects/Borrowers	Must be within the telephone/cable area, not necessarily within the city limits.
Job Creation Criteria	Job creation is considered by the loan board when reviewing loan applications
Fees	Legal fees incurred by the City

Download an application

For more information on this program, contact BLADC.