Loan fund benefits Crane Lake Marina
December 5, 2017
Grand Rapids, MN – Handberg’s Marina recently received a $100,000 Revolving Loan Fund from Lake Country Power to support its expansion to build a new repair and retail marine store in Crane Lake, Minn.
“Honestly, we couldn’t have done the project without Lake Country Power’s help,” said Lori Sanborn, co-owner of Handberg’s Marina with her husband Jeff. “Lake Country Power was such a fun piece of our expansion project. The funding helped bridge the gap between what the bank provided and what we were able to provide.”
The Revolving Loan Fund that LCP administers came about from previous economic development grants received through the United States Department of Agriculture. The USDA is a federal funding agency. USDA provides loans to non-profit rural electric cooperatives like Lake Country Power to spur economic development in rural America.
“Part of Lake Country Power’s mission is to help its communities prosper, so anytime we can help our local businesses grow and succeed it’s a win-win for everyone,” said Jeff Sheldon, manager, energy services and business development at Lake Country Power. “Through the Revolving Loan Fund, we’re able to re-lend federal funding to businesses that meet a set of loan qualifications.”
Qualifying businesses must be located within Lake Country Power’s service area. Businesses may apply for up to $100,000 at three percent interest which must be paid off within 10 years or less.
Handberg’s Marina is a family-owned recreation business since 1926. They offer products and services for fishermen, vacationers, visitors and residents of the Crane Lake area. They sell and service Yamaha and Evinrude Outboard Motors, and Crestliner, Alumaweld and Polarcraft boats. They also operate an inside/outside boat storage, more than 70 marina slips on Crane Lake, RV sites and a fun little store with ice cream cones, clothing and gifts.
In 1996, Jeff and Lori Sanborn became the fourth generation to own the business, adding new products, more storage, and upgrades to the marina. For more information, visit www.handbergs.com.
For more information about economic development loans and qualifications, please contact Jeff Sheldon, manager of energy services and business development for Lake Country Power at 800-421-9959, ext. 7146.
Lake Country Power, www.lakecountrypower.coop, is a Touchstone Energy® cooperative serving parts of eight counties in northeastern Minnesota. The rural electric cooperative provides services to nearly 43,000 members and has offices located in Grand Rapids, Kettle River and Mountain Iron.
Pictured (left to right): Jeff Sheldon, Lake Country Power; Lori Sanborn, Greg Povroznik, Jeff Sanborn and Randy Clemmer, Handberg’s Marina; Mark Olson, Lake Country Power; Jason Long, District 1 Director for Lake Country Power; Shirley Sanborn, Joe Bonner, Dave Thul, Nick Diederick and John Luoma, Handberg’s Marina.