About

ARDC’s Revolving Loan Fund (RLF)

ARDC provides loans to businesses and non-profit organizations that are located in the seven county Arrowhead Region (Aitkin, Carlton, Cook, Itasca, Koochiching, Lake, St. Louis Counties). We use the interest from these loans to reinvest in other businesses in the Region.

ARDC has four loan programs:

ARDC Legacy Loan: All types of uses, maximum loan is $250,000, Interest Rate is the market rate. Primarily used for “gap” financing.

ARDC Child Care Loan: Loans for childcare facilities and startups, maximum of $75,000 for a 10-year loan, first year is interest only, interest rate is 75% of the market rate.

ARDC Disaster Relief Loan: Loans for entities negatively impacted by a natural disaster, maximum of $75,000 for a 10-year loan, first year is interest only, interest rate is 75% of the market rate.

CARES Loan: Working capital for entities negatively affected by the Pandemic, maximum of $75,000 for a 10-year loan, first year is interest only, interest rate is 75% of the market rate.

Lending Priorities for the funds are to:

  • Create or retain permanent employment, with priority given to business affected by coronavirus.
  • Encourage and support entrepreneurship sustained through coronavirus or other economic disasters.
  • Encourage growth of the region’s existing business and industry with priority given to those directly impacted by coronavirus or other economic injury.
  • Reduce unemployment and underemployment in the region in response to economic injury.

We encourage potential applicants to call our Loan Advisor, Chad Ricord, prior to starting application to determine eligibility. He can be reached at 218-349-3115. Find the application form at the link below. When you have completed the application, please email a copy of it to Chad Ricord at cricord@ardc.org

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