Cook County Revolving Loan Fund

| RLF Guidelines | RLF Application with bank participation|
|RLF Application without bank participation|

The purpose of the Cook County Revolving Loan Fund (RLF) is to promote economic development within Cook County by providing loans to businesses located or to be located within Cook County.

We also support affordable housing for employees of those businesses as necessary for continued economic development within the County. Loans made under this program are intended to complement, not compete with private lending institutions. RLF loans are made to supplement your financing package to the extent that conventional financing falls short ofyour total needs. Private sector involvement will be a key factor in evaluating applications.

Process

Contact the Auditor’s Office (218-387-3644) to discuss

generalities of what you would like to do and how the

RLF would help you accomplish your goals

• Provide the Auditor’s Office with any and all financial information
  you have used for the private lending institution portion of your financing.


• A meeting will be scheduled for you to make a presentation to the RLF loan committee.
  This committee will make the recommendation to the County Board.

• County Board of Commissioners will take action to approve or reject your request.

HIGHLIGHTS OF RLF GUIDELINES

Loans for land and building purchase/construction

and leasehold improvements and renovations

can be made for a maximum of 20 years.

• Loans for acquisition, renovation or moving machinery and equipment can be made for a
  maximum of 10 years.

• If your loan is $75,000 or less there are two options for the interest rate charged.
  First, a fixed rate of 1% over the 10 year T-bond for real estate loans or 1.5% over
  the 10 year T-bond for machinery & equipment loans. Second, a variable rate of .5%
  over the 10 year T-bond rate for real estate loans, or 1% over the 10 year T-bond
  rate for machinery & equipment loans. For loans over $75,000 the County must charge
  the current market rate, per State Statute.

• The maximum loan the RLF will make shall not exceed 33 percent of the aggregate
  amount of the project to a maximum of $100,000. For requests greater than $100,000
  the RLF may refer you to the Minnesota Community Capital Fund (MCCF). Cook County's
  membership in MCCF makes it possible for you to apply for a loan exceeding $100,000.

COMMITTEE MEMBERS
Steve Benson 387-1852
Matt Geretschlaeger (EDA) 387-3067
Bruce Martinson 663-7189 
Tim Scannell 387-3671 
Hal Greenwood 387-1787
Braidy Powers 387-3646
John Lindell 387-9529
John Peterson 387-3644
Gene Erickson 387-3646