Small Business Loan Participation Program DEED will purchase 25 percent to 30 percent participations in loans made by approved CDFI and nonprofit lenders. Participations will range from $10,000 to $250,000. Businesses will apply directly to approved lenders. Lenders will be responsible for setting loan terms. Eligibility New or existing Minnesota-based small businesses that are eligible under SSBCI guidelines. Loan proceeds must be used for eligible business purposes, which may include equipment purchase, working capital and startup costs, as well as real estate purchase, construction, renovation or tenant improvements of an eligible place of business. Loans may not be used for passive real estate. Direct Investment Venture Capital / Multi-Fund Venture Capital Programs The University of Minnesota (U of M) will provide capital as a limited partner in Venture Capital Funds up to $5 million per fund. The U of M will also provide, at its discretion, a direct investment program whereby the U of M may invest directly in a business. Direct investments are expected to average $350,000. Apply directly with the U of M. Eligibility Minnesota-based seed stage and early-stage startups.
TAX CREDITS / BENEFITS /GRANTS Greater Minnesota Job Expansion Program 651-259-7434
This program provides tax benefits to businesses located in Greater Minnesota that increase employment. Qualifying businesses that meet job-growth goals may receive sales tax refunds for purchases made during a seven-year period. Eligibility Businesses must meet program requirements including: • Have operated for at least one year in Greater Minnesota • Meet wage and compensation requirements • Will add at least two employees or 10 percent of current staff, whichever is greater, within three years • Meet industry eligibility including not being engaged in retail, gambling, entertainment, among many other industries
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