Marquette County Economic Development Corporation / Capital Sources

NOTICE OF April Meeting – April 17, 2024

COVID-19 Loan Program

This is a separate fund from the traditional RLF Program with different guidelines.

These funds are available to businesses to help alleviate sudden and severe economic dislocation caused by the coronavirus (COVID-19) pandemic.

• No commercial loan required
• Low-interest rate

• No required leverage of additional capital needed

We have money for start-ups AND existing businesses to assist with:

• Working Capital (day-to-day operational costs)
• Fixed Asset Loans (equipment costs)

To learn more or set up an appointment, contact the Lake Superior Community Partnership office at (906) 226-6591 or email

Gap Financing Program

LSCP Resources

The LSCP Economic and Business Development Team provides 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 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 bi-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.  At all times, one member of the Board is an elected county commissioner – currently Steve Adamini serves the EDC in this role.  Each Director represents a sector or category of importance so that the Board is well-rounded and reflects appropriate expertise.

Board of Directors

Director Represents Term Expires
Mr. Steve Adamini Municipalities 12/31/2023
Mr. Derek R. Bush Manufacturing 12/31/2023
Mr. Mark Link Utilities & Transportation 12/31/2024
Ms. Tracy Magnuson Hospitality and retail services 12/31/2023
Mr. Mark Paupore Developers & Construction 12/31/2028
Ms. Teresa Perry Medical Service Provider 12/31/2028
Mr. Kenneth Seavoy Professional Services 12/31/2028
Ms. Michelle Sellers Financial Intermediaries 12/31/2025
Mr. Adam Saari Individual 12/31/2028


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.


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 $25,000 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 our Business Development team.