IEDC Announces Itasca Small Business Relief Fund

Itasca Economic Development Corporation (IEDC) is excited to announce a new fund to provide financial relief to small businesses that have been hit the hardest by the Covid-19 pandemic.  The fund is designed to maximize cash flow for distressed small businesses and help maintain the vitality of our Itasca County communities.   

“Small businesses are the backbone of our rural community,” stated Tamara Lowney, President of IEDC.“  Our Board and our team are putting every effort into finding ways to support them and our community through these unprecedented times.  In just a week, we put together this loan program with hopes that it will make a difference for our small businesses – enabling them to continue to serve the communities in which they operate. 

The purpose of this fund is: 

• To prevent permanent closure of Itasca County businesses during and after the pandemic 

• To restore affected businesses back to financial health as quickly as possible 

• To recycle funds to continually help those in need 

• To have a fund that takes on risk above and beyond existing resources 

• To leverage other local, regional, state, and federal resources to get businesses back on their feet 

• To provide funds in a quick, efficient manner that would target a 2-week process from application to distribution 

Loans of up to $25,000 will be available to qualified applicants and will carry a term of 0% interest with a 10-year amortization and a 6-month deferral period.  IEDC partnered with the Entrepreneur Fund to administer the loan.  Both organizations will be working closely with the small businesses to ensure they have support throughout the process. 

For more information on the Itasca Small Business Relief Fund, please contact Rob Sjostrand, IEDC Business Consultant at (218)256-3273.