Laserfiche WebLink
Business Investment Page 1 of 5 <br /> 0 '1:.,,,A:,0".kis,,,:,:k,,,,,,,",,,,,!, .„ <br /> Ft ( Utak I CG rbrct <br /> y s ' 71,7' Click on the following options to find out more information about the <br /> • Initiative Foundation's Business Investment Program. <br /> :f <br /> t ' A4 Business Loans <br /> Gap financing up to$250,000 for industrial, commercial and <br /> technological service companies. <br /> k..Loan Guarantees <br /> "1- Up to$50,000 maximum liability for small business ventures. <br /> ,Seed Investments <br /> Up to$50,000 to support and develop projects targeting advances in <br /> technology and manufacturing.Funds are limited. <br /> Access to capital is key to business start-ups,expansion,research and <br /> development,and implementation of technology.The Initiative <br /> Foundation acts as a"gap"lender,filling financing gaps for new and <br /> expanding businesses in the 14-county service area.The Initiative <br /> INITIATIVE Foundation's goal in economic development is the creation and <br /> FOUNDATION t retention of quality jobs with livable wages and benefits essential to <br /> improving and maintaining a high quality of life in Central <br /> III <br /> Minnesota.The first step in obtaining an Initiative Foundation <br /> business loan or loan guarantee is to connect with your local <br /> economic development professional. <br /> The following loan resources are available through the Initiative <br /> Foundation. <br /> Business Loans <br /> The Initiative Foundation Business Loan Program is designed to <br /> assist business owners and conventional funding sources in financing <br /> new and expanding businesses that provide quality job opportunities <br /> and strengthen the local and regional economy. <br /> Eligibility Requirements <br /> •Small to medium-sized industrial,commercial,and <br /> technology-based businesses located or majority of owners <br /> reside in the Foundation's 14-county service area.Preference is <br /> given to:value-added natural resource/agricultural-based <br /> products processing;manufacturing;high technology <br /> industries. <br /> •Conventional lending sources must provide at least 50%of <br /> total project financing. <br /> •Terms-Consistent with conventional lending practices. <br /> •Interest Rate-Determined on a case-by-case basis. <br /> • •Owners are expected to reside in the area.Under certain <br /> circumstances,the owner residency requirement may be <br /> waived. <br /> •Job creation/job retention is required.Preference is given to <br /> http://www.ifound.org/html/businvt.htm 9/5/02 <br />