The ARDC Revolving Loan Fund (RLF) supports business activities for which credit is not otherwise available. The objective of the program is to stimulate private investment in order to create and maintain productive, permanent employment through the establishment of new businesses or the expansion of existing businesses. Financing provided in conjunction with this program is intended to complement – not compete with – private lending institutions.
2018 ARDC Revolving Loan Fund Activity Report
In 2018, ARDC’s Economic Development Administration’s Revolving Loan Fund approved and/or disbursed on 8 new loans totaling $1,028,030 to businesses in the seven county region of Northeast Minnesota.
New loan approvals included loans to an Ely Historic Theater, Ely Respite/Crisis Center, Duluth Child Care Facility, Silver Bay Organic Foods Distributor, Hoyt Lakes Plastic Molding manufacturer, Hibbing Heating and Mechnical Contracting business, a Ranier Distillery and Hotel and a Grand Rapids Craft Brewing business.
Loans Approved and/or Disbursed in 2018
|Ely State Theater||Ely||$105,000||$105,000|
|Negley Properties, LLC||Ely||$100,000||$88,843|
|Aunty’s Child Care, LLC||Duluth||$145,000||$63,766|
|Wilderness Products, LLC||Silver Bay||$100,000||$100,000|
|Stern Assembly, Inc.||Hoyt Lakes||$55,000||$55,000|
|Range Cornice Heating, Inc.||Hibbing||$60,000||$60,000|
|Cantilever Distillery, LLC||International Falls||$250,000||-0-|
|Rapids Brewing Company||Grand Rapids||$213,000||-0-|
For more information on ARDC’s Revolving Loan Fund, please contact:
Vice President of Finance & Business Development
The Northspan Group, Inc.
202 West Superior Street
Duluth, MN 55802
Phone: 218-481-7737 (direct)