Minnesota Department of Employment and Economic Development
Bob IsaacsonFirst Natl Bank Bldg Suite E200
332 Minnesota St
St Paul, MN 55101
Toll Free: 1-800-657-3858
Phone: 1-651-259-7458
Website
Small Business Development Loan Program
Type of Assistance: LoansIndustry: Cities, Counties, Townships
Maximum Amount Available: $5,000,000
Qualifier or Eligibility
- Manufacturing and Industrial businesses.
- Net worth must be less than $6 million.
- Net Profits must be $2 million. Less than
- 500 employees. Building, land, equipment,
- etc. No working capital or refinance.
- One job per 35 ,000 funds
- Loans: $1 to $5 million
- Terms: 10-20 years 20% of project cost financed privately
- Interest rate: fixed market rate
- Collateral: First mortgage on real property
- some cases-guarantees
