Who can apply for this loan

You can apply for this loan if:

Your business:

• Is located in or moving into Minneapolis city limits.
• Provides full-time jobs that pay a living wage.

Most loan recipients:

• Have at least 20 employees at the time they apply.
• Expect to add 10 jobs within the first three years of the loan.

How you can use the loan

You can use the loan proceeds to pay for:

• Building improvements
• Production equipment
• Inventory
• Moving costs
• Working capital

Your private lender

• Sets the finance term.
• It can be up to 10 years.
• Lender fees vary.

City charges and requirements

• A one percent origination fee ($150 minimum) is due at closing.
• We charge the same interest rate as your private lender.
• You must sign a job linkage agreement.

City repayment guidelines

• You can repay up to 50 percent of the original principal amount of your loan through prepayment credits.
• If you move the business outside of the City your loan becomes due. You need to repay it it full.

Learn about a job linkage agreement and prepayment credits