ECRDC Receives Funds to Create New Business Loan Fund

The East Central Regional Development Commission (ECRDC) was recently awarded a grant from the US Department of Commerce / Economic Development Administration (EDA) to provide $500,000 in local loans with interest rates as low as 0%, to businesses impacted by COVID-19 in Chisago, Isanti, Kanabec, Mille Lacs and Pine Counties.

This new relief loan program is designed to respond to the sudden and severe disruption caused by the Coronavirus. Loans will assist businesses with critical funding, provide permanent resources to support economic resiliency, and to further the long-term economic growth of East Central Minnesota.

Ben Montzka, ECRDC Chair, stated “businesses in East Central Minnesota have been hurt by COVID-19 and the efforts to fight it. We’re hopeful this program can assist our business community through these difficult times.”

For more information or to download a loan application please see the ECRDC’s website, email, or call (320) 679-4065 x34.

The ECRDC is a public agency whose board members are represented by officials appointed by county boards, townships, municipalities, school boards and citizens at large from Chisago, Mille Lacs, Pine, Isanti and Kanabec Counties.

For more information on other available loans or other small business services, please contact the ECRDC at (320) 679-4065 x34.