Access Capital

The LSCP Economic and Business Development Team provide assistance and guidance to business owners, entrepreneurs and organizations seeking everything from start-up capital to venture capital to traditional financing options.  We offer a wealth of resources within the business community who are currently seeking to invest, as well as years of experience in traditional business finance including:

  • Angel Investing
  • Traditional and SBA Loans
  • Grant Seeking
  • Revolving Loan Funds

The team of professionals at the LSCP acts as a conduit to other venture capital sources throughout the State of Michigan. Our team can also assist you in preparing your financial and business plans for presentation to investors and lenders.

Economic Development Corporation of the County of Marquette

The Economic Development Corporation of the County of Marquette (EDC) meets monthly to administer a Revolving Loan Fund (RLF) and to address economic development issues of importance to the County.  The EDC has a nine member, volunteer Board of Directors appointed by the Marquette County Board of Commissioners and is staffed by the employees of the Lake Superior Community Partnership.  There is always one member of the Board that is an elected official – currently Bruce Heikkila serves the EDC.  Each Director represents a sector or category of importance so that the Board is well-rounded and reflects appropriate expertise.

Directors

  • Mr. Chuck Bergdahl, President
  • Mr. Stephen Embree
  • Mr. Brett French
  • Mr. Bruce Heikkila
  • Mr. Peter Hendrickson, Secretary
  • Mr. John Marshall
  • Mr. Kenneth Seavoy
  • Ms. Michelle Sellers
  • Mr. Jeremy Symons

RLF Program

The Revolving Loan Fund (RLF) has funding from several sources totaling approximately $1 million.  The purpose of the RLF is to provide gap financing while creating and retaining jobs; to stimulate growth of new business and industry; to stimulate expansion of current business and industry; and to stabilize and diversify the County’s economy.

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 for every $1 of RLF funding
  • One full-time job must be created or retained for every $10,000 of RLF funds awarded
  • Applicant should have equity of no less than 10%
  • Applicant must provide financial details and comply with reporting requirements

Eligible Expenditures

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

  • Land and Building Acquisitions
  • Construction and Renovation
  • Machinery and Equipment Purchasing
  • 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

To request a Revolving Loan Fund Application contact Caralee Swanberg at 906-226-6591 x108 or cswanberg@marquette.org

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