BELTRAMI COUNTY -- In hopes of bringing in new businesses and expanding existing businesses in northern Beltrami County, the county board of commissioners approved a revolving loan fund.
Headwaters Regional Development Commission Business Loan Specialist Tiffany Fettig proposed a revolving loan fund for the Consolidated Conservation area. The proposal passed with a 4-0 vote by the commissioners.
According to the proposal, the purpose of the revolving loan fund is to leverage private and other public investment to help promote economic growth, encourage redevelopment, increase the tax base and enhance the quality of life within the Consolidated Conservation area, which is defined as the area north of Beltrami County Road 1, including communities like Kelliher, Waskish, Saum and Four Town.
The county will make loans in a range of $10,000 to $100,000. Businesses eligible for to use the revolving loan fund include manufacturing or technology businesses, businesses that are non-competitive with existing businesses, businesses that have growth potential or fulfill an essential need in the community.
Commissioners will decide the interest rate for the loans, which will typically be below the market rate.
The commissioners decided the loan committee will comprise of five to seven members residing in the northern Beltrami area or have a business there.
To apply for loan, interested parties can contact the HRDC .