(KNSI) — Governor Tim Walz announced the second tranche of funding for the State Small Business Credit Initiative, totaling $33 million.
The funding will help 225 small businesses across Minnesota as they work to start or expand. The money funds six separate programs that issue low-interest loans or provide loan guarantees. They also encourage non-depository organizations, such as community development funds, to grant loans.
The programs are run by the Minnesota Department of Employment and Economic Development. The agency plans to team with the University of Minnesota to run a pair of venture capital funds. The initiative is a three-year effort. In total, the state has committed $97 million to the programs.
DEED Commissioner Matt Varilek says, “99.7% of businesses in Minnesota are small businesses. They manufacture essential goods and make new breakthroughs in tech. They line our main streets and anchor our neighborhoods. Small business drives Minnesota’s economy in every corner of our state, and with this initiative, we are continuing to invest in the small businesses that call Minnesota home.”
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