This loan program offers financing from $5,000 to $150,000 for Minnesota businesses majority owned by minorities, low-income persons, women, veterans, or persons with disabilities. Funds support startup and expansion costs including equipment, inventory, working capital, construction, renovation, and site acquisition. Retail microenterprises with fewer than five employees and less than two years of sales revenue are eligible. Loans are provided through certified nonprofit lenders with interest rates capped at prime plus 2%, max 10%.
Eligible businesses must be majority owned and operated by qualifying Minnesota residents and based in Minnesota. Startups and expansions in various industries qualify, with retail limited to microenterprises under two years old and fewer than five employees.
