Description/Purpose:
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.

Loan Amounts:
Tax Exempt Issues - Under Ten Million Dollars Taxable Issues - No Cap

Eligible Applicants:
Start-ups or expansions in the industrial or manufacturing field.

Other Funding Required:
Sufficient equity.

Other Special Requirements:
All credit factors will be evaluated.

Allowable Use of Proceeds:
Land and building acquisition, building construction, purchase of machinery and equipment.

Term of Loan:
Negotiated with agency and underwriting firms.

Interest Rate:
Variable.

Application Process:
All inquiries pertaining to the Iron Range Resources Industrial Revenue Bond Program should be directed to:

Name: Iron Range Resources
Address: Economic Development Division
PO Box 441, Hwy 53 S
Eveleth, MN 55734
Phone: (800) 765-5043
Fax: (218) 744-7402
Email: matt.sjoberg@ironrangeresources.org