The revolving loan fund (RLF) is designed to assist the community by "filling the gap" in financing businesses that provide jobs in Dickinson County. The RLF Administrative Board offers a portion of a complete loan package that financial institutions are unable to provide at reasonable enough terms to allow job creation. They can provide up to 33% of a loan package, to a maximum of $50,000. As loans are repaid, those monies are reloaned to other eligible businesses - allowing the fund to "revolve".

Loan eligibility includes existing small for profit business proprietors, partnerships, and corporations, as well as start up businesses, who create or retain jobs.

MRLF funds may be used for working capital, equipment, inventory, construction/remodeling, real estate or other assets.

The maximum loan that can be applied is $50,000.00. A variable interest rate is based on job creation or retention. The term of the loan will have a maximum of five years.

An origination fee of $150.00 is payable at the time of the application and is non-refundable. If the loan is made, a $5.00 per monthly servicing fee will be collected.

Complete the attached application and return it with the required information to:
The Dickinson County Economic Development Alliance
600 South Stephenson Avenue
Iron Mountain, Michigan 49801

or contact Bruce Orttenburger at (906) 774-2002.

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