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.
PRIVATE SOURCES OF FUNDS
VENTURE CAPITAL FIRMS Venture capital firms provide equity capital to emerging and growth-oriented businesses that have high market potential. Their major function is to assess management ability, determine market potential and provide equity capital to businesses evidencing growth potential and anticipated high returns of venture investments. The listing of major venture capital firms in Minnesota can be found at your local business library. MINNESOTA INITIATIVE FUNDS Minnesota initiative funds are charitable, private nonprofit organizations funded with a McKnight Foundation allocation supplemented with funds from various public and private sources. Funds are distributed in grants and loans for human services, economic and business development, education, leadership development, health, community services and administration. The six initiative funds are separate entities and each has its own programs, funding levels and guidelines. Four of the six initiative funds (Northwest, Northeast, Central and Southwest) now refer to themselves as Foundations, which they feel more accurately describes their functions. Initiative funds, the counties they serve, and the office addresses are provided in the Resource Directory section of this Guide.
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