2500 28th Street - PO Box 57 - Slayton, MN 56172

Murray County Revolving Loan Fund

approved-1049259_1920-300x199The Murray County Economic Development Revolving Loan fund (EDRLF) can help you start or expand your business, or purchase an existing business, by loaning money to fill the financial gap that may exist between what your project will cost and what your bank is able to loan. 

The Murray County EDRLF is administered by the Murray County EDA. Its purpose is to provide a portion of the funds necessary to finance projects that will result in economic development by creating or retaining job opportunities, expanding the tax base, promoting entrepreneurship or providing necessary services that will foster additional economic development. As loan principal and interest payments are paid back to the EDRLF, that money becomes available to other borrowers.

The EDRLF is not intended to be a substitute for conventional business financing or to be used in place of other specialized federal, state or local programs. The majority of the financing will generally come from conventional sources (i.e. banks),  while the EDRLF will be used to “fill the gap” that may exist between what the project will cost and what the bank is able to loan.  This is often called “gap” or “subordinate financing”.

Assistance with completing loan documents, creating a business plan, and projecting cash flows may be obtained by contacting the Southwest Small Business Development Center.