Is your business idea ready to launch, or maybe your established company needs a boost? We’re ready to invest in your success! We support emerging startups and established companies that contribute to economic growth in our 18-county region.
Ready to see if you qualify? Our Business Finance Loan Program clients are businesses with a strong and stable cash flow, committed to staying in our region and have complimentary financing from the public or private sector. Dollars can be used for machinery and equipment, inventory, working capital and real estate.
Business Finance Loan Terms
- Maximum loan amount is $150,000.
- Loan amounts up to $300,000 are available for qualifying projects in the following asset sectors: renewable energy, food and agriculture, bioscience and manufacturing.
- Interest rate is determined using a risk-opportunity analysis, loan terms and current market rates.
- Amortization of the loan is based on the life of the assets. Loan maturity will generally be 5 years but may have extended amortizations if the assets financed warrant.
- Borrower must have adequate collateral and may be subordinate only to the interest of the bank as the primary lender.
- Borrowers will be charged a one percent loan origination fee plus all out-of-pocket costs associated with the loan.
How to Apply for a Business Finance Loan
If you’re interested in applying to our loan programs, contact us to get started.
Selina Berning, Entrepreneurship Finance Officer
Phone: 320-583-0162
Email: [email protected]
Free Customized Business Resources, Online Anytime
Not sure if you’re ready for a loan? You can still access business resources anytime for free with Initiate Prosperity: Powered By Southwest Initiative Foundation. Get 24/7 access to virtual content on topics including business start-up, money, marketing and management with an account. Initiate Prosperity is available to anyone in southwest Minnesota.
