The Mid-Minnesota Development Commission (MMDC), based in Willmar, has received $957,000 in CARES Act funds from the U.S. EDA to help businesses and nonprofits in Kandiyohi, McLeod, Meeker, and Renville Counties recover from the economic injuries caused by the COVID-19 Pandemic.
Loans amounts will range from $7,000 – $150,000, with low fees, initial interest rates at 0% for the first two years, and first loan payment deferred up to 6 months.
MMDC Economic Development Director Les Nelson stated, “We expect that many businesses and nonprofits will use this revolving loan fund as an opportunity to catch up with their vendors, make improvements, and diversify their operations. Jobs will be saved and created throughout our region.”
Those interested in borrowing can find the application on the MMDC’s website, mmrdc.org. All loan payments will be returned to the fund for additional lending.