The Arrowhead Regional Development Commission has been awarded $3.88 million in economic development aid from the federal Economic Development Administration.
Businesses located within the ARDC service area of Koochiching, Aitkin, Carlton, Cook, Itasca, Lake, and St. Louis counties, may apply for a low interest loan using the funds. The new program can fund all types of businesses, including industrial, commercial, retail, restaurants, and non-profits.
Collateral may not be required for businesses that can prove impact from the COVID-19 pandemic. Loans to impacted business may qualify for deferred principle payments for 12 months, have origination and service fees waived, and not require private entity participation. Loans will be given at an interest rate of 75 percent of the prime rate listed in the Wall Street Journal.
ARDC officials in a news release said they look forward to assisting the region’s businesses recover from the impacts of the 2020 pandemic. Business owners can go to www.ardc.org/rlf to fill out the program’s pre- application form. Questions should be directed to Anthony Landgren at firstname.lastname@example.org.