IRRRB launches Local Business Loan Guaranty program

August 03, 2011

EVELETH, Minnesota – Iron Range Resources and Rehabilitation Board (IRRRB) Commissioner Tony Sertich announced today that applications are being accepted for the new IRRRB Local Business Loan Guaranty program. 

The program provides an IRRRB-based financial guarantee to local banks which make loans to existing businesses within the agency’s service area. The program provides an IRRRB loan guaranty of up to $75,000 to banks on approved loans to eligible businesses. 

“Local business owners have told us that increased access to capital is one of their most critical needs for growth at this time,” said Sertich. “This new initiative, which is designed to address that need, is aimed at helping our local businesses with expansion and the creation of new jobs. It is another tool to help our local businesses grow.” 

Business owners can apply for the program by contacting their local bank. 

Iron Range Resources & Rehabilitation Board (IRRRB) is a state economic development agency whose vision is to invest in business, community and workforce development for the betterment of Northeastern Minnesota.