Pine River, Minnesota

'Birthplace of the Paul Bunyan Trail' 
What is the Pine River Revolving Loan Fund?
The Pine River Revolving Loan Fund is a financial assistance program sponsored by the Pine River Economic Development Committee and the City of Pine River to encourage the expansion, creation and relocation of business activity in the City of Pine River and up to 2 miles outside the City limits.  The loan fund is available to any qualifying for profit business located in or intending to locate in this qualifying area
What Type of Business Activity Is Eligible for Assistance?
The Pine River Revolving Loan Fund will consider financial assistance to any legitimate, for-profit, business activity, such as those related to industrial, agri-business, personal and professional service, and hospitality-related business.  These loans are made at a reduced rate to be used for the following: Job Retention, Job Creation, Business Expansion and New Business start up. These funds may not be loaned for retail purposes.  Loan funds may be used for: property acquisition, equipment, and cost related to starting a business.  Loans may not be used for refinancing existing debt.
What Are the Loan Conditions?
The minimum loan amount is $3,000.00. The maximum loan amount is $20,000; however the committee reserves the right to vary the amount. The amount available in the Revolving Loan Fund will dictate the amounts available. Up to 1/3 of money available will be used to fund projects outside the City Limits. Loan amortization will be based on loan amount and collateral. General guidelines are 5 years on vehicles and 7 years on equipment and are subject to committee approval.  Loan payments will be required monthly or as determined by the loan.  Loans past due will be called after a letter of intent to do so is sent to the borrower.  A letter will be sent out for accounts 10 days past due and finance charges will be added to the balance due at that time. The past due amount must be brought up to date at that time. Delinquent loan payment performance may result in the loan being called. In the event that a problem should arise in making the loan payments, the borrower shall make arrangements to meet with the Council representative to set up a repayment plan.
Effective 1/18/2023:
The interest rate is based on current Wall Street Journal Prime which currently is 7.5% for those business in the limits of the City of Pine River and Prime plus 1 or 8.5% for those within the 2 mile radius and will be fixed for the full term of the loan. These rates shall not be lower than 3.25% regardless of WSJ Prime. Late charges are 5% of past due amount and will be billed on all payments 10 days past due. All loans must be secured, although the specific equity requirements (amount and type) from the applicant will be determined during the application process.
How Are Applications Obtained and Processed?
loan application may be obtained from the City Clerk at the Pine River City Hall, 200 Front St. N, corner of Hwy #371 and Park Ave. The application fee is $25.00 and must accompany the application. No application will be accepted without the application fee.  Applications will be reviewed by the Loan Committee of the Pine River Economic Development Committee, then brought to the City Council for the final decision to be made at the next regular meeting.  Turn around time for loan approval is 30-60 days depending on the completeness of the information provided. If an emergency situation is related to a specific loan, the City Council may call for a special meeting to accelerate the decision process. Loan documents will be reviewed by the designated member of the Pine River City Council prior to closing.  All loan applications will be evaluated as to their local economic impact, consistency with program objectives and individual credit-worthiness.  Therefore, all applicants are strongly encouraged to thoroughly complete all aspects of and provide all related materials requested with the loan application; applicants with questions or requiring additional assistance should contact City Hall.
All third party cost will be paid by the borrower.
Technical business assistance is available through Cass County Economic Development Corporation.  They can be reached at 218-547-7262 and the website is
Time Line: A time line will be enforced of 90 days from the time the application is approved until it is finalized, or the loan will have to be re-approved.
This institution is an equal opportunity provider and employer If you wish to file a Civil Rights program complaint of discrimination, complete the USDA Program Discrimination Complaint Form, found online at, or at any USDA office, or call (866) 632-9992 to request the form. You may also write a letter containing all of the information requested in the form. Send your completed complaint form or letter to us by mail at U.S. Department of Agriculture, Director, Office of Adjudication, 1400 Independence Avenue, S.W., Washington, D.C. 20250-9410, by fax (202) 690-7442 or email at