The Wabasha Port Authority is constantly looking for resources to assist local businesses, and one tool that has been utilized very successfully over the years is the Commercial Revolving Loan Fund. One of the areas that small businesses struggle with the most is access to capital, and the Commercial Revolving Loan Fund can help businesses with gap financing to assist with their projects.
The Port Authority applied for, and was awarded, funding from the Rural Business Development Grant program through the United States Department of Agriculture. This funding, along with a local match, will allow the Port Authority to provide small, low interest gap financing loans to local businesses to help them move their projects forward.
“Tools like the Commercial Revolving Loan Fund are extremely important for rural communities and small businesses because it can help fill the gaps that traditional financing can’t.” said Wabasha Port Authority Economic Development Specialist Cris Gastner. “Small businesses are the heartbeat of our community and any role that we can play in keeping that heartbeat strong, we are excited to help.”
The Commercial Revolving Loan Fund can make small low interest loans to businesses within the city limits of Wabasha. Projects must meet eligibility requirements. The application and guidelines for this program are available on the City’s website. Applications will be accepted and reviewed on a first-come, first-serve basis.
Click here to obtain the loan fund guidelines and application, or stop by City Hall. Program’s interest rate is subject to change annually.
To learn more about this program, please contact Cris Gastner, Economic Development Specialist for the Wabasha Port Authority, at portauthority@wabasha.org. For additional business program information visit the Port Authority’s Business Assistance page.
