ALEXANDRIA — Alexandria’s Revolving Loan Fund – which has provided local businesses with low-interest loans for making improvements to existing properties since the 1980s – is being updated.
At its meeting Monday night, the Alexandria City Council approved a revised Revolving Loan Fund policy that will take effect upon state approval.
The city’s Revolving Loan Fund was established when the city voted to participate in the Minnesota Department of Trade and Economic Development’s “Star City for Economic Development” program. That program guided the city through a strategic planning process and led to not only the RLF creation but also established the Economic Development Authority and the Alexandria Area Economic Development Commission , according to City Planner Mike Weber.
The proces