Commercial Loan Program

Description of Services

The City of International Falls Commercial Loan Program is an easy-to-use program available to all commercial property owners in the city. The program was originally funded through a grant from the Minnesota Department of Employment and Economic Development and has proven successful by any measurement.

Through this program, commercial property owners are eligible to borrow up to $24,999.99 when borrowing an equal or greater amount from their local lender for improving commercial property within the city limits. The loan is issued at a 3% rate of interest with payments amortized over 30 years with a 5 year balloon payment. Collateral shall be a mortgage on the real estate to be improved and is due and payable should the borrower sell the property.

Your local bank is familiar with this program and services the loan for you and the city making for a minimum of paperwork. Please contact your local bank or the City of International Falls at (218) 283-9484 to determine whether this program may be right for you.

Commercial loan Guidelines

  • 3% interest; monthly payment equals about $108 on a loan of $24,999.99
  • Closing costs paid by borrowers
  • Collateral shall be a mortgage on the real estate to be improved by proceeds of the loan
  • Loan documents prepared by your bank which services both loans
  • Loan is amortized over 30 years with a balloon payment due in 5 years or if you sell your property
  • Program requires loan of equal or greater value from a participating bank
  • Up to $24,999.99

What Customers Say

Here is what customers say about the Commercial Loan Program:

  • “I would recommend this program to other commercial property owners. It has great rates and is an excellent program.”
    -Thor Thompson, Rainy Lake Marine Inc.
  • “ I recommend this program to other property owners. It is a great program. I couldn’t have done it without the building official or the bank that I went through. They both led me in the right direction and I am happy with the improvements I was able to make.”
    -Jerry Snyker, The Fisherman
  • “I would highly recommend that the city council continues this program. More people need to take advantages of the great programs that are offered out there.”
    -Duane Carlson Sr., Loyal Order of the Moose
  • “My bank was good to work with.”
    -Randy Splett, Randy’s Discount Auto<
  • “It is a great program.”
    -Keith Horne, Northland Distributing
  • “The city staff and council members were excellent to work with. The project helped both the city and the business owners.”
    -Dave Peterson, Hardees Restaurant
  • “The city helped us fill out the paper work and came and looked at the building. It is a wonderful program and I would like to see everyone be able to have an opportunity like this.”
    -Kim Nyguen, Rose Garden
  • This easy-to-access program is a great collaboration among our business property owners, local financial institutions and the City of International Falls.”
    -Rob Boyd, Senior Vice President, Bremer Bank
  • “This program represents a great partnership
    between the city, the local leaders, and the business community. The program is easy to access and based on the number of project participants has been a big success.”
    -Paul Nevanen, Director, Koochiching Economic Development Authority
  • “This is a great program. It’s efficient, simple, and easy to use. It really saves money for the customer.”
    -Mike Katrin, President
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