Northeastern Minnesota provides the perfect business climate for growth-minded companies. Individual communities and partners offer a variety of incentives to stimulate economic development, including tax increment financing, low interest loans, venture capital and tax-free Job Opportunity Building Zones (JOBZ).

The Northspan Group and its affiliate the Arrowhead Business Connection will connect you with valuable resources and facilitate a smooth expansion or relocation for your business.

Arrowhead Regional Development Commission Revolving Loan Fund
Arrowhead Regional Development Commission (ARDC), in cooperation with the US Economic Development Administration (EDA) has developed a business loan program which provides below market rate financing for eligible businesses.Arrowhead Regional Development Commission (ARDC), in cooperation with the US Economic Development Administration (EDA) has developed a business loan program which provides below market rate financing for eligible businesses.

The primary objective of the program is the stimulation of private investment in order to create and maintain productive, permanent employment through the establishment of new businesses or the expansion of existing businesses. Loans may be subordinated to the interests of private sector lenders with respect to collateral in order to encourage their involvement.

Great River Energy Business Financing Program
Great River Energy (GRE) offers a flexible business loan program, which is designed to respond to the various financing needs of rural businesses. This program focuses primarily upon manufacturing and tourism-related businesses, and works in partnership with local banks and other economic development lenders. GRE's Business Development team coordinates all communications with participating lenders, making the loan process as simple as possible for applicants.

Iron Range Resources Bank Participation Loan Program
Business loan program with the expressed purpose "to create and maintain productive, permanent skilled employment" through the establishment of new businesses or the expansion of existing businesses in the private sector. This program is limited to businesses, which reside or will reside within the Taconite Assistance Area.

Iron Range Resources Industrial Revenue Bond Program
The commissioner of the Iron Range Resources agency has the ability to issue industrial revenue bonds to provide financing for specific projects. Revenue bonds can provide long term fixed rate financing for industrial manufacturing projects.

Northeast Entrepreneur Fund
The Northeast Entrepreneur Fund assists people considering starting or expanding a small business with planning including developing the idea, targeting markets, determining financial feasibility, and setting personal and business goals. The Entrepreneur Fund helps prepare people to find financing through its own loan fund or through other traditional and non-traditional sources. The loan fund is a flexible source of financing for people who have no other access to capital. Fees, charged for consulting services and workshops, are based on a sliding scale according to family income. The introductory session is free of charge.

Northeast Ventures Corporation
Northeast Ventures is a venture capital firm focusing its investment activity in Aitkin, Carlton, Cook, Itasca, Koochiching, Lake and St. Louis counties. Northeast Ventures seeks growth oriented businesses (start-ups or expansions) in which it can invest, assist with and participate in the company's growth, and eventually realize financial returns based on appreciation in value of the investee company.

Northland Foundation Arrowhead Technology Fund
The Arrowhead Technology Fund (ATF) is the creation of several public and private entities in northeastern Minnesota including the University of Minnesota Duluth's Center for Economic Development/Minnesota Technology, Inc., the Iron Range Resources and Rehabilitation Agency, Minnesota Power and the Northland Foundation. The purpose of ATF is to provide limited amounts of seed capital for inventors, entrepreneurs and manufacturing businesses to develop and test new products and technologies. The intention of ATF is to provide capital as well as technical and business expertise to innovators in the region.

Northland Foundation Asset Building Loan Fund
The Northland Foundation Asset Building Loan Fund provides below market interest rate financing to eligible businesses that are both credit worthy and meet certain social criteria that go beyond basic employment outcomes. The social criteria will be designed to meet the uniqueness of each financing project and will include areas such as: Employment benefits; family-sustaining wage levels; individual development accounts; employment of moderate and low-income persons; other means of building assets among employees.

We anticipate most financing provided through the program will be structured along with other financial participation, although it is not required.

A loan origination fee of up to 1.5% of the loan may be charged to the borrower. Legal costs associated with documenting and closing the loan are the responsibility of the borrower.

Northland Foundation Business Loan Program
The Northland Foundation in cooperation with several funding partners has developed a Business Loan Program for the purpose of providing below market rate financing for eligible businesses in Northeastern Minnesota.

The principal objectives of the program are to stimulate private investment, and provide job opportunities particularly for low-income persons through the establishment of new businesses or the expansion of existing businesses. Loans may be subordinated to the interests of private sector lenders with respect to collateral in order to encourage their involvement.

Northland Foundation Loan Guarantee Program
The Northland Foundation in partnership with the Iron Range Resources and Rehabilitation Agency (IRRR) has established a Loan Guarantee Program available to banks acting on behalf of their commercial borrowers. Under the program, a bank will provide standard commercial financing, and this program will guarantee a portion of the loan against deficiency. The Loan Guarantee Program is intended to increase the availability of bank credit otherwise not available based on normal lending criteria.

Two Harbors Development Commission Financing Program
This program is intended to promote economic development within and surrounding the City of Two Harbors by providing loans or other financing assistance to businesses, which would locate or expand within the city or in an area having an economic impact on the city. The program is designed primarily for those businesses, which are not able to obtain adequate or appropriate financing from other sources.