2010 Renewable Energy/Energy Efficiency Loan Program

In partnership with the Arrowhead Regional Development Commission, the Northland Foundation is facilitating low-interest loans to projects related to the development and demonstration of renewable energy technology in northeastern Minnesota. These include wind, biomass, geothermal, and other technologies designed to decrease dependence on fossil fuels or contribute to reducing energy costs, and advance technologies which contribute to energy conservation and efficiency. Funding is provided through the Rural Energy Development Initiative, a program administered by the Southwest Minnesota Initiative Foundation.

• The maximum loan amount may not exceed $25,000.
• Terms will be based on the projected needs of the applicant business and the project being funded. Payments may be either interest-only or princial and interest with a balloon payment. Loan maturities will generally not exceed 60 months.
• Loan proceeds must be matched with at least an equal amount of other investment. Other investment can be in the form of equity (cash or in-kind), or loans from banks or development lenders.

For more details, please email John Elden, Director of Business Finance, or Kurt Johnson, Senior Loan Officer, or call the Northland Foundation at (218) 723-4040 or 1-800-433-4045.