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 covers $30,000 – $50,000. This program is available to businesses in the eight counties of Northern Michigan –  Alcona, Alpena, Cheboygan, Crawford, Montmorency, Oscoda, Otsego, and Presque Isle. Allowable borrowers for the Target EDA RLF include: start-up businesses, business expansions and retention, commercial, industrial, retail, service, office and high-tech. Allowable borrowers must not be able to obtain full financing from conventional methods. 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 from $10,000 – $30,000. The availability of this program is limited to Alpena County.

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