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

Company Name  Location Approved Disbursed
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-
Total $1,028,030 $472,610


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)