St. Louis Park Made 3 Forgivable Loans to Businesses

Across MN, cities made 17 such loans. The biggest forgivable loan in St. Louis Park was $500,000 to Hardcoat, Finance & Commerce reported.

The City of St. Louis Park made three forgivable business loans to spur construction and  job creation under temporary authority the Minnesota Legislature granted in 2010, according to a report at Finance & Commerce.

Those three in St. Louis Park were among 17 forgivable loans cities made to businesses statewide, F&C said. The biggest of St. Louis Park's loans was to , for $500,000.

Hardcoat used the money as part of a $3.5 million renovation project that St. Louis Park Economic Development Coordinator Greg Hunt told F&C would see the property's $1.2 million value double.

The company does not have to pay the loan back if it occupies the building for five years and doesn't sell it, Hunt told F&C.

Read the full Finance & Commerce article.


More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »