• The business must be located, or proposing to locate in Chisago County.
  • The eligible firm must be a technology business, manufacturing, warehouse
     or distribution business. Under certain circumstances, a service business
     may be eligible.
  • The project must increase the county’s tax base, or retain,
     improve or create jobs.
  • If jobs are created, a minimum hourly wage and benefit package of at least
     $12.00 per hour is required per $25,000 of funds.  If the wages and benefits
     are at or above $15.00 per hour, a business may borrow up to $30,000 per
     job created or retained.  In either case, the jobs must be created within a
     twelve month period.  In certain situations, up to two years may be given to
     meet job creation goals.
  • If job creation goal is not met, the interest rate for the loan will
    increase by 2%.

  • Purchase of real estate
  • New building construction
  • Expansion of existing facilities
  • Equipment purchases
  • Technology upgrades

  • Generally, loans can be made for up to $200,000.
  • In certain cases, the maximum loan amount may be up to $300,000.
  • Subject to availability of program funds.
  • Interest rate will be 1% below prime.
  • Variable interest rate adjusted quarterly.
  • Maximum term of financing will be five years.
   (A bank may consider longer term, without BEP participation.)
  • Final loan terms and conditions will be set by the originating bank
   on an individual basis.

  • Loan will be originated by the participating bank.
  • Applicant and project must meet the lending criteria of the
    participating bank.
  • Project will be reviewed by the Chisago County HRA-EDA Board for
    compliance with program guidelines.
  • Certain requirements may be modified in some cases.
  • If HRA-EDA Board finds project meets program guidelines, they
    notify the participating lender.
  • The participating bank will then determine final loan status.

If you are interested in applying for the Business Enterprise Program, contact a Chisago County Bank or the Chisago County HRA-EDA at 651-674-5664.

Participating  Chisago County Lenders

Community National Bank
North Branch   *   651-674-7061

First National Bank
North Branch   *    651-674-4446

First State Bank of Wyoming
Wyoming   *    651-462-4711

Lake Area Bank
Lindstrom   *   651-257-1117

Main Street Bank
Center City   *   651-257-1096

Patriot Bank
Wyoming   *   651-462-8854

Security State Bank
Lindstrom   *   651-257-4141

S & C  Bank
Almelund   *    651-583-2035

The River Bank
Chisago City   *    651-257-6561

Unity Bank East
Rush City   *    320-358-4786

  click here for Business Enterprise Program application
click here for Business Enterprise Criteria