Background

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.


2016 ARDC Revolving Loan Fund Activity Report

In 2017, ARDC’s Economic Development Administration’s Revolving Loan Fund approved and/or disbursed on 6 new loans totaling $741,667 to businesses in the seven county region of Northeast Minnesota.

Disbursements were made to a previously approved loan to a Duluth craft brewery. New loan approvals included a Duluth craft distillery, a Cloquet area shooting range, a Duluth handicap elevator installer and servicer, a Duluth medical supply company, and a Bovey fishing tackle manufacturer and distributor.

Loans Approved and/or Disbursed in 2017

Company Name  Location Approved Disbursed
Hoops Brewing Company Duluth * $75,000 $75,000
Vikre Distillery, LLC Duluth  $50,000 $50,000
Advanced Services, Inc. Cloquet  $150,000 $150,000
DRN Enterprises, Inc. Duluth $166,667 $166,667
Horizon Healthcare Supply, Inc. Duluth $175,000 $175,000
KMDA, Inc. Bovey $125,000 $1125,000
Total $666,667 $741,667
*Previously approved

 


Documents

Revolving Loan Fund (RLF) Overview


More Information

For more information on ARDC’s Revolving Loan Fund, please contact:

Bob Palmquist
Vice President of Finance & Business Development
The Northspan Group, Inc.
202 West Superior Street
Suite 700
Duluth, MN 55802

Phone: 218-481-7737 (direct)

Email: bpalmquist@northspan.org