The Murray County Economic Development Revolving Loan fund (EDRLF) can help you start or expand your business, or purchase an existing business, by loaning money to fill the financial gap that may exist between what your project will cost and what your bank is able to loan.
The Murray County EDRLF is administered by the Murray County EDA. Its purpose is to provide a portion of the funds necessary to finance projects that will result in economic development by creating or retaining job opportunities, expanding the tax base, promoting entrepreneurship or providing necessary services that will foster additional economic development. As loan principal and interest payments are paid back to the EDRLF, that money becomes available to other borrowers.
The EDRLF is not intended to be a substitute for conventional business financing or to be used in place of other specialized federal, state or local programs. The majority of the financing will generally come from conventional sources (i.e. banks), while the EDRLF will be used to “fill the gap” that may exist between what the project will cost and what the bank is able to loan. This is often called “gap” or “subordinate financing”.
- Download a PDF of our Revolving Loan Fund brochure.
- Download EDRLF documents (1. First save the documents to your computer; 2. Complete the documents “off-line” and save again; 3. Mail, fax or email completed documents AND a business plan and 3 years of cash flow projections to “Economic Development Director” – see below for contact info):
- Find banks and credit unions in Murray County.
- The Southwest Regional Development Commission, Southwest Initiative Foundation and Prairieland EDC are other sources of gap or subordinate financing.
Assistance with completing loan documents, creating a business plan, and projecting cash flows may be obtained by contacting:
Economic Development Director
Office of Economic Development
PO Box 57
Slayton, MN 56172-0057
Office Phone: 507-836-6023