Are You Starting or Growing a Small Business in Marquette County?
The Lundin Foundation and Eagle Mine created a program that may benefit you.
Marquette County entrepreneurs have a unique opportunity, thanks to The Lundin Foundation, Eagle Mine and Northern Initiatives.
The Eagle Emerging Entrepreneurs Fund (Fund) is a partnership with the objective to enhance the accessibility and affordability of loans and technical assistance to micro- and small enterprises in Marquette County.
The Eagle Emerging Entrepreneurs Fund is managed by Northern Initiatives. Loans may take the form of unsecured working capital or asset finance and will generally range from $5,000 – $50,000 with repayment periods of up to 5 years.
Why was the fund developed?
Following the acquisition of Eagle Mine by Lundin Mining in July 2013, the Lundin Foundation (with the support of Eagle staff) conducted a series of stakeholder consultations in Marquette County, with a view to understanding how Lundin might most usefully contribute to long-term economic development in the region. Foremost among the concerns raised during these consultations was the need to create and retain jobs by supporting the growth of non-traditional sectors.
What makes this fund different from other types of business financing?
Unlike traditional business financing, the fund provides affordable loans to clients lacking collateral or a credit history. The fund also allows Northern Initiatives to create flexibility in structuring repayments, using such instruments as royalty agreements, or repayment structures suited to the cash flows of the customer.
When does the loan program begin?
The fund will begin accepting applications immediately.
Who can apply for the fund?
A resident or business operating in Marquette County.
What type of businesses can apply for the fund?
Startups and existing businesses.
What can the funds be used for?
Equipment or working capital.
What is the maximum that can be borrowed from the fund?
The maximum amount available for equipment is $50,000. The maximum amount available for working capital $15,000.
How long is the repayment period?
The repayment period shall be no longer than 60 months (5 years).
Does the fund offer more than just capital?
Under the terms of the partnership, the Lundin Foundation will provide additional financial support to Northern Initiatives to support the development of a dedicated online business assessment portal to assist prospective clients of the fund (startups and existing businesses) assess their strengths and weaknesses and access customized training and coaching.