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Holter Floral


Katy Holter, owner of Holter Floral & Gifts in Roseau, was a revolving loan fund recipient in 2016. (L to R) Katy, Paulette, Shelby and Chase 

The purpose of the Northwest Regional Enterprise Loan Fund is to strengthen and diversify the economy by providing a source of low interest financing to businesses when credit is not otherwise available from other sources and to ensure the successful completion of activities to be financed.


A program priority is to provide financing to for-profit businesses which create or 
retain jobs, especially for the long-term underemployed or unemployed.

Funding Sources

The Northwest Regional Enterprise Fund, Inc. originated through federal funding from the Economic Development Administration in the amount of $1,825,000. It is also supported by state funding through the Minnesota Department of Trade and Economic Development in the amount of $58,000. Additional local matching funds of $392,000 were provided by the seven counties of Region 1, City of Crookston, City of East Grand Forks, City of Red Lake Falls, City of Thief River Falls, Northwest Minnesota Initiative Fund and the Northwest Regional Development Commission.


Loans are made to businesses when credit is not otherwise available from owner investment, bank financing, and other sources to ensure the successful completion of activities to be financed. Private, for profit businesses are eligible for financing.

As a guideline, one job must be created or retained for every $25,000 of loan funds. Financing may not be used for any activity that relocates jobs from one labor market area to another.


The maximum loan amount is $150,000 and the minimum is $5,000. The maximum loan term is fifteen years. Interest rates are set each month. The Enterprise Fund loan will generally not exceed one third of the total project cost. The project must be located within Kittson, Norman, Marshall, Pennington, Polk, Red Lake or Roseau County.


New businesses must have an equity contribution while existing businesses may contribute additional cash equity, and/or request consideration of the net worth of the business.


Retail, commercial, or service businesses should fulfill a local need for essential goods and services or demonstrate that the project is substantially tourism related.


Other terms and conditions are negotiated depending on the needs of the applicant.

How To Apply

To discuss a project idea and to obtain more information about the Enterprise Loan Fund, contact Sean Ranum, Loan Fund Manager, at (218) 745-9115.


Preliminary Application
Applicants are asked to complete a short preliminary application form.  This information is used for an initial review of the project by Enterprise Fund staff. If the project seems to fit the guidelines of the Enterprise Fund, applicants are invited to an application.

Standard Loan Application

New businesses and existing businesses will be asked to complete the Application Form. In this form, applicants are asked to give a detailed explanation of the project including a business plan, financial projections, historical financial statements, and other information.

Review and Closing

Loan applications are reviewed by the Loan Committee. Applicants are invited to make a brief presentation to Loan Committee members and respond to any questions they may have. If an application is approved, the loan is closed as soon as possible. The timing of the distribution of funds will depend on the purpose of the loan.

Sean Ranum Headshot
 Sean Ranum 

Loan Fund Manager  |  (218) 745-9115

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