Emerging Entrepreneur Loan Program
The Minnesota Emerging Entrepreneur Loan Program (ELP) supports the growth of businesses owned and operated by minorities, low-income persons, women, veterans and/or persons with disabilities. DEED provides grant funds to a network of nonprofit lenders which use these funds for loans to start-up and expand businesses throughout the state.
The program aims to provide jobs for minority and/or low-income persons, create and strengthen minority business enterprises, and promote economic development in low-income areas.
For more information check out the ELP webpage
Community Loan Technologies, A Program of Loan Tech
2801 21 st Avenue South, Suite 210
Minneapolis, MN 55407
(651) 278-7181 fax
Community Loan Technologies provides referrals, technical assistance and lending services to non-profits in seven Minneapolis neighborhoods. New or expanding for-profit businesses in Phillips, Whittier, Stevens Square-Loring Heights, Elliot Park, Near North, Harrison, and Sumner-Glenwood neighborhoods of Minneapolis are eligible to receives services through CLT. Businesses receiving assistance must benefit or contribute to their neighborhood.
The goal of the program is to have a dramatic impact on these neighborhoods over ten years – not to simply be a source of funds. Program information and loan applications are available in Hmong and Spanish. Interpretation services are available at no cost to the client. Technical assistance in other areas (i.e., business plan review) is also available and recommended for loan applicants.
The borrower pays minimal loan closing costs.
St. Paul Metroeast Development Corporation (SPEDCO)
2459-15 th St. NW Suite A
New Brighton, MN 55112
(651) 631-9498 fax
SPEDCO assists SBEs in obtaining long-term financing for fixed assets. Existing and start-up SBEs in Ramsey, Washington, and Dakota counties are eligible for services through SPEDCO. SPEEDCP allows SBEs to gain long-term financing with a minimum of 10% equity injection. The financial assistance is through SBA 504 Loan Program.
There is a refundable cash deposit of $1,500 and the funding fee is approximately 3% of loan. A legal deposit of $1,000 is also required.
Last updated Feb 2, 2017