11/19/13 - 3:59pm
The Pine River City Council on Tuesday, Nov. 12, approved changes to the city’s revolving loan policy.
The policy has been changed to provide financial assistance to businesses up to two miles outside the city. Businesses outside the city will be charged a 6.5 percent interest rate; businesses inside the city are charged a 5 percent interest rate.
The loans are sponsored by the city’s Economic Development Committee and can range from $3,000 to $20,000. They’re made at a reduced rate to retain jobs, create jobs, expand local businesses and start up new businesses.