MDC administers the Revolving Loan Fund (RLF) for Meeker County along with the Intermediary Revolving Loan Fund for Meeker County Development Corporation. These programs are considered “GAP Financing”, meaning that these funds make up a portion of a larger loan. It is a requirement to have a bank involved in the loan as well as your equity. An example of this type of financing may look like this, 20/60/20 meaning 20 percent equity by owner, a 60% loan from your preferred bank, and 20 percent funded by IRP and or RLF. These programs both have similar guidelines for application. In general land, buildings, equipment, can be used in the loans. Please look below for the particular program.
MDC is committed to help you with your loan packaging and will work to get you the best loan package for your business needs.
Meeker County EDA Revolving Loan Fund and Meeker County Development Corporation Intermediary Loan Fund can help with gap financing for your business’ finance needs.
Intermediary Relending Program (IRP)
The IRP loan program is made for businesses that need up to $75,000 in gap financing. Please see the specific program guidelines before applying for funds. As always you can contact us by phone or email to answer any questions you may have. Our goal is to help you with your loan needs so that you can be successful in Meeker County.
Revolving Loan Fund (RLF)
MDC administers the funds for the RLF for Meeker County. The RLF can be used as gap financing up to $75,000. Much like other gap financing programs the funds can be used to acquire property, equipment, and other business needs. Please see the specific program guidelines before applying for funds. As always you can contact us by phone or email to answer any questions you may have. Our goal is to help you with your loan needs so that you can be successful in Meeker County.
Application Checklist for TIF and Tax Abatement
Tax Abatement and Tax Increment Financing are incentive programs that can help business with some types of infrastructure and or the ability to rebate taxes based on a projects criteria. These need to have a public purpose, new jobs created, and typically a larger capital investment. The policy below can help to define the criteria for your project. Tax abatement can be done at the municipal level as well. Meeker County EDA can help you with this process. Tax abatement is basically a rebate of taxes back to the business. It is rarely used, but can be a possibility depending on each development purpose and needs.
Tax Increment Financing
Tax Increment Financing or (TIF) Is a program that can be utilized for infrastructural needs (usually ground and below) such development needs as water, sewer, roads, lift stations etc. If in city limits the municipality will have the knowledge of the TIF districts within its limits. TIF can be requested by the entity to the governing body. Meeker County EDA can help you with this process. Typically a “pay as you go” type payment schedule is used. If the business meets all the developer’s agreement for assistance each year, then the governing body can pay as you go on debt service on the infrastructure that he company needed to do the project. In rare cases “up front” or bonded TIF can be utilized, however this is rare and only typically used in large projects that need a large amount of new infrastructure such as an industrial park or large commercial use. The governmental body would work with their financial advisors to do such work. These incentives take time. A one year lead time in typical for such types of incentive situations.
