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Economic Development
Overview
The Crookston Housing and Economic Development Authority Revolving Loan Fund has been established by the Crookston Housing and Economic Development Authority Board to strengthen and diversify businesses in Crookston. Loans are made to businesses when credit is not otherwise available or as a supplement to private financing to ensure the successful completion of the activities to be financed.
Generally, the Revolving Loan Fund has the following limits:
Standard Loan Size: $5,000 to $75,000
Maximum Project Cost: None
Business Type: Existing or New
Eligible Activities: Land, building or equipment acquisition, construction or renovation, or working capital. Refinancing existing debt is generally not permitted.
General
The purpose of these guidelines is to assist the Crookston Housing and Economic Development Authority and the City of Crookston in reviewing and approving requests by businesses for IRP loans (USDA)
Generally, the IRP Loan Fund has the following limits:
Standard Loan Size: Up to $250,000 or a maximum of 75% of Project Cost (whichever is less)
Maximum Project Cost: None
Business Type: Existing or New
Eligible Activities: Land, building or equipment acquisition, construction or renovation, working capital, debt refinancing, or transfer of ownership.