Direct Investment Venture Capital Program / Multi-Fund Venture Capital Program Both programs will invest in Minnesota-based seed and early-stage startups. These programs are expected to target key sectors such as advanced manufacturing, agtech/foodtech, climate tech, life sciences, software, and technology. Apply directly with the U of M. Eligibility Minnesota-based seed stage and early-stage startups. Promise Loan Program Promise Loan Program makes loans to businesses, non-profit organizations, and developers in communities that have been adversely affected by structural racial discrimination, civil unrest, lack of access to capital, a loss of population or an aging population, or a lack of regional economic diversification. Program Requirement s DEED provides funding to partner organizations, specifically the Minnesota Initiative Foundations and Metropolitan Economic Development Association (MEDA), to make loans to eligible recipients. An eligible recipient must: • Have primary operations located in the State of Minnesota • Have gross annual revenue of less than $1.5 million based on applicant's prior year taxes • Be located in a community that has been adversely affected by structural racial discrimination, civil unrest, lack of access to capital, a loss of population or an aging population, or a lack of regional economic diversification. See the foundation information below. • MEDA has specific neighborhoods that will be eligible for the PROMISE Loan Program, located in North Minneapolis, South Minneapolis, and St. Paul. Promise Act Neighborhood Maps with geographic locations for eligibility. Eligible Project An ‘Eligible Project’ means the development, redevelopment, demolition, site preparation, predesign, design, engineering, repair, land acquisition, relocation, or renovation of real property or capital improvements. Eligible project includes but is not limited to construction of buildings, equipment purchases, infrastructure, related site amenities, landscaping, and street- scaping. Redevelopment does not include project costs that have received compensation or assistance available through insurance policies or from other organizations or government agencies. Cannabis Industry Startup Financing (CanStartup) The CanStartup Loan Program provides loan capital for new cannabis microbusinesses operating in the legal cannabis industry. Priority is given to social equity applicants. This program also supports job creation in communities where long-term residents are eligible to be social equity applicants.
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