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• <br /> Economic Recovery Fund <br /> • <br /> The Minnesota Department of Energy and Economic Developments <br /> ( DEED) Economic Recovery Fund is designed to assist local units <br /> of government to meet critical economic development needs by <br /> creating or retaining jobs and stimulating new private <br /> investment . The fund provides grants to local units of <br /> Tovernment to he used to provide loans for up to 50 percent of <br /> the cost of land building , equipment, or working capital and , in <br /> ;ome cases , may he issued for infrastructure to support a <br /> °xnansion . <br /> • <br /> 21 local un *: of government may receive only one arant per year <br /> f,,r- up t D S250, 000 . These funds are then -used to set up a <br /> volvin• loan program pursuant to DEED guidelines . Loans may he <br /> - . at a typical interest rate of 7 percent or greater E--)r a <br /> . i ximum t_?r m of 20 years for real estate , 10 years for machinery <br /> -ire'.' equipment , and 5 years for working capital . <br /> least 50 percent of total project costs must .-)e privately <br /> na'rcc, through owner equity and other lending sources . Most <br /> 9i),)r,),'ed or )orans have at least 70 percent private financing . <br /> (kW) <br /> •• <br /> • <br /> • <br /> • <br />