(KNSI) — The Minnesota Department of Employment and Economic Development is launching a $10 million effort to support and grow small businesses.
It’s called the Expanding Opportunity Fund and will make available low-interest loans for business owners. Lenders can receive up to $600,000 at one time to provide low-interest loans to the small business owners they serve. It is aimed at entrepreneurs who have struggled to access capital through traditional bank loans.
“Small business owners and entrepreneurs are often unable to get the loans they need to start or expand their businesses – a critical miss for job creation, business growth and community development,” said DEED Commissioner Matt Varilek. “Small business owners look to DEED to deliver for them – and that’s exactly what we’re doing. Our new Expanding Opportunity Fund will benefit small businesses by providing access to the capital they need to take off and thrive.”
DEED is now accepting applications from non-profit lenders interested in participating.
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