Grand Rapids, MN – MNStar Technologies, located east of Grand Rapids, Minn., received a $100,000 Revolving Loan Fund from Lake Country Power to support its business expansion objectives. 

The loan is a “pass-through” from previous economic development grants received through the United States Department of Agriculture. The USDA is a federal funding agency. USDA provides loans to non-profit rural electric cooperatives like Lake Country Power to spur economic development in rural America. 

“As a local electric cooperative, we value business expansion and job creation in Northern Minnesota, primarily in Lake Country Power’s service area,” said Jeff Sheldon, manager, energy services and business development. “Through the Revolving Loan Fund, we’re able to re-lend federal funding to businesses that meet loan qualifications as a gap lender.”

MNSTAR Technologies is expanding its wire harness manufacturing business with additional equipment, inventory and working capital. Qualifying businesses must be located within Lake Country Power’s service area. Businesses may apply for up to $100,000 at three percent interest which must be paid off within 10 years or less.

MNSTAR Technologies provides electrical system solutions and high quality manufactured wire harnesses with “Quality by Design.” MNSTAR designs innovative solutions that provide manufacturability to the customer and serviceability to the end user, including the emergency, commercial truck, quality OEM, marine and energy markets.

For more information about economic development loans and qualifications, please contact Jeff Sheldon, manager of energy services and business development for Lake Country Power at 800-421-9959, ext. 7146.     

Lake Country Power, www.lakecountrypower.coop, is a Touchstone Energy® cooperative serving parts of eight counties in northeastern Minnesota. The rural electric cooperative provides services to nearly 43,000 members and has offices located in Grand Rapids, Kettle River and Mountain Iron.