Marquette County Economic Development Corporation / Capital Sources
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 firstname.lastname@example.org.
Gap Financing Program
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 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
|Mr. Steve Adamini||Municipalities||12/31/2021|
|Mr. Derek R. Bush||Individual||12/31/2023|
|Mr. Mark Paupore||Developers & Construction||12/31/2022|
|Mr. Kenneth Seavoy||Professional Services||12/31/2022|
|Ms. Michelle Sellers||Financial Intermediaries||12/31/2025|
|Mr. Jeremy Symons||Manufacturing||12/31/2022|
|Ms. Tracy Magnuson||Hospitality and retail services||12/31/2023|
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
Loan proceeds may include, but are not limited to the following:
- Land and Building Acquisitions
- Construction and Renovation
- Machinery and Equipment Purchasing
- Working Capital
- 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.