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Since Sherburne is a rural county, its businesses are eligible for loan guarantees from the United States Department of Agriculture (USDA). USDA guarantees loans 80% up to $5,000,000, 70% up to $10,000,000 and 60% over $10 million.
Term | Fees | Interest |
---|---|---|
1 to 30 years | Annual renewal fee | Set by primary lender. |
Interest Type | Amount | Eligibility/Requirements |
---|---|---|
Fixed / variable | Up to $40 million | 10% to 20% equity depending on if it is a new or existing business. Must be located in rural area - area less than 50,000 in population. |
Sherburne County Economic Development
Attn: Jessica Barthel
13880 Business Center Drive NW
Elk River, MN 55330-4668
Phone: 763-765-3014
800-433-5228
Fax: 763-765-3002
Email