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