Funding; Grants and Loans
Loans
Sometimes small loans can fund big dreams and the CEDC is committed to being a part of that. Our funding can range from $5,000 to $250,000. We offer flexible financing plans and even small-sized lines of credit. These are designed for business owners who are unable to secure capital from traditional lending institutions due to poor or little credit history, income requirements, or atypical lending requests.
For those who are “bankable,” we can help with document preparation and gap financing with a bank for larger purchases, such as real estate.
Applicants must complete the following documents and pay a processing fee.
Revolving Loan Fund
The Revolving Loan Funds (RLF) are intended for permanent working capital, fixed asset and gap financing needs for start-up and existing businesses located in Coös County and bordering areas.
CEDC maintains various RLFs, including our EDA Fund that can be used in the region and in Grafton County, USDA RMAP for microloans of $50K or less, and Borders Revolving Loan Fund (BRLF) specifically for business loans in CEDC’s northernmost communities.
To be eligible for financing the business must be able to meet the SBA definition of a “small business”, demonstrate the capacity to repay the debt, and show a creation or retention of jobs.
Small Equipment-Specific Loan
We have created a new loan product within the RLF specifically designed to assist new and existing businesses with small equipment acquisition or refinancing to avoid the need to do business with leasing companies that have high-interest payments. Limit $20,000.
Grants
-
The Coös Economic Development Corporation (CEDC), receives funding annually from Coös County and the United States Department of Agriculture (USDA). CEDC is truly privileged to be able to disburse these funds to small businesses and non-profits to promote economic development throughout Coös County.
Our Grant committee reviews and processes applications for Board approval on a monthly basis, based on a scoresheet and discussion. These funds are on a first-come first-serve basis. It is also important to make sure the grant narrative questions are answered in detail to ensure the project has the best success of award. Grantees will be informed if review will be delayed or if there are limited funds available.
In light of the increased activity for our grant funding, the Board has revised its guidelines to reflect the following:
2023 Grant Policy Changes & Clarification:
1.Nonprofits are defined as any 501c category.
2. Nonprofits are eligible to apply to the USDA grant as well as our nonprofit grant.
3. Businesses and Nonprofits can only apply for one grant in a calendar year.
4. If a funded Grantee receives grants 3 years in a row, it will not be able to apply the following year. The grant committee has the discretion to alter this depending on available funding.
5. A grant cannot be applied for if the project is already completed. Any invoices submitted cannot be for work done more than 1 month old from time of an application submittal.
6. Funded Grantees have one (1) calendar year to complete approved project. If a project is not completed and Grantee has not requested an extension with an acceptable reason, these funds will be reverted back to the appropriate grant category. A close out letter will be submitted to Grantee to inform them of the withdrawal of project funds. Future requests by such Grantees will need to provide an explanation as to how they plan to ensure these funds are used in a timely manner.
7. CEDC will not fund the following: incomplete applications, completed projects, political or lobbying activities, equipment, any type of questionable or illicit activities that could put grant resources in jeopardy with funders. This is not an all-inclusive list of reasons why a grant may not be approved.
-
-
Based on need and available resources, these grants are available to Coös County businesses in need of technical assistance. Eligible businesses may receive computer software and training, business counseling, business plan development, marketing services and materials, website design, etc.
-
For those non-profit or community groups in Coös County that can demonstrate their request will strengthen economic growth, stimulate consumer spending, enhance public use of the region’s natural resources, and/or attract new businesses to Coös County.
-
Provides funds to Coös County businesses that are planning to make exterior improvements. Funds cover project related costs for materials, project labor, professional services, etc.
-
Provides allowance to new Coös County businesses that are ready take their business from home or farmers market to the storefront for a 3-month trial. Funds cover project-related costs for rent, utilities, insurance, signage, and other reasonable costs.
-
CDBG Economic Development grants provide funds which create and retain employment, primarily for low- and moderate-income persons. Business financing is provided through Regional Development Corporations (RDC) and other Economic Development Entities (EDE), or through public facility improvements to support economic development efforts. CEDC is the RDC for Coös County. The main goal in this category is to create jobs that provide good wages, benefits, and training programs.