Prevailing Wage Requirements Projects that receive $500,000 or more in MIF assistance are subject to prevailing wage requirements. See more about Prevailing Wage Requirements.
Emerging Entrepreneur Loan Program 651-259-7338
The Minnesota Emerging Entrepreneur Loan Program (ELP) supports the growth of businesses owned and operated by minorities, low-income persons, women, veterans and/or persons with disabilities. DEED provides grant funds to a network of nonprofit lenders which use these funds for loans to startup and expanding businesses throughout the state. The program has additional goals of providing jobs for minority and/or low-income persons, creating and strengthening minority business enterprises, and promoting economic development in low-income areas. Program Requirements DEED provides ELP funding to certified nonprofit partners to make loans to Minnesota businesses that are majority-owned and operated by minorities, low-income persons, women, veterans and/or persons with disabilities. Businesses must apply directly with a certified lender, although DEED may be able to assist in identifying an appropriate lender. Once the lender approves the loan, they will forward the loan package to DEED for approval by the commissioner and disbursement of funds for the project. Certified Partners There are a number of nonprofit lending partners participating in ELP. These organizations serve different communities and areas of the state. They may have additional limitations, including loan size available and target populations served. Participating Lender Directory Native American Business Loan Progra m 651-259-7823 Program supports the development of Native-owned and operated businesses and promotes economic opportunities for Native peoples throughout Minnesota. Eligibility Applicants must be enrolled members of a federally recognized Minnesota-based band or tribe. Businesses must be wholly owned by an enrolled member and can be located anywhere in the state, although the bulk of the loans are made to businesses on a reservation.
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