The East Range Participation Loan Program launches August 1, 2024. The Iron Range Department of Resources and Rehabilitation (IRRR) is providing $70,000 in matching dollars and there is over $140,000 available in the fund to support local businesses.
As the Disaster Relief Loan Fund proceeds revolve, the purpose of this fund is to offer economic development financing for businesses to enhance the economic base and vitality of East Range communities. Eligible businesses can apply to receive funds for job creation and retention, area economic growth and redevelopment, and other types of projects.
The minimum loan amount is $5,000 and the maximum loan amount is $20,000, unless otherwise approved by the ERJPB. Benefit from 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.
Businesses located within the ERJBP communities of Aurora, Biwabik, Hoyt Lakes, and the Town of White are encouraged to apply. You can find more information here and get started with the application.
For any questions regarding this program, please contact Northspan’s Shaun Hainey at shainey@northspan.org or (218) 481-7737.
