MN DEED: DEED Launches New Small Business Funding Stream, Extending More Lending to Entrepreneurs
5 Dec 2022
Agralite, Arrowhead Electric Cooperative, BENCO, Brown, Cooperative Light & Power, Crow Wing, Dakota Electric Association, East Central Energy, federated rural electric association, Goodhue, Itasca, kandiyohi power cooperative, Lake Country Power, Lake Region Electric Cooperative, mcleod cooperative power association, meeker coperative, Mille Lacs Energy Cooperative, Minnesota Valley, Nobles, North Itasca, Redwood, Runestone, South Central Energy, Stearns Electric, Steele, Todd, Wrigh-Hennepin Cooperative Electric Association
The Minnesota Department of Employment and Economic Development (DEED) announced the final component of the $97 million State Small Business Credit Initiative (SSBCI): the Small Business Loan Participation Program.
As part of the program, DEED will purchase 25% to 30% participations in loans made by approved Community Development Financial Institutions (CDFIs) and nonprofit lenders. Businesses seeking loans will apply directly with enrolled lenders, which are responsible for all credit decisions and loan terms.