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


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

Operation Round Up a success!

The Operation Round Up Trust Board recently awarded more than $50,000 to programs making a differenc...

Operation Round Up returns!

What is Operation Round Up? It is a voluntary program that provides financial assistance to organiza...
“This trip was unlike any other organized trip I have been on before.” said Officer, “It was an amaz...
The 82nd annual meeting will take place on June 13, 2023 at our facilities here at Itasca-Mantrap.