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 covers $30,000 – $50,000. This program is only available to businesses in Alpena County. The funds must be used to create or retain at least one job for every $10,000 borrowed, and the borrower must be able to acquire at least two-thirds of their total financing from other sources. If you would like to apply, please use this application form.
Micro Revolving Loan Program
The Micro Revolving Loan Program covers loans from $10,000 – $30,000. The availability of this program is limited to Alpena, Alcona, Montmorency, Cheboygan, Presque Isle, and Otsego counties. If you would like to this application, it is available here.
Are you looking to relocate your business to Alpena or the surrounding area? Alpena Area Chamber of Commerce can help! Jim Klarich, our Economic Development Director, is always on hand to assist with business relocation. Contact him at the Chamber office at 989.354.4181.
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