- The loan amount funded is typically not more than one-half of the total project amount.
- Refinancing is not normally an eligible funding activity.
- Borrower equity contribution equal to at least 10% of total project cost is typically required.
- Applicants will normally be required to provide collateral to secure each loan.
- The interest rate is dependant on the loan security provided.
- Projects that do not directly compete with existing business or industry in Kennedy.
- Projects that create one job per $10,000 in funding.
- Projects that make jobs available to low and moderate income persons.
- Projects with higher rates of Borrower equity contribution.
- Projects that will create an increase in the local tax base.
For more information on Kennedy's EDA revolving loan fund, please contact the City office at 218-674-4142.
The City of Kennedy is an Equal Opportunity Employer and Provider.