02/02/21 Allen Family Economic Growth Fund a Catalyst for Greenville

The Allen Family Economic Growth Fund (Allen Fund) is a program of the Moosehead Lake Region Economic Development Corp (MLREDC). Its objective is to serve as a catalyst for entrepreneurial business development in the Moosehead Lake Region by providing small grants and loans to qualified people and businesses that support both the start-up of new business enterprises and the growth of businesses. The fund was begun by Telford Allen III and his grandmother Charlotte - see photo - who had a deep abiding love of this area. The primary focus of the funding will be to support sustainable new ventures and the creation of quality jobs. It is intended to be a self-sustaining fund. Business Micro-grants The MLREDC will provide grants in the amount up to $2,500 to qualified individuals to support business start-up operations, such as business planning, market research, legal filings, etc. The grant program would seek a 1-to-1 match of other funds. Loans The MLREDC will provide low-interest rate loans (2-4%) in the amount up $50,000 to qualified businesses desiring to start-up and grow their business operations and add jobs. Funds can be utilized for working capital, equipment purchases,leasehold improvements, marketing, etc., that are directly related to business growth and expansion. Loans over $10,000 may require a match and a job creation requirement. Program Administration The Allen Fund will be administered by the MLREDC. Applications will be available on our website Once received and deemed complete, a credit check will be conducted, and the applications will be reviewed by the MLREDC loan committee. Upon approval, funds will be disbursed to the applicant. Loan payments will be accounted for by the MLREDC Finance Department. Inquires and Questions Questions about the program can be emailed to mooseheadlakeedc2020@gmail.com