The City of Virginia, through the Virginia Economic Development Authority (VEDA), maintains a revolving loan fund for the specific purpose of providing below market rate financing to stimulate business owners to:
- Physically enhance or improve the exterior or interior appearance of their structure
- Improve energy efficiency
- Conform to all City Codes; including Building Maintenance and Fire Safety/Prevention
- Provide or enhance Handicap accessibility
Loans must be used for physical upgrades to the building, or property. They are not available for operating capital.
Max Loan: $15,000
Max Term: 10 years
Rate: Rates are set at 1.0% below prime rate; prime rate at loan inception
Projects to be financed may include, but are not limited to:
- We (VEDA) have determined that these loan funds can be used for any business in the City of Virginia. We can also provide funding to businesses in the surrounding communities of Eveleth, Gilbert and Mt. Iron, based upon their regional impact and interdependence between communities. We reserve the right to prioritize funding within the City of Virginia.
- Acquisition and development of land, easements, and rights-of-way
- Construction, conversion, enlargement, repairs, or modernizations of buildings (including façade repairs), plants, machinery, equipment, access, streets and roads, parking areas, utilities, and pollution control and abatement facilities.
- Loans for startup operating costs and working capital
- Technical assistance for private business enterprises.
- RETAINING AND CREATING FULL TIME JOBS IS THE FUND GOAL.
Revolving loan fund limitations:
- Funds will not be used to produce agricultural products through growing, cultivation, and harvesting, either directly or through horizontally integrated livestock operations, except for commercial nurseries, timber operations, or limited agricultural production related to technical assistance projects.
- Funds will not be used to finance comprehensive area-wide type planning. This does not preclude the use of grant funds for planning on a given project.
- Funds will not be used to fund a part of a project which is dependent on other funding unless there is a firm commitment of the other funding to ensure completion of the project.
- Loans will not be made unless there is a reasonable prospect the applicant meets the definition of “small and emerging private business enterprises” defined as “any private business that will employ fifty (50) or fewer new employees has less than one million ($1,000,000) in projected gross revenues.
- At least 51% of the outstanding interest in the applicant must be owned by those who are either citizens of the United States or reside in the United States after being legally admitted for permanent residence.
- This loan program can be used for the purchase equipment, working capital, inventory, commercial building improvements.
Min. Loan: $5000
Maximum Loan: $100,000
3 year term at a rate of 1.75% less than prime; prime rate would be check at loan inception.
this has a floor rate of 3%
7 year term at a rate of 1.75% less than prime rate; prime rate would be check at loan inception
this has a floor rate of 3.50%
***The Loan Committee may consider smaller loans if the balance of the Revolving Loan Fund is less than $5000.
***Applicants by members of the loan committee and their immediate family members shall be ineligible for funding
Current Rates/Loan Structures:
Length of loan- up to 36 months
1.75% interest rate
Length of loan- from 37 to 84 months
2.25% interest rate
Loans will be administered by the City Administrator of Virginia and the VEDA Loan Committee.
Kris Johnson, Administrative Assistant, is currently responsible for loan administration and helping applicants obtain loans from the revolving loan fund.
Phone: 218-748-7500 E-mail: email@example.com
This institution is an equal opportunity provider and employer.
If you wish to file a Civil Rights program complaint of discrimination, complete the USDA Program Discrimination Complaint Form, found online at http://www.ascr.usda.gov/complaint filing cust.html, or at any USDA office, or call (866) 632-9992 to request the form. You may also write a letter containing all of the information requested in the form. Send your completed complaint form or letter to us by mail at U.S. Department of Agriculture, Director, Office of Adjudication, 1400 Independence Avenue, S. W, Washington, D.C. 20250-9410, by fax (202) 690-7442 or email at firstname.lastname@example.org.
Some other resources for Business Loans:
Northeaster Entrepreneur Fund:
The Entrepreneur Fund actively partners with entrepreneurs to stimulate the growth of successful businesses. Our service area includes Aitkin, Carlton, Cass, Cook, Crow Wing, Itasca, Koochiching, Lake, Pine and St. Louis Counties in Minnesota and Douglas County in Wisconsin.
IRRRB: Advancing regional growth by stabilizing and enhancing the economy of northeastern Minnesota. Promote and invest in business, community and workforce development for the betterment of northeastern Minnesota.