Beltrami County Board members have decided to support a COVID-19 Response Subordinated Business Loan Fund that will be administered by the economic development group Greater Bemidji.

The board today decided to support the entire $250,000 request for the Greater Bemidji area.

The funding is being granted from the following county funds, and with the corresponding limitations:

• County Development Fund – $125,000
• Consolidated Conservation Fund – $125,000 (*with the stipulation that these funds be awarded to businesses falling within the geographic boundaries of the Consolidated Conservation District)
• Loans be given after all other Economic Stimulus opportunities are used
• Beltrami County shall receive a breakdown of loans awarded, identifying the use of county funds by loan and in total
• All funds shall be awarded to Beltrami County businesses

As loans are repaid, it is the expectation that the proceeds will be paid back to Beltrami County and receipted to the fund of origination.

By — Brad Hamilton