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Business Financing

North Central Economic Development Association (NCEDA)

A key piece in the economic development puzzle is business financing. There are many opportunities available for businesses in the Region seeking assistance in starting up or expanding their business.

North Central Economic Development Association Revolving Loan Fund
The North Central Economic Development Association (NCEDA) is a local non-profit corporation established with federal and local dollars through the Region Five Development Commission. It offers gap financing for fixed assets and working capital for new and expanding businesses in Cass, Crow Wing, Morrison, Todd, and Wadena Counties.


NCEDA Brochure

NCEDA  Loan Application

Loan Servicing Request

Businesses must be located within the Region, be a for-profit corporation, partnership, or proprietorship, and be able to demonstrate ability to repay the loan. Loans range from $5,000 to $100,000 and can be used for acquisition and/or improvement of land, buildings, plants, and equipment; new construction or renovation of existing facilities; demolition and site preparation, machinery and equipment purchase; and working capital. Loan funds may not be used for professional fees, debt consolidation, and acquisition of real property for subsequent lease.

The loan board meets the 2nd Thursday of every month to review loan applications.

Download a brochure for more details or if you are ready to apply, download the application. If you have questions email Lee Miller at lmiller@regionfive.org or call 218-894-3233, ext.11.

NCEDA Full Corporation Membership 3/11/10

Name Representing Orig. Appt. Term Ends
Cy Struss
Cass County
2005
3/2011
Vacant
Cass County Municipality
2010
3/2013
Patrick Rafferty
Cass County EDO
2005
3/2011
Jim Kraft*
Crow Wing County
2008
3/2011
Justin Bolz-Andolshek
Crow Wing County Municipality    
2009
3/2012
Bruce Heilman
Crow Wing County EDO
2009
3/2012
Jon Vetter*
Morrison County
2006
3/2012
Bonnie Lampert
Morrison County Municipality
2007
3/2013
Ronald Bieganek
Morrison County EDO
2010
3/2013
Nathan Mathews
Todd County Municipality
2008
3/2011
Julie Baum*
Todd County
2005
3/2011
Daniel Beach
Todd County EDO
2007
3/2013
William Stearns
Wadena County
2007
3/2013
Dean Uselman*
Wadena County Municipality
2008
3/2011
Jerel Nelsen*
Wadena County EDO
2003
3/2012
Lucy Nesheim
Region Five
2002
3/2011

 

*Board/loan committee members

Each appointment is a 3 year term with a maximum of 3 terms allowed according to the NCEDA By-Laws.

Alternates to the Loan Board for 2010:  Justin Bolz-Andoshek and Bruce Heilman

An alternate may be asked to attend a regularly scheduled meeting to aid in reaching a quorum.   


Other Financing:
In addition to the NCEDA revolving loan fund, there are several other financing tools available for entrepreneurs in the region.

City Revolving Loan funds: Contact Lee Miller at lmiller@regionfive.org  for more information or review this list of additional Revolving Loan Funds in Region Five.

For information on Small Business Administration, Central Minnesota Initiative Foundation, and other loan programs, download our financial program book or call Lee Miller at 218-894-3233 ext.11.
 

 

 

Business Financing Pages