Carlton County will be receiving a revolving loan fund of $150,000, in-order, to provide small business loans to business owners. The grants will be low interest loans available to business owners so as to help them expand their organization and grow.
This $150,000 grant is a combination of $99,000 fund from U.S. Department of Agriculture and $50,000 matching funds from Carlton County. The grant shall go out as loans to local businesses that previously depended on other forms of financing to fund their organization.
Department of Agriculture previously offered grant extensions to Carlton County under the Rural Business Enterprise Grant program. So, it is the second time that the county received $99,000 as loan grants. Earlier, the county also got $196,000 as Intermediary Relending Program loans from the Department of Agriculture.
The business loans are available to communities having population not exceeding 50,000. Revolving loan fund is available to all small businesses even if they are unable to find bank financing. The loan fund can help small businesses to succeed, grow and create more number of jobs. This no doubt will bring economic development to the region. Moreover, as the low interest loans are repaid by the borrowers the county will be able to make additional loans to other businesses. This makes the fund durable.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to firstname.lastname@example.org