The RCED also loans funds to municipalities for infrastructure improvements in support of a specific manufacturing development. These funds are easier and quicker to obtain but, of course, must be paid back by the municipality. These programs are accessed through the respective state-level agency representatives. Phil Musser, Keweenaw Industrial Council, can make these contacts and arrange for applications to be completed. This program is a fixed asset financing program which offers small businesses long-term, fixed rate loans at a below market rate.
Initial contact is made through local lenders.
The participating bank fills out and submits the guarantee application which is normally processed by SBA within 30 days or less. All rights reserved.