The SRLF can provide loans for up to 15 years depending on use of funds. It can provide funds at interest rates from four percent above to four percent below the current prime rate. The SRLF Board is made up of 13 members, two from each of the six counties and one at-large member. Most start-up, newly established and growing businesses in the Upper Peninsula are eligible to apply, although preference is given to manufacturers, remanufacturers and service businesses. Funds can be used for working capital, equipment purchases, start-up costs, pollution control and abatement and other intermediate term needs.
Interest rates charged are typically higher than bank rates.
This is a Michigan-licensed Business and Industrial Development Corporation located in Marquette, Michigan and serving the Upper Peninsula. North Coast may provide financing in the form of equity or loans. It is not limited to a particular industry, although it seeks financing opportunities where there is a high value-added component to the product or service. North Coast prices its financing according to the perceived investment risk. Both the cities of Hancock and Houghton have Downtown Development Authorities which have established TIFS in the downtown and other areas of the cities in which commercial and industrial growth is being encouraged.