City of Mahnomen EDA making revolving loan funds available to businesses disrupted by COVID-19

March 20, 2020
Dear Mahnomen Area Business:

The City of Mahnomen Economic Development Authority (EDA) is making a portion of its revolving loan funds available, through June 1, 2020, to businesses located on the White Earth Indian Reservation that are being disrupted by the COVID-19 pandemic. The city is making temporary modifications to its existing loan program and underwriting requirements, to fast track the loan review process.

The purpose of the loan is to provide immediate liquidity to our small businesses in need, until such time that the state and federal government can implement a small business loan program.

For businesses located within the city of Mahnomen the city is able to offer a loan up to $6,000 at an 0% interest rate for up to 15 months, with the first payment due 3 months after the closing of the loan. No collateral will be required if the business owner has a credit score of 700 or higher. If you have a credit score between 600-700, collateral will be required to at least equal the value of the loan.

For businesses located outside of the city of Mahnomen the City is able to offer a loan up to $3,000 at an 2.5% interest rate for up to 15 months, with the first payment due 3 months after the closing of the loan. To qualify for this loan, the business owner must have a credits core of 700 or higher, but no collateral will be required.

If you are interested in applying for a loan, please contact Mitchell Berg at cityadmin@arvig.net or by phone at 218-935-2573.

Sincerely,
Mitchell Berg, Ph.D.
Economic Development Director

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