BARNESVILLE AREA REVOLVING LOAN FUND

The Barnesville Area Revolving Loan Fund is a community fund of the West Central Iniative Fund.

Type of Funding: Low interest loans.

Eligible Uses of Funds: Land acquisition, building acquistion, construction additions, alterations, machinery, equipment. inventory and other working capital needs.

Eligible Borrowers: Individuals, partnerships, limited partnerships, and corporations engaged in for profit and not-for-profit business activities that create or retain jobs in Barnesville.

Loan Amount: Varies, usually $3,000 per full time job created. Other factors are amount of funds laveraged from other sources, increase in market value of parcels improved by the project, and the amount needed to fill any financial gaps.

Interest Rate: Generally varies from 4% to 10%.

Term: Negotiable.

Contact:
Barnesville Economic Development Authority
210 Front Street North
PO Box 550
Barnesville, MN 56514
(218) 354-2145 or (800) 354-7570
Contact us via e-mail at klauer@bvillemn.net

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