Northwest regional development Commission
The Northwest Regional Enterprise Fund, Inc. was established to strengthen and diversify the economy of Northwest Minnesota. This is accomplished by providing a source of low interest financing to create, expand, and retain businesses in the area.
It supports business activities for which credit is not otherwise available on terms and conditions which would permit completion and/or successful operation or accomplishment of the project.
The maximum loan amount is $150, 000 and the minimum is $5, 000. The maximum loan term is fifteen years.
New businesses must have an equity contribution while existing businesses may contribute additional cash equity, and/or request consideration of the net worth of the business. Retail, commercial, or service businesses should fulfill a local need for essential goods and services or demonstrate that the project is substantially tourism related.
Loans are made to businesses when credit is not otherwise available from owner investment, bank financing, and other sources to ensure the successful completion of activities to be financed. Private for profit businesses are eligible for financing.
The project must be located within Kittson, Norman, Marshall, Pennington, Polk, Red Lake or Roseau County.
To discuss a project idea and to obtain more information about the fund, contact Cam Fanfulik, Executive Director, at the Northwest Regional Development Commission at (218) 745-9112.
Applicants are asked to complete a short preliminary application form.
8:00am - 4:30pm, Monday - Friday
Northwestern Minnesota: Kittson, Marshall, Norman, Pennington, Polk, Red Lake, and Roseau counties