Terms and Fees

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Terms

Maximum guarantee is lesser of 80% of the loan or $600,000.
80% on loans up to $100,000 for businesses that commercially harvest whitefish from Lake Superior.

Fees

Closing fee:*

1.5% of guaranteed amount on loans of $150,000 or less, or
2.5% of guaranteed amount on loans greater than $150,000

Servicing fee of 0.25% on the outstanding guarantee amount due annually

*May be financed and included in loan request.