This is a non-refundable tax credit for Minnesota state income taxes, which can be carried forward for up to 15 years for asset owners. 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, access their Business assistance information. The Small Business Team is located at Public Service Building, 505 Fourth Ave. S, Room 320, Minneapolis, MN 55415, 612-673-2499; smallbusiness@minneapolismn.gov. In St. Paul, access the Economic Development Departments / Planning & Economic Development . Located in the 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 FOUNDATIONS Minnesota’s Initiative Foundations are six regional, charitable nonprofit organizations created in 1986 by the McKnight Foundation, in partnership with community leaders, to strengthen the economies and communities of Greater Minnesota. Each foundation is independently governed and raises funds from McKnight and a variety of public and private sources. They provide grants, business loans, and regional programs that support economic and business development, workforce and leadership, early childhood and education, community services, and related priorities in their regions. Four of the six now identify themselves as “foundations,” reflecting their broader community philanthropy roles. The six foundations, the counties they serve, and their contact information are listed in the Resource Directory section of this Guide.
127
Made with FlippingBook - Online Brochure Maker