Swift County Revolving Loan Funds (RLF)

 The Swift County and Swift County RDA Revolving Loan Funds are designed to provide gap financing for businesses and industry starting up or expanding within Swift County. The Swift County RLF is used typically for loan requests over $25,000 and the Swift County RDA RLF is used for loan requests for less than $25,000. Eligibility

Businesses must be located, or be willing to relocate, within Swift County.
Manufacturing, Retail and Service businesses are eligible.

Requirements

  • Funds can be used for land & building purchase, building construction, renovation and/or expansion, machinery & equipment, working capital and inventory.
  • Personal guarantee(s) and personal assets may be attached as security/collateral.
  • Equity desired is 5 to 30% of project
  • Immediate repayment of the outstanding balance is required if the business relocates outside Swift County

Rates/Terms

  • Typically rate will match or be lower than primary lender’s rate and rate is based on Wall Street Prime at the time the loan is made.
  • Loan terms up to 15 years are available; a balloon after five years typically applies to amortizations over five years.
  • Loan amounts are generally limited to $125,000; variances are considered for pass-through situations (e.g. DEED MN Investment Fund Grant).
  • Applicants creating a significant number of jobs or paying higher wages may receive preferential loan terms.
  • The RDA will typically subordinate to other financing sources when needed.

Contacts

Swift County RDA

Phone: 320-842-4769

rda@co.swift.mn.us

Category: Local Financing, Local Incentives

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