Loan Guideline

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Loan Guideline

What's New!

The Ham Lake Development Company is accepting applications Low Interest Loans and Ham Beautification Grants.


The HLDC program is based on compliance with the rules and guidelines set forth by the contract between the City of Ham Lake and the HLDC for the use of the Community Development Block Grant and gambling funds for the purpose of economic development



The loans are granted on a needs basis according to the businesses financial strengths and weaknesses as well as project plans.  These loans are granted as supplemental financing and usually in a subordinate position.


Loan purpose          

The loan purpose may be, but is not limited to, down payment on a building acquisition, purchase of equipment, moving expenses, support cash flow deficiencies, or for the purchase of office furniture.



Generally the rate and term of the loan is set according to the purpose and need of the business project.  Maximum loan amount is not to exceed a maximum of 10% of the project total.  The interest rate maximum is not to exceed prime.


Job creation              

Job creation is a requirement of each loan recipient.  On average one job is required for every $50,000 borrowed to be filled within two years of the loan agreement.  The jobs are newly created positions to be paid a wage at or above the current median wage rate for Anoka County and offered to persons from low to moderate-income households. The HLDC, the City of Ham Lake and Anoka County monitors this. Job creation is in accordance with HUD rules and guidelines. Job Creation Survey