Community Planning & Economic Development

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Bank Qualified Bank Direct Tax-Exempt Loan Program

What is the Bank Qualified Bank Direct Tax-Exempt Loan Program?

The City of Minneapolis offers a financing program to provide cost-effective tax-exempt financing for capital projects for smaller 501 (c)(3) organizations for projects in the $500,000 to $2 million range. The program offers 1) lower than typical conventional interest rates as a result of the tax-exempt status of interest to the bank purchasing the bonds and 2) lower cost of issuance and less lead-time from application to actual funding since the program documents are pre-approved by the City of Minneapolis and Bond Counsel.

Terms and Conditions

Who is Eligible

Smaller not for profit 501(c)(3) organizations

Eligible Uses

Capital projects with improvements to the facility in the range of $500,000 to about $2 million

How to Apply

Complete an online application here, or to request a printed application please call (612) 673-5072. Applicants should also include:

A City staff person will handle your loan application from initial inquiry through post-closing monitoring.

The complete public approval process takes about 45-60 days after the application is received, if a bank has committed to purchasing the bonds.

The City approves bank direct loans based on the public purpose served, such as preserving and creating jobs, increasing the real estate tax base, and providing community services.

All programs and guidelines are subject to change without notice.
Online information from the City of Minneapolis at MinneapolisMN.gov/CPED

Last updated Sep 17, 2013

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