| Minnesota offers ample business opportunities in a | | | | in the number of employment opportunities in the |
| conducive business environment. A lot of financing | | | | business house availing the loan. |
| schemes of various types are available for the | | | | Loan use: The loan can be used to: |
| businesses to meet their business needs. The | | | | 1) Acquire property that is, land or building. |
| Minnesota Department of Employment and | | | | 2) Purchase machinery and equipment. |
| Economic Development administer these financing | | | | 3) Construct or modify a building. |
| schemes. | | | | 4) Pay development fees. |
| Financing Schemes in Minnesota: | | | | Prohibition of loan use: You cannot use the loan to: |
| Minnesota Investment Fund: Features | | | | 1) Leverage working capital. |
| The loan funds the projects leading to create | | | | 2) Refinance. |
| quality job opportunities in the state. | | | | Urban Initiative Loan Program: Features |
| 1) The loan funds manufacturing and | | | | 1) The loan funds working capital and fixed assets |
| technology-driven industrial businesses. | | | | of the minority owned businesses based in |
| Eligibility: | | | | Minnesota or planning to base. |
| The loan is granted to local government units | | | | 2) Businesses aiming to extend jobs to the |
| financing business expansion projects. | | | | weaker sections of the Twin Cities can also apply. |
| Loan Use: Loan can be used to: | | | | Loan Use: Loan can be used to finance a start-up |
| 1) Purchase property, equipment and machinery. | | | | or expanding business. |
| 2) Infrastructure development. | | | | Prohibited loan use: The loan cannot be used to |
| 3) Fund the training of the businesses based in | | | | refinance. |
| Minnesota or planning to base. | | | | Indian Business Loan Program: Features |
| Prohibited loan use: The loan cannot be used to | | | | 1) This loan aims to fund the businesses owned |
| fund: | | | | by the Indians or if the businesses are of Indian |
| 1) Working capital. | | | | origin. |
| 2) Retail businesses. | | | | 2) The loan also aims to support economic |
| 3) Industrial park development. | | | | development of Native Americans in Minnesota. |
| Small Business Development Loan Program: | | | | 3) The relevant tribal council approves the loan. |
| Features | | | | 4) The Department of Employment and Economic |
| 1) The loan is granted for the expansion needs of | | | | Development of Minnesota administers the loan |
| the businesses resulting in increased job | | | | processing. |
| opportunities. | | | | 5) The sanctioned loan amount may be up to a |
| 2) Minnesota Agricultural and Economic | | | | maximum seventy-five percent of the project's |
| Development Board (MAEDB) extend the loan. | | | | cost outlay. |
| The loan is extended using industrial development | | | | Eligibility |
| bonds coupled with twenty-five percent state | | | | 1) The applicant must be a member of a federally |
| funds reserve. | | | | recognized; Minnesota based band or tribe. |
| Eligibility: | | | | 2) The business must be located in Minnesota. |
| 1) Those planning to locate in Minnesota or | | | | Loan Use: The loan can be used to fund a |
| Minnesota based manufacturing units and industrial | | | | business start-up or expansion. |
| businesses. | | | | Prohibition of loan use: The loan amount cannot be |
| 2) The size of these businesses should comply | | | | used for refinancing. |
| with that mentioned by Small Business | | | | The ready availability of easy financing at |
| Administration. | | | | Minnesota has improved the state's long term |
| 3) The loan investment must lead to an increase | | | | economic outlook. |