Loan Programs

The Revolving Loan Fund and the Micro Revolving Loan Fund are the principal reason for Target’s creation. Both of these programs are based on job creation and retention.

Revolving Loan Program
The Revolving Loan Program (RLF) covers loans up to $50,000. This loan program is available to businesses in four Northern Michigan counties – Alcona, Alpena, Montmorency, and Presque Isle. Eligible borrowers for the Target RLF include: start-up businesses, business expansions and retention, commercial, industrial, retail, service, office and high-tech. Loans above $20,000 must have a lead lender and not be able to obtain full financing from them. Loans below $20,000 can be done if the borrower has a declination letter from a bank or credit union. Borrowers must be current with all taxes, fees and licenses. The Borrower must be legally operating in accordance with all federal, state and local permits and regulations. Loan size range from $5,000 to $50,000 for a single borrower, with the maximum size not to exceed $50,000.​

Micro Revolving Loan Program
The Micro Revolving Loan Program covers loans up to $30,000. It is only used when the RLF fund is exhausted of available loan funds. The same counties apply.

Business Recruitment
Are you looking to relocate your business to Alpena or the surrounding area? Alpena Area Chamber of Commerce can help! Mike Mahler, our Economic Development Director, is always on hand to assist with business relocation. Contact him at the Chamber office at 989.354.4181.

Renaissance Zones
There are four Renaissance Zones in Alpena County: Commerce Industrial Park (which Target owns), The Armory Building in Downtown Alpena, Alpena Regional Airport, and Oxbow Development. These locations are available for businesses to relocate, and are virtually tax-free for any business. The taxes that residents of these Renaissance zones are free from include:

  • Single Business Tax
  • State personal income tax
  • 6-mill state education tax
  • Local personal property tax
  • Local real property tax
  • Local income tax
  • Utility users tax

RLF Application