Loan amount available: Up to 80% of project cost (subject to availability of funds)
Minimum loan amount of $5,000
Interest rate: 1%, see special features for other fees
Term: 1-3 years for working capital and inventory
5-7 years for machinery/equipment and furniture/fixtures
10 years for real estate
Primary eligibility requirements:
Letter of credit from bank equal to loan amount requesting from program.
Program not available in Dickinson, Ellsworth, Lincoln, Marshall and Ottawa Counties
Special requirements/features:
Servicing fee of 1%
Annual letter of credit fee charged by bank
