Bear Paw reduces rates on business loans
The local economic development agency is offering a special deal to help businesses in the area expand or to help people who want to start a new business.
Bear Paw Development Corp. announced it is reducing a fee in its revolving loan program targeted to help create and grow small businesses.
“To really help kick-start the financing needs of our entrepreneurial community, we thought the best way to do that was to make getting a loan more affordable from the very beginning by reducing our origination fee by 26 percent for the summer,” Bear Paw Executive Director Paul Tuss said in a press release. “We want to be as helpful as we can in assisting small businesses thrive.”
Tuss said reducing the origination fee, charged by lenders to help pay for the upfront expenses of issuing the loan, means a borrower taking a $100,000 loan with a 1 percent fee would save $260.
Bear Paw, the first federally and state-recognized economic development district in the state, has managed the r...
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