Revolving Loan Fund
Revolving Loan Fund Application
The Stewartville Revolving Loan Fund (RFL) is a public source of money from which low-interest, deferred payment loans are made for business development projects. This program provides gap financing and may not be used as the primary source of financing for a project. RFL loans range from $5,000 to $50,000.
Eligibility
- Businesses must be located within the city limits of Stewartville and have been in business for at least one year.
- Land and building acquisition, land improvements, new building construction, building renovation, machinery, furniture, fixtures, and equipment are all eligible uses of the RFL.
- Eligible businesses must be a “for profit” business.
Requirements
- All construction and renovation must comply with city codes and policies.
- The applicant must maintain the business within the Stewartville city limits.
- A ration of 4-1 (private-public financing) should exist.
Rates/Terms
- The term is determined by the RLF Committee on a case by case basis.
- Interest is determined by Council as is based on New Your Prime Lending Rates and Market Interest.
- The City will typically subordinate to other financing sources when needed.
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Properties for Sale or Lease
1612 2nd Ave. NE
Stewartville, MN
