Relief Funds for Wadena Businesses

The Initiative Foundation of Little Falls will administer a $150 thousand emergency loan fund to help Wadena County businesses keep their doors open after the June 17th tornado damage.

In partnership with the Minnesota Department of Employment and Economic Development and the Blandin Foundation, the Initiative Foundation is offering low-interest loans to provide working capital until businesses are able to resume normal operations.

Small loans of up to $20,000 will be available at 3 percent interest over a four-year period, with payments deferred during the first year.

Wadena Development Authority Executive Director Dean Uselman will qualify loan requests and work with business owners on their loan applications. He estimates that about 34 businesses employing 400 people were impacted by the tornado.

Only Wadena County businesses in operation on June 17 can apply for the loans, which are intended to help with tornado-related costs and not to replace loans from other lenders. Individuals are not eligible for the funds.

For more information or to apply for the foundation’s emergency loan funds, contact Dean Uselman at (218) 631-7710 or wadenadevelopment@arvig.net.