FINANCING

Region Five
North Central Economic Development Association, Inc.

The mission of Region Five Development Commission is to provide high quality, professional planning and development services through collaboration, assistance, and coordination with local units of government, organizations, and citizens. Their principal objective is to enhance the vitality and quality of life in Cass, Crow Wing, Morrison, Todd, and Wadena Counties. Region Five will provide support and financial assistance to encourage the development of new and expanding businesses to the cities and townships within its region. Region Five administers the North Central Economic Development Association Revolving Loan Fund.

Region Five Revolving Loan Fund


Loan Amount	Up to $100,000
Use of Funds	To create or retain permanent, private sector, full time jobs, provide capital for business development and expansion and leverage other private and public investment
Term of Loan	Working capital – 3 years, max, Fixed assets 15 years, max.
Rate of Interest	Negotiated between NCEDA and the business borrower
% of Financing Available	50% of total project cost
Down Payment (Equity)	10% of total project cost
Typical Structure	Variable
How Long Does it Take	10-14 days minimum
Collateral	NCEDA does not make unsecured loans
Personal Guarantees	Yes
Eligible Projects	For-profit corporations, partnerships, or proprietorships, independently owned and operated businesses. Business must be located in Cass, Crow Wing, Morrison Todd or Wadena Counties.
Ineligible Projects	Publicly owned and operated businesses.
Job Creation Criteria	1 job must be created or retained for every $10,000 of NCEDA funds.
Incentives	“Gap” financing

Download an NCEDA Application.

For more information on this program, contact BLADC or visit or visit Region Five’s web site.

Brainerd Lakes Area Development Corporation

Minnesota

888-322-5232 or 218-828-0096

email us

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