Eligibility Qualified borrowers must be an existing small business corporation, sole proprietorship partnership, or association with: • Less than 100 full-time employees
• An after-tax profit of less than $500,000 • A demonstrated ability to repay the loan Available funds Loan terms and conditions: • Loan amount between $1,000 and $75,000 • Interest rate: Zero percent (0 percent) • Repayment term up to seven years • Flexibility in the types of collateral accepted • Awarded throughout the year
PUBLIC SOURCES OF FINANCING – LOCAL PROGRAMS
Various governmental units at different levels are currently providing some form of assistance to entrepreneurs. This assistance may be in the form of financial services and loan packaging or technical assistance, tax credits, and the like. To learn more about the variety of programs, contact the planning or business services unit of the county, municipality or township where the proposed business will be located. In Minneapolis, contact the Small Business Team , Public Service Building, 505 Fourth Ave. S, Room 320, Minneapolis, MN 55415, 612-673-2499; smallbusiness@minneapolismn.gov . In St. Paul, contact the Planning & Economic Development, Economic Development, City Hall Annex, 25 West Fourth Street, Suite 1300, St. Paul, MN 55102, telephone 651-266-6600. Note that the Financing, Local Sources section of the Resource Directory of this Guide contains information on other sources of local public financing throughout the state.
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