Big things are happening across MLEC’s service territory. Last month, the McGregor Fire Department unveiled its new Fire Hall to the community during the open house event. All were welcome for a night of food and fun. At the same time, Garrison Bay Resort has broken ground and began construction on its 22 camping spot expansion. The project will bring tourism to the Garrison area and allow more people to enjoy Mille Lacs Lake.
What do both of these projects have in common? MLEC’s revolving loan fund has helped them come to fruition. The MLEC Board approved the interest-free loans totaling $660,000.
“When interest rates increased in 2022, we had to put our expansion project on hold. Thanks to the MLEC Economic Development Loan, we are breaking ground and will save $80,000 on interest expenses over the next ten years,” said Andy Weitnauer of Garrison Bay Resort.
The MLEC revolving loan fund originated from a grant provided through the USDA Rural Economic Development Loan and Grant (REDLG) program, which provides loans and grants to rural cooperatives for specific economic development purposes. As these initial loans are paid back, the revolving loan funds are intended to grow and provide financing for further qualifying economic development projects over time.
Scott Turner addressed the crowd at the McGregor Fire Hall event, “In order to not raise our budget and complete the project, we needed some additional funds. Thank you to Mille Lacs Energy Cooperative for helping us bridge the financial gap.”
The MLEC revolving loan fund accepts applications on an ongoing basis, from private businesses, public entities, and non-profit organizations, for projects that will significantly benefit rural areas in Aitkin, Mille Lacs, and Crow Wing Counties and the surrounding region. Eligible projects must create or retain employment or provide needed community facilities and services.
For more information on how to apply for an MLEC revolving loan fund loan, please contact Logan Stall at (218) 927-2191.