Description/Purpose:
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.
Loan Amounts:
Investment range is generally between $1,000 and $10,000.
Investments beyond this range may be possible where they
are highly leveraged and have significant measurable results
such as large job creation, increased sales, increased productivity
or efficiency in the operations.
Eligible Applicants:
Inventors and entrepreneurs with innovative products and
technologies and small and medium sized manufacturers. Funds
may not be used for retail, service or franchise operations.
Other Funding Required:
Applicants must state in writing that they will obtain a
minimum ratio of one dollar in other private or public sources
to one ATF dollar (1:1).
Other Special Requirements:
There must be a clear and substantial economic benefit to
Northeast Minnesota from business and manufacturing activities
from the innovation.
Allowable Use of Proceeds:
Technology and product development, including testing and
verification work. Commercialization activities for a new
product or technology, including market research. Technology
transfer or deployment activities especially related to
manufacturing process technology. Financing may not be used
for legal fees related to intellectual property protection
and patent applications, marketing and promotional materials
such as brochures or videos of products.
Term of Loan:
Investments from the ATF will require repayment. Repayment
terms are negotiable and will vary depending on the applicant
and nature of the investment. Investment agreements between
the ATF and recipient will specify the method, schedule
and maximum amount of repayment. Monies repaid will replenish
the ATF.
Interest Rate:
Not applicable.
Application Process:
All inquiries to the Northland Foundation Arrowhead Technology
Fund should be directed to:
Name: Northland Foundation
Address: 610 Sellwood Building
202 W Superior Street
Duluth, MN 55802
Phone: (218) 723-4040
Fax: (218) 723-4048
Email: info@northlandfdn.org
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