From the Acadia bar in Minneapolis to Senor Wong’s in downtown St. Paul, a long list of businesses have borrowed more than $2 million from a “forgivable” loan fund to survive construction of the Central Corridor Light Rail Transit line.

Nearly 150 small businesses have received loans from the fund, which is set up to support restaurants and retailers along the future route of the 11-mile light rail line.

The train will connect downtown St. Paul to downtown Minneapolis in 2014.

The “Ready for Rail” loan principal is forgiven at a rate of 20 percent per year and does not have to be paid back at all if a business remains in operation near the corridor for five years.

The loans are administered by the city of St. Paul with funding help from the Central Corridor Funders Collaborative, a coalition of foundations and rail supporters. The bulk of the money, though, comes from the city and Met Council.

To date, $2.25 million has been lent to 143 small businesses. In some cases, businesses have been approved for more than one loan, with the maximum payout being $20,000.

The average loan is $15,700. So far, 77 businesses have received the maximum loan after documenting at least $20,000 in reduced sales.

An additional 66 businesses received loans for less than the maximum after showing less than $20,000 in a documented decline in sales.

Eleven more shops applied for loans but were rejected, for a variety of reasons.

Among them, the Rumours and Innuendo bar in downtown St. Paul closed in 2010 before its loan was finalized, and the owners of Transfer Road Deli were unable to prove it was an established business that had been on the corridor for at least a year.

Despite receiving a loan, the Caribe Caribbean Bistro on Raymond Avenue closed this year. Nancy Homans, St. Paul Mayor Chris Coleman’s policy director, said it is the only shop that has requested loan forgiveness, which was granted.

The Edge Coffee House, also located near the corner of Raymond and University Avenue, recently closed. The owner “has not yet requested (loan) forgiveness,” Homans wrote in an email.

Frederick Melo can be reached at 651-228-2172. Follow him at twitter.com/ FrederickMelo.

ON THE WEB

More information about the Ready for Rail loan program can be found online at www.ndc-mn.org/ReadyForRailForgivableLoan.