The Business Loan Division of MMCDC offers the Rural Business Enterprise Loan Program to eligible business owners in rural Minnesota to assist with: Purchase and development of land Start-up operation cost Construction or renovation of buildings, plants, access streets and roads, parking areas, etc. Purchase of equipment Technical assistance and training Refinancing

Here's some basic information about the Rural Business Enterprise Loan Program:

Eligibility

Eligible borrowers include most for-profit businesses that provide employment opportunities in rural areas. We also have a special loan pool for Native American businesses in rural areas. Eligible borrowers include:

• Businesses located in areas with a population less than 25,000
• Rural towns, communities and state agencies
• Private, nonprofit corporations

Loan Details

• Loans are available in amounts up to $450,000, collectively. Up to 75% project financing is available for existing and start-up businesses on a typical structure.
• The Term of your loan depends upon the type of asset you're interested in financing. Equipment loan terms range from 3-10 years. Loan terms of up to 30 years are available if special circumstances exist.
• Interest Rates are determined by the MMCDC Board and are based on the loan risk. Typically interest rates are fixed.

MMCDC is an equal opportunity lender with the USDA Division of Rural Development's RBEG Program.