City celebrates new small business loan

By Katie Friedman, Correspondent- At its most recent meeting, Tuesday, December 19, the Maple Lake City Council celebrated the recent completion of its first loan from the city’s new Revolving Loan Fund (RLF) Program by presenting a giant $20,000 check to Custom Bagfitters proprietor Jennifer Smail, who has recently opened a storefront showroom and production facility at 40 Birch Avenue, offering an enhanced shopping experience with an opportunity for customers to develop their own custom designed handbags. The RLF, capitalized by recycled loan payments from businesses participating in the State of Minnesota’s Economic Recovery Grant Program, is to be lent to participating businesses based on criteria that include a demonstrable financial gap, credit worthiness, and job creation. New businesses are eligible, as are expanding existing commercial and industrial businesses. Types of activities that are eligible for use of RLF funds include property acquisition, site improvements, building construction or renovation, purchase and repair of machinery and equipment, working capital, professional fees, and infrastructure improvements necessary to support new or expanding businesses. Financial assistance could be made either in the form of a companion or a direct loan, both at favorable interest rates and terms.

 

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Custom Bagfitters proprietor Jennifer Smails, second from left, accepts a nice big check from Maple Lake City Councilmembers Deb Geyen, Todd Jude, Mayor Lynn Kissock and Councilmember Kirk Larson. (Photo by Katie Friedman)

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