Cooperative business members are able to take advantage of the Crow Wing Power business finance programs. Our most recent loans were given to Golden Horizons in Crosslake and Tek-Car Metals in Emily. Both those loans were enabled through our revolving loan fund, initially granted to us from the USDA economic development program.
Golden Horizons, an assisted living facility in Crosslake, needed gap financing to help make that project a reality. Crow Wing Power and the City of Crosslake both had revolving loan programs, so we partnered and lent $50,000 to Golden Horizons
Tek-Car Metals in Emily processes steel for various manufacturers. They needed a high-tech laser to increase their production. Crow Wing Power was able to lend $65,000 through our revolving loan (given to us through the USDA grant process) to the plant to assist with the laser purchase, which helps stabilize the business and prepare them for future growth.
In April 2009 we received another grant for $151,000 from USDA to lend at zero percent to a non-profit organization to supply equipment to a new Hackensack Medical Clinic. The grant was given to Crow Wing Power and ultimately lent to the Hackensack Clinic at zero percent interest. When repaid the $151,000 will be deposited to our existing revolving loan fund and lent to other businesses in the form of gap financing.
Other projects we've helped include helping to finance the City of Baxter's Industrial Park infrastructure, TriQuest Precision Tooling and Just for Kix dance in the Baxter Industrial Park, Breezy Point Resort, the Breezy Point Ice Arena, Clow Stamping, Lindar Corp and the Red Pine Supper Club in Pine River to name a few.
Loan terms and conditions vary with the source of funding, and eligibility requirements vary with the types of programs a business can apply for.
Manufacturing projects, job creation, the ability to pay back a loan and the potential for strong community economic growth are several key ingredients needed to obtain a business expansion or start-up loan from Crow Wing Power. At times, we tap into other funding sources that we have connection to, such as the USDA Rural Utilities Service programs and Great River Energy.
"In accordance with Federal law and U.S. Department of Agriculture policy, this institution is prohibited from discriminating on the basis of race, color, national origin, sex, age or disability."
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