Incentives

Emerging Entrepreneur Loan Program

DEED's Emerging Entrepreneurs Fund primarily supports micro- enterprises and small businesses with loans of up to $150,000 to businesses  owned by minorities, low-income persons, women, veterans, and/or persons with disabilities. Businesses located in low-income areas will be given priority.  The program will finance a variety of start-up and expansion costs, including normal expenses such as machinery and equipment, inventory and receivables, working capital, new construction, renovation, and site acquisition.  Financing of existing debt is not permitted.

DEED provides grant funds to nonprofit lenders, which use these funds for loans.

Contacts

Drew Lindorfer

Phone: 651-259-7450

Drew.Lindorfer@state.mn.us

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Category: Financing Resources, State, Loans and Grants

More Financing Resources, State, Loans and Grants

DEED’s Angel Loan Fund program supports entrepreneurial growth by offering attractive funding for early-stage businesses. Businesses certified to participate in the Angel Tax Credit Program during any of the program years with fewer than 500 employees are eligible. Funds may be used for start-up... Learn More
Gopher Angels (GA) is a network of accredited investors seeking to invest capital and expertise in early stage Minnesota businesses.  GA looks for outstanding entrepreneurs who can turn their vision into a successful business. In addition to financial support, GA members will provide businesses with... Learn More
Provides financing to help add new workers and retain high- quality jobs in industrial, manufacturing, and technology-related industries. Funds are awarded to local units of government who provide loans to assist expanding businesses. Projects must meet minimum criteria for private investment, number of jobs... Learn More
The Job Creation Fund provides awards of up to $500,000 and capital investment rebates of up to $500,000 for qualifying businesses. The program is available to businesses engaged in manufacturing, warehousing, distribution, technology-related industries, and other eligible activities. Companies must work with the local... Learn More
Provides training grants of up to $400,000 to educational institutions that partner with businesses to develop new-job training or retraining for existing employees. A cash or in-kind contribution from the contributing business must match program funds on at least a one-to-one basis (wages paid... Learn More
Minnesota State Trade and Export Promotion (STEP) grant program awards funds to Minnesota businesses planning to grow their exports. It provides financial and technical assistance to qualifying Minnesota businesses with an active interest in exporting products or services to foreign markets.  Participants may be first-time... Learn More
MNvest is Minnesota’s equity crowdfunding program for small businesses.   Minnesota law now allows businesses to raise money online from Minnesota investors. MNvest offers small businesses in the state the opportunity to raise money from Minnesotans with just a few thousand dollars to invest.  Similar... Learn More
PACE is an innovative mechanism for financing energy efficiency and renewable energy improvements on private property.  It allows a property owner to finance the up-front cost of energy or other eligible improvements and then pay the costs back over time through a voluntary assessment attached... Learn More
Loans meant to serve as gap financing and designed to leverage other financing programs and private financing provided by the commercial banking community.   Projects must align with the City’s Revolving Loan Fund Policy, including specific hiring and wage goals. Learn More
The City is allowed to refund a portion of a company’s property taxes for a set period of time when a company makes improvements on vacant land or a building that will result in higher property taxes being paid.  Projects must meet the "but for"... Learn More
The City is allowed to create Tax Increment Financing Districts for the purpose of redevelopment, economic development, and public infrastructure related to a project. Generally, the costs for development or redevelopment are fronted utilizing pay-as-you- go financing; once complete, the development is then reimbursed from... Learn More