Economic Development Corporation of the County of Marquette
The Economic Development Corporation of the County of Marquette (EDC) meets monthly to administer a Revolving Loan Fund (RLF) and to address economic development issues of importance to the County. The EDC has a nine-member, volunteer Board of Directors appointed by the Marquette County Board of Commissioners and is staffed by employees of the Lake Superior Community Partnership. At all times, two members of the Board are elected County Commissioners – currently Chuck Bergdahl and Bruce Heikkila serve the EDC. Each Director represents a sector or category of importance so that the Board is well-rounded and reflects appropriate expertise.
| Director |
Represents |
Term Expires |
| Mr. Chuck Bergdahl, President |
Municipalities |
12/31/2011 |
| Mr. Brett French |
Individual & Organizations |
12/31/2012 |
| Mr. Bruce Heikkila |
Developers & Construction |
12/31/2011 |
| Mr. Peter Hendrickson, Secretary |
Manufacturers |
12/31/2016
|
| Mr. John Jilbert, Vice President |
Hospitality & Retail Services |
12/31/2016 |
| Mr. John Marshall |
Professional Services |
12/31/2016 |
| Mr. Edwin Puska |
Utilities & Transportation |
12/31/2012 |
| Mr. Tim Ryan, Treasurer |
Financial Intermediaries |
12/31/2016 |
| Mr. Dennis Smith |
Medical Service Providers |
12/31/2016 |
RLF Program
The RLF has funding from several sources totaling approximately $1 million. The purpose of the RLF is to provide gap financing while creating and retaining jobs; to stimulate growth of new business and industry; to stimulate expansion of current business and industry; and to stabilize and diversify the County’s economy.
Guidelines
Applicant guidelines include, but are not limited to the following:
-The funds must be utilized on a project within Marquette County
-Applicant is unable to obtain adequate financing through private sources.
-Applicant must provide $2 private funding sources for every $1 of RLF funding.
-One full-time job must be created or retained for every $10,000 of RLF Funds awarded.
-Applicant should have equity of no less than ten percent.
-Applicant must supply financial details and comply with reporting requirements.
Eligible Expenditures
Loan proceeds may include, but are not limited to the following:
-Land & Building Acquisitions
-Construction & Renovation
-Machinery & Equipment Purchases
-Working Capital
Financing Terms
-Terms will reflect conditions of the market and the demands of the project(s).
-Interest rates will mirror conventional lenders, but may vary in a range of 4 points above or below prime.
-Collateral will be determined on an individual basis.
-Deferral of interest and principal for up to two years, if deemed necessary and appropriate.
-Terms and conditions will vary on a case by case basis. Often balloon payments are required.
To request your Revolving Loan Fund Application contact Lois Ellis at 906-226-9658 ext 108 or
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