Two new loan funds will soon be available to support business and housing projects on the East Range.
East Range Joint Powers Board Loan Fund: This loan will provide Disaster Relief Loan Fund proceeds on a revolving basis to offer economic development financing for businesses to enhance the economic base and vitality of East Range communities. Eligible projects can be related to job creation/retention, economic growth or redevelopment, and other areas of focus. Applications will be considered on a rolling basis as funds become available. The minimum loan amount is $5,000 and the maximum loan amount is $20,000, unless otherwise approved by the ERJPB. Businesses located within Aurora, Biwabik, Hoyt Lakes, and the Town of White are encouraged to apply.
East Range Seller Readiness Rehabilitation Program: This revolving loan fund program will assist sellers with the completion of home repairs allowing homes to meet traditional financing criteria. The program will finance up to $5,000 in repairs to correct deficits in a home that are required by an appraiser for sale. Awardees are responsible for selecting contractors whose work will pass appraisal reinspection. Owners and authorized sellers in the East Range communities of Aurora, Biwabik, Hoyt Lakes, and the Town of White are encouraged to apply. Applications will be considered on a rolling basis as long as funds are available. The maximum loan amount is $5,000 and there is no minimum.
More details on both loan options will be available in May 2024. For more information in the meantime, contact ERJPB Administrative Assistant Cherie Grams by emailing erjpb@frontier.com.
With both loans, ERJPB is dedicated to providing an enhanced understanding and knowledge of available local resources, a streamlined approach to securing financial resources at a local level, and favorable and flexible terms and conditions.
The Seller Readiness Rehabilitation Program evolved to meet East Range housing and infrastructure needs identified by the East Range Giants Housing Committee as part of the Minnesota Housing Institute program facilitated by the Minnesota Housing Partnership. You can learn more about the East Range committee and get involved by contacting Team Coordinator Karl Schuettler at kshuettler@northspan.org.
Another way to get involved? The Minnesota Housing Partnership will host a Building and Development Summit this May 22 at the Iron Trail Motors Event Center in Virginia. Learn more here: Building and Development Summit 2024
