|
Cooperative business members are able to take advantage of the Crow Wing Power business finance programs. The most recently approved financing was a $450,000 zero interest loan to expand the Baxter Industrial Park.
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 and the Red Pine Supper Club in Pine River to name a few.
Crow Wing Power has been successful in obtaining USDA Rural Utility Service (RUS) zero interest loans for Lindar Corporation, Baxter, TriQuest, Clow Stamping and Breezy Point Resort. TriQuest Tooling, now called UltraTool, is a plastic molding facility that manufactures molds used in the production of plastic parts for highly technical industries. Breezy Point Resort completed construction on a new hockey/sports arena in conjunction with the city of Breezy Point. Clow Stamping did a $5.2 million expansion of their metal stamping facility in Merrifield, with the help of an $800,000 zero interest loan.
Just For Kix expanded into an 8,000 square foot warehouse/sales and support facility in Baxter for Just for Kix Dance. They were aided by our Certificate of Deposit buy down program that helps reduce bank loan interest rates during initial development years.
Several years ago the Red Pine Supper Club in Pine River was developed with gap financing from Crow Wing Power and their power supplier Great River Energy. The business finance program was established several years ago to develop and manage a strong community development program. Its goal is to promote job creation and business investment within our three-county service area. 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."
|
