Startup Business Loan Eligibility To qualify for startup loans, veterans may be beginning their business from scratch or may have already launched the business but still meet certain financial thresholds. By state law, an eligible business must be a veteran-owned "small business" and must: • Be majority-owned and operated by a veteran recently separated from active duty • Be a for-profit business that 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 • Have been separated from service under honorable conditions after having been on active duty for at least 181 consecutive days or for the full period for which called to active duty (or after reason of disability incurred while on active duty) Export Financing Programs Programs provide grants, loans and loan guarantees, working capital, credit or insurance to help companies become export ready, help new exporters make their first foreign sales, or help current exporters expand into new markets. STEP (State Trade & Export Promotion Program) Grant Program 651-259-7485 The STEP program provides financial and technical assistance to qualifying Minnesota small businesses with an active interest in exporting products or services to foreign markets. Participants may be first-time exporters or companies that are currently exporting but are interested in expanding into new international markets. Financial Assistance Available Small businesses may apply for reimbursement of up to 50 percent of qualified expenses, with a maximum reimbursement cap of $500 for export-training that will result in the development of an export strategy or $7,500 for approved export-development activities, including: • Participation in trade missions • Exhibiting at trade shows or industry-specific events • Translation of marketing materials • Development of foreign language websites business is a technical or professional service Veterans that qualify under this program must: • Have been on active duty on or after September 11, 2001, and
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