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 2016, ARDC’s Economic Development Administration’s Revolving Loan Fund approved and/or disbursed on 5 new loans totaling $613,328 to businesses in the seven county region of Northeast Minnesota.

Disbursements were made to previously approved loans to a Duluth tinting and graphics company and a Two Harbors bike shop and pack manufacturer. New loan approvals included loans to a Bovey fishing tackle manufacturer and distributor, a Grand Rapids wiring harness manufacturer and a Duluth craft brewery.

Loans Approved and/or Disbursed in 2016

Company Name  Location Approved Disbursed
Lutsen Mountain Corp. Lutsen * $250,000 $53,328
P. Birdseye Duluth * $80,000 $80,000
SpokeNGear Two Harbors * $80,000 $80,000
KMDA, Inc. Bovey $150,000 $150,000
MNStar Technologies, Inc. Grand Rapids $250,000 $250,000
Hoops Brewing Company Duluth $75,000 -0-
Total $480,000 $613,328
*Previously approved



More Information

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

Bob Palmquist
Senior Business Developer
The Northspan Group, Inc.
221 West First Street
Duluth, MN 55802

Phone: 218-529-7562 (direct)
Toll-free: 1-800-232-0707 ext. 562.
Fax: 218-529-7592