WILLMAR — The Mid-Minnesota Development Commission has received $957,000 from the U.S. Economic Development Commission through the Coronavirus Aid, Relief and Economic Security Act to fund a new CARES Act Revolving Loan Fund.
The program will be available to businesses and nonprofits located in Kandiyohi, McLeod, Meeker and Renville counties to help them recover from effects of the pandemic. The loans will range from $7,000 to $150,000 and will have low fees, zero percent interest for the first two years and first loan payment deferred up to six months. All loan payments will go back into the loan program to be used for additional lending.
"We expect that many businesses and nonprofits will use this revolving loan fund as an opportunity to catch up with their vendors, make improvements, and diversify their operations. Jobs will be saved and created throughout out region," said Mid-Minnesota Development Commission Economic Development Director Les Nelson in a news release.
Applications for the loan program can be found on the commission's website at mmrdc.org.
The Mid-Minnesota Development Commission also received a two-year, $400,000 CARES Act supplemental EDA grant to help businesses and local units of government in its four-county area with programming to assist in economic recovery from the coronavirus pandemic, supporting such things as developing local supply chains, pursuing grants and applying for other relief programs.
Those interested in learning more about these two CARES Act awards may contact Nelson directly at Les.Nelson@mmrdc.org.