FINANCING

Revolving Loan Fund

The Economic Development Corporation of Marquette County currently monitors a Revolving Loan Fund which provides funds for financing economic development projects in Marquette County. The purpose of the fund is to create and retain jobs; stimulate growth of new business and industry; stimulate expansion of current business and industry; provide access to gap financing; and stabilize and diversify the county's economy.

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Program Guidelines
Applicant guidelines include, but are not limited to the following:

-The funds must be utilized on a project within Marquette County
-Applicant is unable to obtain adequate financing through private sources.
-Applicant must provide $2 private funding sources for every $1 of RLF funding.
-One full-time job must be created for every $10,000 of RLF Funds awarded.
-One-third equity sought, but not less than ten percent.

Eligible Expenditures
Loan proceeds may include, but are not limited to the following:

-Land & Building acquisition
-Construction & Renovation
-Machinery & Equipment
-Working capital

Financing Terms

-Terms will reflect conditions of the market and the demands of the project(s).
-Interest rates will mirror conventional lenders, but may vary in a range of 4 points above or below prime.
-Collateral will be determined on an individual basis.
-Deferral of interest and principal for up to two years, if deemed necessary and appropriate.
-Terms and conditions will vary on a case by case basis. Often balloon payments are required.