Project Requirements Loan proceeds may cover startup 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.
Minnesota Reservist and Veteran Business Loan Program 651-259-7445
This program provides business loans to companies that are affected when certain employees are called to active military duty and to individual veterans who have returned from active duty and want to start their own business. Eligibility Business Loans Eligibility By state law, an eligible business must be a "small business" and must: • Be a for-profit business which is not an affiliate or subsidiary of a business dominant in its field of operations • Have 20 or fewer full-time employees, or • Have had less than $1 million in annual gross revenue in the preceding fiscal year, or • Have had less than $2.5 million in annual gross revenue in the preceding fiscal year if the business is a technical or professional service In addition, the business must be operating in Minnesota on the date that one or more essential employees received orders for active service of 180 days or more and be sustaining or likely to sustain suffering substantial economic injury. Active service includes state active service, federally funded state active service, and federal active service. Essential employees are defined as: • A military reservist, and • An owner or employee of an eligible business, and • Someone who has managerial or technical expertise critical to the day-to-day operations of the business To meet the criteria for "substantial economic injury," a business must be sustaining or likely to sustain an economic harm, meaning it cannot currently or anticipates future inability to: • Meet its obligations as they mature, or • Pay its ordinary and necessary operating expenses, or • Manufacture, produce, market, or provide a product or service as it has ordinarily done
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