The City of Garfield received notice on January 10, 2002 that an application to the Minnesota Department of Trade and Economic Development (DTED) Minnesota Investment Fund (MIF) program was approved for $150,000. The MIF is a program whereby the city receives a grant and then loans out the funds to local businesses in Garfield, establishing a revolving loan fund. The city submitted the application to DTED to assist a new company, Leader Building and Supplies, with the purchase of equipment.
Leader Building and Supplies must meet certain employment and wage guidelines set by this program and make principle and interest payments back to the city over a period of ten years. The city keeps the first $100,000 of principle along with all accumulated interest. That money can then be used to assist other businesses in the city with the repayments made.
This revolving loan fund is a new endeavor for the city. The funds that are available may only be used for certain types of businesses. For details of the program and for information on the types of businesses that are eligible, please contact Sandy at city hall.