The City of Fridley HRA offers a great commercial/industrial loan, administered by the Central Minnesota Development Company (CMDC), which is authorized to provide Small Business Administration loans throughout Minnesota as well as other loan products.
These loans are designed to leverage other private financing.
What can the funds be used for?
Projects must be a for-profit business and located in a commercial or industrially zoned area. Loan proceeds can be used for fixed assets including land, building, machinery, and equipment (no working capital).
Minimum = $50,000 Maximum = $150,000 *Certain exceptions apply.
Other Fund Required:
At least 55% of project financing must come from a private lender or private equity.
Determined by market conditions at loan closing.
Maximum of 10 years for machinery and equipment; Maximum of 15 years for real estate.
For more information or to apply, contact
Mike Mulrooney, CMDC at 763-784-3337
or visit CMDC online