Eligibility In order to qualify for an ELP loan businesses must be based in Minnesota and majority owned and operated by one or more Minnesota residents who are minorities, low-income persons, women, veterans and/or persons with disabilities. 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. Most businesses are eligible for an ELP loan but the program does not make loans to liquor stores or establishments primarily selling liquor made off site, stores primarily selling tobacco or electronic smoking products, gambling operations, or adult oriented businesses. Certain provisions, including eligibility of retail businesses, are available only to beginning microenterprises, defined as businesses that have fewer than five employees and have generated sales revenue for two years or less. Native American Business Loan Program 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. At least 25 percent of the project financing must be contributed from non-IBL funds and business owners must provide a portion of the financing needed to undertake the project. Financ ing of existing debt is not permitted.
Minnesota Reservist and Veteran Business Loan Program 651-259-7427
This program provides loans to companies that are affected when certain employees are called to active military duty. It also gives loans to individual veterans who have returned from active duty and want to start their own business. The program provides one-time, interest-free loans of $5,000 to $20,000. Eligibility Business loans are for existing small businesses that have an essential employee called to active service in the military reserves for 180 days or longer on or after September 11, 2001. The business must be injured substantially due to the employee’s absence.
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