Empowering Entrepreneurs in Kandiyohi County
with Customized Business Loans & Programs
As an entrepreneur in Kandiyohi County, you are the driving force behind local economic growth. Finding the right financial resources for your situation can be a challenge. At Kandiyohi County Economic Development (KCED), we help you find the financial assistance package that your business needs to thrive.
Tailored Loan Programs for Entrepreneurs
Our suite of loan offerings are designed to match your entrepreneurial journey, with an emphasis on promoting job creation and stimulating private investment to fortify and diversify the local economy.
Frequently Asked Questions
This loan fund serves as gap financing for for-profit businesses, promoting job retention, creation, and stimulating private investment. It aims to strengthen and diversify the local economy and the County's tax base. This loan complements other financing, providing up to 100% leverage project financing.
To qualify, your business must be for-profit, located in Kandiyohi County, and be eligible under Small Business Administration (SBA) guidelines. You must have adequate collateral personal creditworthiness and cash flow to service the debt, and your application must include a personal credit report for principal owners with 20% or more ownership.
This loan offers gap financing to for-profit businesses, promoting job retention, creation, and stimulating private investment, complementing existing local development and private financing efforts.
Businesses must meet the eligibility guidelines and be in an eligible industry category under SBA guidelines. Like the Microenterprise Loan Fund, you should have adequate collateral, cash flow, and provide a personal credit report(s) for the principal owner(s) with 20% or more ownership.
KCED is ready to work with you on your project and make your project a reality. In addition to the KCED’s loan programs, there are other local, regional and statewide programs that we can help you access:
Microenterprise Loan Fund
This loan service was crafted to provide alternative financing for for-profit businesses in Kandiyohi County. Loan money aims to supplement, not replace, existing local development and private financing efforts.
Microenterprise Loan Guidelines
Applicants must be for-profit businesses located in Kandiyohi County, meet the eligibility guidelines of the program, and be in an eligible industry category under the Small Business Administration (SBA) guidelines. Applicants must have adequate collateral, personal creditworthiness, and cash flow to service the debt and show additional lending to meet up to the 100% leverage guidelines.
The KCED Finance Committee shall recognize that adequate collateral is not a primary consideration in approving loans. Applicants must provide a minimum of 10% owner equity as part of the 100% leverage guidelines. KCED participation is not to exceed 50% of the total project
Revolving Loan Fund
This program is designed to provide alternative financing to for-profit businesses in Kandiyohi County.
Revolving Loan Fund Guidelines
Ready to propel your business forward?
Your small business is a significant part of Kandiyohi County’s prosperity. We are here to support your success. Our team is ready to assist with packaging a financing plan that best serves your venture in Kandiyohi County. You have the vision; we have the resources. Together, we will make your entrepreneurial aspirations a reality.
Contact KCED now for a personalized approach to your business financing needs.