In response to COVID-19 and in support of business development and business retention, City Council approved Resolution 1820-10 on April 13, 2020 recommencing the Rural Economic Development Revolving Fund Loan Program. City Council is providing economic relief to local businesses by making RED Revolving Loan Funds available to businesses located in the City of Blaine and Blaine’s Electric Service Area. Low interest loans in the amounts of five to ten thousand dollars are available for qualifying applicants. Mayor Onyon stated “The City of Blaine is providing these funds to local businesses as part of the City’s rapid relief response to the economic impacts of COVID-19 in our community. We ask that businesses which only truly need these funds now, apply for these loans. The RED Loan Board intends to reopen the loan application towards the end of the year, provided loans are repaid and funds are available.”
Loan applications are due June 3rd by 5pm. Complete applications will be reviewed by the RED Loan Board. The highest ranking applications will be awarded either a $5,000 or $10,000 loan, as determined by the Board. If there is a tie when ranking application, preference will go to the first application received making the loans available on a first come, first served basis. Applicants will be able to choose from either a zero interest one year loan, a 1-percent two year loan, or a 2-percent 3 year loan.
Link to Loan Application
Link to RED Revolving Loan Board Policy
For questions about the RED Loan Program, please contact Alex Wenger, City of Blaine Economic Development & Tourism Coordinator via email or (360)534-9979.