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Economic Development

Revolving Loan Fund (RLF)

Types of Financing Available
Fixed Asset Financing - for infrastructure improvements, new construction, and/or the acquisition of land, buildings, manufacturing equipment, office, and work equipment. 
Working Capital Financing - limited amount, must be in conjunction with other Revolving Loan Fund (RLF) financing.

Repayment Terms
Repayment terms will not exceed 10 years. The following maturities will be used as a general guideline:
Building: 10 years
Real Estate: 10 years
Equipment: 5-7 years (depreciable life)
Working Capital: 1-3 years

Eligible Projects:

  • Industrial/Commercial Development
  • Small Business Expansion or Startup
  • Business Incubators
  • Community Infrastructure
  • Community Facilities
  • Medical Facilities
  • Training/Education Facilities
  • Tourism

Ineligible Projects:

  • Refinancing of existing debt, or payment to business owners or partners
  • Projects without any supplemental financing
  • Activities determined to be for investment purposes
  • General improvement loans related to normal replacement needs of a business and unrelated to business expansion/job creation
  • Agricultural production costs (i.e., cultivation, production, harvesting)
  • Vehicles used for general purposes or that may be considered for personal use
  • Projects that are primarily working capital with limited security
  • Construction projects of an individual residential nature

How to Apply:
Complete a pre-application form. Forms are available at 
Itasca-Mantrap Co-op. Electrical Ass’n. or www.itasca-mantrap.com

 

Loan Terms & Conditions:

  • The RLF will not lend more than fifty percent (50%) of the total amount that is needed for a project.
  • The maximum amount of a single loan is$500,000. The minimum RLF loan amount is $5,000.
  • The maximum interest rate for loans made from the RLF will be equal to the prime rate. The minimum interest rate will be three percent (3%).
  • Itasca-Mantrap will collect a servicing fee for all RLF loans of no more than one percent (1%) per year of the outstanding principal loan balance on the first day of the year and will be used to cover Itasca-Mantrap’s administration costs in connection with operation of the RLF.
  • RLF loan recipients will reimburse Itasca-Mantrap for all loan closing and legal fees incurred by Itasca-Mantrap in connection with the loan. Legal fees will be limited, however, to no more than one percent (1%) of the amount of the loan.

Recent News

Tue, 02/21/2023 - 11:51 AM

INFLATION REDUCTION ACT (IRA) INFORMATION

This bill aims to invest in energy production and reduce carbon emissions in the United States.
more
Fri, 07/15/2022 - 03:35 PM

Summer Makes A Storming Entrance

Itasca-Mantrap crews worked through the night, weekends, and unsightly weather conditions to restore power to our members affected by the major storms...
more
Fri, 07/15/2022 - 11:31 AM

Limited Time: Air Source Heat Pump Rebate!

Air source heat pumps provide home cooling and supplemental heating, using 72% less electricity than conventional air conditioners and furnaces. Get u...
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Mon, 06/20/2022 - 09:43 AM

Grid authorities issue warnings about summer energy demand

Great River Energy has sufficient resources to serve its membership, but expected weather challenges may warrant added measures to maintain reliabilit...
more

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OFFICE HOURS:
8:00 a.m. - 4:30 p.m.  |  Monday - Friday

PHONE:
(218) 732-3377 or (888) 713-3377

EMAIL:
itasca@itasca-mantrap.com

ADDRESS:
Itasca-Mantrap Cooperative Electrical Association
PO Box 192
Park Rapids, MN 56470

Employee Login

©2023 Itasca-Mantrap. All Rights Reserved. This institution is an equal opportunity employer.

  • About Us
    • About Itasca-Mantrap
    • Board of Directors
    • News
    • Newsletters
    • Touchstone Energy Cooperatives
    • Associated Organizations
    • Energy Mix
    • Bylaws & Articles of Incorporation
    • Careers
    • Contact Us
  • Member Services
    • Billing
      • Payment Options
      • SmartHub
      • Rates
      • Cold Weather Rule
      • Military Protection
      • Sales Tax Exemption
    • New Service
    • Start/Stop Service
    • Service Improvements
    • Load Management Programs
    • Capital Credits
    • Contractor Information
    • Electrical Inspections
    • Member Privacy
  • Energy Efficiency
    • Rebates
    • SolarWise
    • Renewable Energy
    • Electric Vehicles
    • Advanced Meter Infrastructure Upgrade
    • Energy Efficiency Resources
    • Together We Save
  • Community
    • Co-op Connections
    • Annual Meeting
    • Economic Development
    • Energy and Youth
    • GreenTouch
    • Operation Round Up
    • Touchstone Energy Community Award
    • Youth Tour
  • Safety
    • Call Before You Dig
    • Generator Safety
    • Surge Protection
    • Vegetation Management
    • Safety Quiz
  • Outage Center